Renovated Hunting Camp on
For Sale
$299,900
28401 Waite Road, Lorraine, NY 13659
Land, Lorraine, NY
Property Size1,328 SF
Lot Size25.54 Acres
Price / SF$225.83
Days on Market98
Property Features for 28401 Waite Road
General Information
Property type
Land
Property subtype
Other
Parking features
Garage
Vegetation
Wooded
Patio and Porch features
Deck, Porch
Interior features
EatInKitchen, SeparateFormalLivingRoom, PartiallyFurnished, SlidingGlassDoors
Exterior features
Barbecue, Deck, EnclosedPorch, GravelDriveway, Porch, PropaneTankOwned
Fireplace
1
Appliances
Dryer, Refrigerator, Washer
Lot features
Adjacent To Public Land, Rectangular, Rectangular Lot, Wooded, Stream Creek
Elementary school district
South Jefferson
Middle school district
South Jefferson
High school district
South Jefferson
Directions
Rt 193 to Waite Road
Subdivision
Worth-226200
Standard status
Active
APN
226200-115-000-0001-028-230
Size
1,328 SF
Lot size
25.54 Acres
Taxes and HOA fees
Tax Annual Amount
2456
Utilities
Heating system
Electric (Heating), Baseboard, Wood
Water source
Well
Building Details
Year built
1996
Floors in Building
1
Flooring type
Hardwood, Varies
Building materials
VinylSiding
Roof type
Metal
Architectural style
Other
Additional Structures
Shed(s)
Listing Agency:
Berkshire Hathaway HomeServices CNY Realty Watn
(315) 232-7355
Listed By:
Lory L Cobb · License #40CO0876259
(315) 778-1233
Added: Jun 10
Changed: Sep 12
Last Checked: Sep 15 at 6:06AM
MLS# S1689727
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.
Completely renovated 3-bedroom, 1-bath hunting camp on 25.54 acres of wooded land on the Tug Hill Plateau. The interior includes knotty-pine walls and wood ceilings, with a spacious open layout and a large living area featuring a stone-backed wood stove. Heating options include wood stove, electric heat, and a propane stove. Multiple sliding doors and windows provide natural light and outdoor access.
The camp sits privately off the road and is described as trail-side, with groomed snowmobile trail access so you can ride directly from the property. A brook trout stream flows through the land. The property also includes two 12-by-16 outbuildings and a generator house, and power and water are on site. Nearby are Barnes Corners and Montague, with access to restaurants, gas, and convenience stores while the setting remains in a secluded wooded environment.
The camp sits privately off the road and is described as trail-side, with groomed snowmobile trail access so you can ride directly from the property. A brook trout stream flows through the land. The property also includes two 12-by-16 outbuildings and a generator house, and power and water are on site. Nearby are Barnes Corners and Montague, with access to restaurants, gas, and convenience stores while the setting remains in a secluded wooded environment.
Key Highlights
- 26‑acre Tug Hill wooded camp with 3 bedrooms and 1 bathroom, built in 1996
- Multiple heat sources including wood stove/wood heat, electric baseboard/electric heating, and a propane stove
- On‑site utilities include well water and power, plus propane tank owned
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
$9,782
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
3.26%
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%
$195,640
$195.6K
Cap Rate 7%
$139,743
$139.7K
Cap Rate 9%
$108,689
$108.7K
Market Conditions
NOI Build-Up for 1,328 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
$19.1K $14.40/SF
− Vacancy
−$1.3K −$1.01/SF
EGI
$17.8K $13.39/SF
− OpEx
−$8.0K −$6.03/SF
NOI
$9.8K $7.37/SF
Area
Jefferson County, NY
Vacancy
7.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$195,640
Cap Rate 7%
$139,743
Cap Rate 9%
$108,689
Alternative Uses
Best Use
Apartment 5plus
$139.7K
$122.3K – $163.0K
NOI $9,782 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$366.1K
$320.3K – $427.1K
NOI $25,625 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 13659, NY
514
Population
362
Households
1.4
Avg Household Size
43
Median Age
26%
College-Educated
88%
High-School Grad
56.3 sq mi
ZIP Area
9
Density / Sq Mi
$59,423
Median Household Income
$28,750
Median Earnings
$151,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Completely renovated 3-bedroom, 1-bath camp on wooded acreage with power and water on site.
Where is this single family property located?
The property is located at 28401 Waite Road Lorraine, NY.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 26‑acre Tug Hill wooded camp with 3 bedrooms and 1 bathroom, built in 1996; Multiple heat sources including wood stove/wood heat, electric baseboard/electric heating, and a propane stove; On‑site utilities include well water and power, plus propane tank owned
