Manufacturing Facility with Retail
For Sale
$599,900
3941 State Highway 28, Milford, NY 13807
Industrial facility with refrigerated storage, production equipment, finished retail space, and a short-term retail tenant.
Property Size8,612 SF
Lot Size2.96 Acres
Price / SF$69.66
Days on Market36
Property Features for 3941 State Highway 28
General Information
Standard status
Active
Size
8,612 SF
Lot size
2.96 Acres
Property subtype
CommercialSale
Warehouse & Industrial
Cold Storage
Yes
Cooler
700 SF
Additional Details
Corner Location
Yes
Amenities
walk-in coolers
coolers
Building Details
Year Built
2000
Listing Agency:
Benson Agency Real Estate LLC
(607) 287-1559
Listed By:
Rodger B Moran · License #30MO0797197
(607) 287-1559
Source:
Nicholcityrealty
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 28 at 1:33PM
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 Benson Agency Real Estate LLC
Investment Insights
Based on property information with market context.
This 8,612-square-foot manufacturing property occupies 2.96 acres on a corner lot and includes production, retail, storage, and loft areas. The former cheese facility retains a 500-gallon stainless evaporator and pasteurizer, along with three walk-in coolers, including one measuring 25 by 28 feet. The finished retail section features rustic knotty pine detailing and installed nine-door and two-door coolers. A short-term retail lease is in place for part of the space.
The building was constructed in 2000 and is served by two heating systems: an oil-fired hot-water boiler with radiant heat and a steam boiler. The property is positioned on State Highway 28, minutes from Cooperstown Dreams Park and the National Baseball Hall of Fame. The second-floor loft may offer additional usable area, subject to local code requirements.
The building was constructed in 2000 and is served by two heating systems: an oil-fired hot-water boiler with radiant heat and a steam boiler. The property is positioned on State Highway 28, minutes from Cooperstown Dreams Park and the National Baseball Hall of Fame. The second-floor loft may offer additional usable area, subject to local code requirements.
Key Highlights
- 2.96‑acre corner‑lot manufacturing property
- 8,612 SF building constructed in 2000
- Three walk‑in coolers, including a 25x28 walk‑in
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
$53,263
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
8.88%
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%
$1,065,260
$1.1M
Cap Rate 7%
$760,900
$760.9K
Cap Rate 9%
$591,811
$591.8K
Market Conditions
NOI Build-Up for 8,612 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
$81.6K $9.48/SF
− Vacancy
−$5.6K −$0.64/SF
EGI
$76.1K $8.84/SF
− OpEx
−$22.8K −$2.65/SF
NOI
$53.3K $6.18/SF
Area
Otsego County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$1,065,260
Cap Rate 7%
$760,900
Cap Rate 9%
$591,811
Alternative Uses
Best Use
Warehouse
$1.50M
$1.31M – $1.75M
NOI $104,862 @ 7.0% cap · market cap 17.48%
Second Best
Retail
$1.19M
$1.04M – $1.39M
NOI $83,163 @ 7.0% cap · market cap 13.86%
Theoretical Best
Office A
$2.37M
$2.08M – $2.77M
NOI $166,177 @ 7.0% cap · market cap 27.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Explore this area
Business Placement
Demographics for 13807, NY
1,061
Population
719
Households
1.5
Avg Household Size
51
Median Age
35%
College-Educated
91%
High-School Grad
21.5 sq mi
ZIP Area
49
Density / Sq Mi
$86,250
Median Household Income
$34,047
Median Earnings
$838
Median Rent
$167,600
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Industrial facility with refrigerated storage, production equipment, finished retail space, and a short-term retail tenant.
Where is this manufacturing property located?
The property is located at 3941 State Highway 28 Milford, NY.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 2.96‑acre corner‑lot manufacturing property; 8,612 SF building constructed in 2000; Three walk‑in coolers, including a 25x28 walk‑in
