Restored Mixed-Use
New
For Sale
$979,000
3035 State Route 28, Old Forge, NY 13420
Retail operations, residential components, and upgraded building systems support flexible commercial use.
Property Size6,063 SF
Days on Market2
Property Features for 3035 State Route 28
General Information
Standard status
Active
Size
6,063 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$5,681
Amenities
radiant heat
sprinkler system
whole-building generator
spray foam insulation
original wood floors
exposed beams
kitchen
laundry
full dry basement
fenced backyard
detached 1.5-stall garage
Building Details
Building Size
6,063 SF
Year Built
1920
Stories
3
Listing Agency:
(315) 369-8919
Listed By:
Sharon Finkle-Kleps
(315) 369-8919
Source:
Elliman
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 2:47AM
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 Sharon Finkle-Kleps
Investment Insights
Based on property information with market context.
Built in 1920, this mixed-use property contains over 6,000 square feet of restored space and currently supports a retail business. Original wood floors and exposed beams remain, while radiant heat, spray foam insulation, a sprinkler system, and a whole-building generator provide updated building infrastructure. The property also includes a full dry basement, fenced backyard, and detached 1.5-stall garage.
Residential components include a second-floor apartment with its own kitchen and laundry, along with a third-floor owner's residence. Positioned at 3035 State Route 28 in Old Forge, the property is in the center of the community's shopping district and benefits from year-round visitor activity. WalkScore is 52 and BikeScore is 49.
Residential components include a second-floor apartment with its own kitchen and laundry, along with a third-floor owner's residence. Positioned at 3035 State Route 28 in Old Forge, the property is in the center of the community's shopping district and benefits from year-round visitor activity. WalkScore is 52 and BikeScore is 49.
Key Highlights
- Over 6,000 square feet of restored mixed‑use space
- Currently operating retail business with residential components
- Second‑floor apartment includes kitchen and laundry
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
$61,388
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
6.27%
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%
$1,227,760
$1.2M
Cap Rate 7%
$876,971
$877.0K
Cap Rate 9%
$682,089
$682.1K
Market Conditions
NOI Build-Up for 6,063 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
$109.1K $18.00/SF
− Vacancy
−$10.9K −$1.80/SF
EGI
$98.2K $16.20/SF
− OpEx
−$36.8K −$6.07/SF
NOI
$61.4K $10.13/SF
Area
Herkimer County, NY
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,227,760
Cap Rate 7%
$876,971
Cap Rate 9%
$682,089
Alternative Uses
Best Use
Retail
$1.42M
$1.24M – $1.65M
NOI $99,210 @ 7.0% cap · market cap 10.13%
Second Best
Mixed Use
$877.0K
$767.4K – $1.02M
NOI $61,388 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$1.80M
$1.58M – $2.11M
NOI $126,325 @ 7.0% cap · market cap 12.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
268
Businesses Nearby
Explore this area
Business Placement
Demographics for 13420, NY
1,263
Population
2,441
Households
0.5
Avg Household Size
55
Median Age
62%
College-Educated
91%
High-School Grad
148.2 sq mi
ZIP Area
9
Density / Sq Mi
$107,770
Median Household Income
$47,346
Median Earnings
$348,900
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?
Mixed-use property - Retail operations, residential components, and upgraded building systems support flexible commercial use.
Where is this mixed-use property located?
The property is located at 3035 State Route 28 Old Forge, NY.
What is the asking price?
The asking price for this property is $979,000.
What are key features of this property?
This property features: Over 6,000 square feet of restored mixed‑use space; Currently operating retail business with residential components; Second‑floor apartment includes kitchen and laundry
