Manufacturing Facility with Retail
For Sale
$599,900
3941 State Highway 28, Milford, NY 13807
COMMERCIAL - Milford, NY
Property Size8,612 SF
Lot Size2.96 Acres
Price / SF$69.66
Days on Market88
Property Features for 3941 State Highway 28
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
710 Manuf
Zoning description
Light Industrial
Parking
35
Parking features
Driveway
Lot features
Irregular Lot
Elementary school district
Milford
Middle school district
Milford
High school district
Milford
Directions
I88 to State Rout 28 N toward Cooperstown. Through Village of Milford, property on left just outside village.
Subdivision
Milford-364089
Standard status
Active
APN
194.00-2-44.02
Size
8,612 SF
Lot size
2.96 Acres
Taxes and HOA fees
Tax Annual Amount
14144
Utilities
Sewer type
Septic Tank
Heating system
Radiant, Steam, Oil
Amenities
walk-in coolers
rustic knotty pine finish
Building Details
Year built
2000
Floors in Building
1
Flooring type
Concrete
Building materials
Frame
Roof type
Metal
Listing Agency:
Benson Agency Real Estate LLC
(607) 432-4391
Listed By:
Rodger B Moran · License #30MO0797197
(607) 287-1559
Added: Jun 8
Changed: Aug 4
Last Checked: Sep 3 at 8:06PM
MLS# R1688947
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.
Former cheese manufacturing facility on 2.96 acres on a corner lot at 3941 State Highway 28 in Milford, NY. The property includes more than 8,000 square feet built in 2000, with a manufacturing footprint and a finished retail area. On-site remnants of food processing equipment, including a 500 gallon stainless evaporator and pasteurizer, may be repurposed.
Three walk-in coolers are in place, including a 25x28 walk-in. The retail area is finished in rustic knotty pine and includes 9 door and 2 door coolers that can stay, along with a short-term lease tenant. The building has two heating systems: an oil fired hot water boiler with radiant heat, plus a steam boiler.
Zoning is listed as 710 Manuf. The structure is frame construction with concrete flooring, a metal roof, and a septic tank. The property is accessed via a driveway and positioned as a prime gateway to Cooperstown Dreams Park and the National Baseball Hall of Fame.
Three walk-in coolers are in place, including a 25x28 walk-in. The retail area is finished in rustic knotty pine and includes 9 door and 2 door coolers that can stay, along with a short-term lease tenant. The building has two heating systems: an oil fired hot water boiler with radiant heat, plus a steam boiler.
Zoning is listed as 710 Manuf. The structure is frame construction with concrete flooring, a metal roof, and a septic tank. The property is accessed via a driveway and positioned as a prime gateway to Cooperstown Dreams Park and the National Baseball Hall of Fame.
Key Highlights
- 2.96‑acre corner lot manufacturing facility with retail area in Milford, NY
- Built in 2000; 8,612 SF former cheese manufacturing facility
- Three walk‑in coolers including a 25x28 walk‑in
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
$53,263
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
8.88%
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%
$1,065,260
$1.1M
Cap Rate 7%
$760,900
$760.9K
Cap Rate 9%
$591,811
$591.8K
Market Conditions
NOI Build-Up for 8,612 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
$81.6K $9.48/SF
− Vacancy
−$5.6K −$0.64/SF
EGI
$76.1K $8.84/SF
− OpEx
−$22.8K −$2.65/SF
NOI
$53.3K $6.18/SF
Area
Otsego County, NY
Vacancy
6.80%
Lease Rate
$9.48 /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%
$1,065,260
Cap Rate 7%
$760,900
Cap Rate 9%
$591,811
Alternative Uses
Best Use
Retail
$1.19M
$1.04M – $1.39M
NOI $83,163 @ 7.0% cap · market cap 13.86%
Second Best
Industrial
$760.9K
$665.8K – $887.7K
NOI $53,263 @ 7.0% cap · market cap 8.88%
Theoretical Best
Office A
$2.37M
$2.08M – $2.77M
NOI $166,177 @ 7.0% cap · market cap 27.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 13807, NY
1,061
Population
719
Households
1.5
Avg Household Size
51
Median Age
35%
College-Educated
91%
High-School Grad
21.5 sq mi
ZIP Area
49
Density / Sq Mi
$86,250
Median Household Income
$34,047
Median Earnings
$838
Median Rent
$167,600
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Manufacturing facility on a corner lot with finished retail space and multiple walk-in coolers for food-focused operations.
Where is this manufacturing property located?
The property is located at 3941 State Highway 28 Milford, NY.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 2.96‑acre corner lot manufacturing facility with retail area in Milford, NY; Built in 2000; 8,612 SF former cheese manufacturing facility; Three walk‑in coolers including a 25x28 walk‑in
