Two-Bay Car
For Sale
$675,000
2926 State Route 28, Old Forge, NY 13420
CommercialSale, Old Forge, NY
Property Size2,108 SF
Lot Size0.18 Acres
Price / SF$320.21
Days on Market118
Property Features for 2926 State Route 28
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CB
Zoning description
Commercial
Parking
3
Exterior features
PropaneTankLeased
Lot features
Rectangular, Rectangular Lot
Elementary school district
Town of Webb
Middle school district
Town of Webb
High school district
Town of Webb
Directions
1/2 Mile from the center of Old Forge on your left on the corner of McLymond and Main St.
Subdivision
Webb-215400
Standard status
Active
APN
215400-041-058-0004-016-000-0000
Size
2,108 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
3959
Utilities
Sewer type
Public Sewer
Heating system
Propane (Heating), Radiant, Forced Air
Water source
Public
Building Details
Year built
1972
Floors in Building
2
Roof type
Asphalt
Listing Agency:
Benn Realty
(315) 369-2357
Listed By:
David Bradt · License #10401315222
(917) 698-3473
Added: May 13
Changed: Sep 7
Last Checked: Sep 7 at 4:06PM
MLS# S1681051
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This operating car wash occupies a 2,108-square-foot building on a 0.18-acre parcel at 2926 State Route 28 in Old Forge. The layout includes two washing bays—one automatic and one self-service—along with an outdoor washing station positioned beside the building. Equipment upgrades began in 2022 and include a PDQ LaserWash 360 touchless automatic system.
The property operates 24/7/365 and is located in a resort community serving seasonal and year-round traffic. Built in 1972, the building has an asphalt roof, radiant and forced-air propane heating, public water, and public sewer. The parcel is zoned CB.
The property operates 24/7/365 and is located in a resort community serving seasonal and year-round traffic. Built in 1972, the building has an asphalt roof, radiant and forced-air propane heating, public water, and public sewer. The parcel is zoned CB.
Key Highlights
- 2,108‑square‑foot car wash building on 0.18 acres
- Two bays: one automatic and one self‑service
- Outdoor washing station located beside the building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,494
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.11%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$689,880
$689.9K
Cap Rate 7%
$492,771
$492.8K
Cap Rate 9%
$383,267
$383.3K
Market Conditions
NOI Build-Up for 2,108 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$50.6K $24.00/SF
− Vacancy
−$1.3K −$0.62/SF
EGI
$49.3K $23.38/SF
− OpEx
−$14.8K −$7.01/SF
NOI
$34.5K $16.36/SF
Area
Herkimer County, NY
Vacancy
2.60%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$689,880
Cap Rate 7%
$492,771
Cap Rate 9%
$383,267
Alternative Uses
Best Use
Retail
$492.8K
$431.2K – $574.9K
NOI $34,494 @ 7.0% cap · market cap 5.11%
Second Best
Specialty Retail
$389.5K
$340.8K – $454.4K
NOI $27,263 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$627.4K
$549.0K – $732.0K
NOI $43,921 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
Explore this area
Business Placement
Demographics for 13420, NY
1,263
Population
2,441
Households
0.5
Avg Household Size
55
Median Age
62%
College-Educated
91%
High-School Grad
148.2 sq mi
ZIP Area
9
Density / Sq Mi
$107,770
Median Household Income
$47,346
Median Earnings
$348,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - 24/7 operation with automatic and self-service washing, plus an outdoor washing station.
Where is this car wash located?
The property is located at 2926 State Route 28 Old Forge, NY.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,108‑square‑foot car wash building on 0.18 acres; Two bays: one automatic and one self‑service; Outdoor washing station located beside the building
