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    Iconic Restaurant Landmark in Old Forge Title is generated by Realmo AI

    2888 NY-28, Old Forge, NY 13420

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    Claim this Listing
    For Sale
    $1,250,000

    COMMERCIAL - Old Forge, NY

    Property size:
    5,022 SF
    Lot size:
    0.94 Acres
    Price / SF:
    $248/SF
    Added:
    Sep 14, 2025
    Days on Market:
    249
    Last Refresh:
    May 20 at 5:06 am

    Property Features for 2888 NY-28

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Parking
    40
    Parking features
    Off Street, Parking Lot
    Interior features
    Bar, Ceiling Fan(s), Entrance Foyer, Natural Woodwork, Vaulted Ceiling(s)
    Exterior features
    Lighting
    Fireplace
    1
    Basement
    Full, Block, Storage Space, Interior Entry
    Appliances
    Bar Fridge, Built-In Freezer, Built-In Refrigerator, Convection Oven, Cooktop, Dishwasher, Exhaust Fan, Free-Standing Gas Oven, Free-Standing Refrigerator, Gas Cooktop, Gas Oven, Ice Maker, Microwave, Oven, Plumbed For Ice Maker, Propane Cooktop, Stainless Steel Appliance(s), Walk-In Cooler(s), Washer/Dryer, Water Heater
    Standard status
    Active
    APN
    041.58-4-1
    Size
    5,022 SF
    Lot size
    0.94 Acres

    Taxes and HOA fees

    Tax Annual Amount
    12648

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Fireplace(s), Forced Air, Wood Stove, Oil, Propane (Heating), Propane Stove, Wood, Hot Water(Heating)
    Cooling system
    Ceiling Fan(s)
    Water source
    Public
    Water front features
    River Front
    Water front
    1

    Building Details

    Year built
    1960
    Flooring type
    Laminate, Tile
    Building materials
    Attic/Crawl Hatchway(s) Insulated, Wood Siding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Amy Bolton
    Amy Bolton

    Listing agent Amy Bolton

    Listing office Timm Associates Sothebys International Realty PO Box 101 2972 Main Street, Old Forge, NY

    Listing date Sep 14, 2025

    MLS# 205783

    Copyright © 2026 Adirondack Champlain Valley MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Iconic restaurant with established business and recognizable landmark status.
    • Prime location with high visibility and stunning riverfront views, including sunset views over the Moose River.
    • Fully equipped commercial kitchen and a knotty‑pine bar with a fully stocked eight‑tap bar.
    • Features a rustic Adirondack‑style dining room with a stone fireplace and stained‑glass lamps.
    • Offering includes restaurant, two‑bedroom home, and two additional parcels.
    • Ample on‑site parking for patrons and staff.

    Overview

    The Mill Restaurant, a recognizable landmark in Old Forge, is located at the gateway to the commercial district. The property features an iconic water wheel and an expansive covered porch. Inside, guests are greeted at a host station and can choose seating in a rustic Adirondack-style dining room, which includes a stone fireplace and stained-glass lamps, or at the knotty-pine bar, which has vaulted ceilings, a woodstove, and an eight-tap bar. Patrons can enjoy sunsets over the Moose River from both the bar and the covered porch. The property includes a fully equipped commercial kitchen, a full basement with a bar cooler, laundry, and storage, and an upstairs office with attic storage. Ample on-site parking is available for patrons and staff. The offering comprises four parcels: the restaurant at 2888 State Route 28, a two-bedroom home at 106 River Street, and two additional parcels providing live/work convenience, all in a high-visibility location at the entrance to town. The property size is 5022 square feet on a lot of 0.94 acres. The intended use of the property is commercial, and it is zoned accordingly.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Building Supply Nail Salon Big Box & Wholesale Store Pharmacy Law Firm Food Market HVAC Service Spa & Massage Center Dental Office Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Old Forge
    County
    Herkimer
    State
    New York
    Longitude
    -74.98379
    Latitude
    43.703653

    Nearby Similar for Sale

    • $2,500,000
      4,426 SF

      Fourth Lake Multi-Family Cottage Retreat

      Rare 2.4-acre lakefront property with four cottages and rental potential.
      150 Kenmore Road, Old Forge, NY 13420
      View Details
    • $499,000
      1,460 SF

      COMMERCIAL - Old Forge, NY

      3115 State Route 28, Old Forge, NY 13420
      View Details

    FAQs

    What type of property is this?
    Restaurant - Restaurant with water wheel, covered porch, and live/work convenience.
    Where is this restaurant located?
    The property is located at 2888 NY-28 Old Forge, NY.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Iconic restaurant with established business and recognizable landmark status.; Prime location with high visibility and stunning riverfront views, including sunset views over the Moose River.; Fully equipped commercial kitchen and a knotty‑pine bar with a fully stocked eight‑tap bar.
    (315) 369-8903
    We can help!
    Listing Contact
    Amy Bolton
    Amy Bolton
    Learn More
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    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.

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