Established Grocery Store and
For Sale
$550,000
13854 State Route 28, Forestport, NY 13338
Grocery and gas station serving Otter Lake and Old Forge.
Property Size3,200 SF
Lot Size1.16 Acres
Price / SF$171.88
Days on Market777
Property Features for 13854 State Route 28
General Information
Standard status
Active
Size
3,200 SF
Lot size
1.16 Acres
Taxes and HOA fees
Annual Taxes
$2,010
Listing Agency:
Coldwell Banker Prime Prop, Inc
(315) 752-0320
Listed By:
Cheryl Dauer · License #40DA1117334
(315) 752-0320
Source:
Exprealty
Added: Jun 25, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Prime Prop, Inc
Investment Insights
Based on property information with market context.
This established grocery store serves Otter Lake and all traffic going north to Old Forge and beyond, providing groceries and gas. It also serves traffic south to Alder Creek and is a convenient stop for snowmobiles. Located 15 miles north of Forestport and 10 miles south of Old Forge, this property offers an opportunity to be a part of a resort community with both summer and winter activities. The 3,200 sq. ft. building includes two 6,000-gallon canopy-covered gas tanks, an 8' x 24' walk-in cooler, an office, and a storeroom. Additionally, there is a 30 x 40 finished garage and groomed snowmobile trails. The property features a drilled well and propane heat, with over 350 feet of road frontage. The house on the premises includes one bedroom, one bath, a living room, and a dining room, but no basement. The house shares a well and septic system with the store. The property is suitable for retail, gas station, and automotive-related businesses.
Key Highlights
- Established grocery store with gas service in a resort community, servicing traffic to Old Forge and Alder Creek.
- Strategic location: 15 miles north of Forestport, 10 miles south of Old Forge, convenient for snowmobiles.
- 3,200 sq. ft. building with two 6,000‑gallon canopy‑covered gas tanks.
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
$36,858
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
6.70%
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%
$737,160
$737.2K
Cap Rate 7%
$526,543
$526.5K
Cap Rate 9%
$409,533
$409.5K
Market Conditions
NOI Build-Up for 3,200 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
$51.8K $16.20/SF
− Vacancy
−$2.7K −$0.84/SF
EGI
$49.1K $15.36/SF
− OpEx
−$12.3K −$3.84/SF
NOI
$36.9K $11.52/SF
Area
Oneida County, NY
Vacancy
5.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
25.00%
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%
$737,160
Cap Rate 7%
$526,543
Cap Rate 9%
$409,533
Alternative Uses
Best Use
Specialty Retail
$526.5K
$460.7K – $614.3K
NOI $36,858 @ 7.0% cap · market cap 6.70%
Second Best
Retail
$459.8K
$402.4K – $536.5K
NOI $32,189 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$843.3K
$737.9K – $983.8K
NOI $59,028 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13338, NY
1,187
Population
1,495
Households
0.8
Avg Household Size
54
Median Age
26%
College-Educated
90%
High-School Grad
229.1 sq mi
ZIP Area
5
Density / Sq Mi
$58,393
Median Household Income
$44,013
Median Earnings
$611
Median Rent
$156,900
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?
Grocery and convenience store - Grocery and gas station serving Otter Lake and Old Forge.
Where is this grocery and convenience store located?
The property is located at 13854 State Route 28 Forestport, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Established grocery store with gas service in a resort community, servicing traffic to Old Forge and Alder Creek.; Strategic location: 15 miles north of Forestport, 10 miles south of Old Forge, convenient for snowmobiles.; 3,200 sq. ft. building with two 6,000‑gallon canopy‑covered gas tanks.
