Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Established Grocery Store with Gas Title is generated by Realmo AI

    13854 State Route 28, Forestport, NY 13338

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $625,000

    Grocery and gas store servicing resort community with year-round activities.

    Type:Commercial/Industrial
    Property size:
    3,200 SF
    Lot size:
    1.16 Acres
    Price / SF:
    $195/SF
    Added:
    Dec 16, 2024
    Days on Market:
    521
    Last Refresh:
    May 20 at 2:23 am

    Property Features for 13854 State Route 28

    General Information

    Standard status
    Active
    Size
    3,200 SF
    Lot size
    1.16 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1995

    We can help!

    Listing Contact
    Cheryl Dauer
    Cheryl Dauer

    Listing agent Cheryl Dauer License #40DA1117334

    Listing office Coldwell Banker Prime Prop,Inc

    Listing date Dec 16, 2024

    Source Exitrealty

    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

    HighLights

    • Established grocery store servicing Otter Lake and traffic to Old Forge and Alder Creek.
    • Includes gas service with two 6000‑gallon canopy‑covered gas tanks.
    • Located near groomed snowmobile trails, appealing to winter recreation enthusiasts.
    • Features a 3,200 sq.ft building with an 8' x 24' walk‑in cooler, office, and storeroom.
    • Includes a 30 x 40 finished garage.
    • Comes with a 1‑bedroom house on the premises.

    Overview

    This established grocery store serves Otter Lake and traffic heading north to Old Forge and beyond, as well as south to Alder Creek. It 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 part of a resort community with summer and winter activities. The 3,200 square foot 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. A house on the premises includes one bedroom, one bathroom, a living room, and a dining room, without a basement. The house shares a well and septic system with the store.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $409.5K
    NOI $36,858 @ 9.00% cap · cautious / downside scenario
    Moderate
    $526.5K
    NOI $36,858 @ 7.00% cap · market / base-case scenario
    Aggressive
    $737.2K
    NOI $36,858 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $51.8k $16.20
    − Vacancy −$2.7k −$0.84
    EGI $49.1k $15.36
    − OpEx −$12.3k −$3.84
    NOI $36.9k $11.52
    3,200 SF · lease $16.20/SF/yr · vacancy 5.20% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $526.5K
    $460.7K – $614.3K (±1% cap)
    NOI $36,858 @ 7.0% cap · market cap 5.90%
    Second Best
    Retail
    $459.8K
    $402.4K – $536.5K (±1% cap)
    NOI $32,189 @ 7.0% cap · market cap 5.15%
    Theoretical Best
    Office A
    $843.3K
    $737.9K – $983.8K (±1% cap)
    NOI $59,028 @ 7.0% cap · market cap 9.44%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Real Estate Agency Bar & Pub Furniture & Home Goods Grocery & Convenience Store Veterinary Clinic Pet Store Pet Store & Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Forestport
    County
    Oneida
    State
    New York
    Longitude
    -75.1168
    Latitude
    43.5864

    Nearby Similar for Sale

    • $399,000
      1,170 SF

      Secluded Camp on Snowbird Lake

      Turn-key camp on 2.63 acres with lake access.
      2498 Little Beaver Lake Road, Forestport, NY 13338
      View Details
    • $69,000
      720 SF

      Charming Adirondack Building on Route 28

      Commercial building and land on high-traffic Route 28.
      13874 Nys Rte 28 E, Forestport, NY 13338
      View Details

    FAQs

    What type of property is this?
    Grocery and convenience store - Grocery and gas store servicing resort community with year-round activities.
    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 $625,000.
    What are key features of this property?
    This property features: Established grocery store servicing Otter Lake and traffic to Old Forge and Alder Creek.; Includes gas service with two 6000‑gallon canopy‑covered gas tanks.; Located near groomed snowmobile trails, appealing to winter recreation enthusiasts.
    (315) 752-0320
    We can help!
    Listing Contact
    Cheryl Dauer
    Cheryl Dauer
    Real Estate License ID: 40DA1117334
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    13854 State Route 28, Forestport, NY 13338
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!