Seasonal Restaurant with Covered
For Sale
$915,000
4938 State Highway 28, Cooperstown, NY 13326
Purpose-built seasonal restaurant with a large covered L-shaped patio, a loft-style upper area, and a full commercial kitchen.
Property Size4,043 SF
Price / SF$226.32
Days on Market256
Property Features for 4938 State Highway 28
General Information
Standard status
Active
Size
4,043 SF
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$9,976
Listing Agency:
Benson Agency Real Estate LLC
(607) 287-1559
Listed By:
Rodger B Moran · License #30MO0797197
(607) 287-1559
Source:
Exprealty
Added: Dec 19, 2025
Changed: Aug 20
Last Checked: Aug 31 at 6:31PM
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 purpose-built seasonal restaurant is offered with the business and supporting assets described in the remarks, including restaurant land/building and equipment for a turn-key operating setup. The dining areas include a vaulted ceiling with exposed beams, a rustic 30-foot bar with a hostess station, and an L-shaped covered outdoor patio sized 16' by 80'. A commercial overhead door described as automatically opening helps connect indoor and outdoor dining when weather allows.
An upper loft-style area is included for private parties or gaming and overflow use. Additional interior space is accessed via a wrought-iron oversized staircase with bamboo flooring, providing more than 600 square feet of added seating or gaming space. The kitchen is described as a spotless two-line commercial kitchen.
The property is located less than one mile from Cooperstown Dreams Park, supporting seasonal demand tied to the baseball venue.
An upper loft-style area is included for private parties or gaming and overflow use. Additional interior space is accessed via a wrought-iron oversized staircase with bamboo flooring, providing more than 600 square feet of added seating or gaming space. The kitchen is described as a spotless two-line commercial kitchen.
The property is located less than one mile from Cooperstown Dreams Park, supporting seasonal demand tied to the baseball venue.
Key Highlights
- Purpose‑built seasonal restaurant operation with outdoor covered L‑shaped patio measuring 16' x 80'
- Overhead door auto‑opens to outdoor area, plus a second‑floor loft‑style space for private parties or gaming/overflow seating
- Loft and additional seating/gaming area totals over 600 sq ft, reached via an oversized staircase with bamboo flooring
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
$55,997
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
6.12%
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%
$1,119,940
$1.1M
Cap Rate 7%
$799,957
$800.0K
Cap Rate 9%
$622,189
$622.2K
Market Conditions
NOI Build-Up for 4,043 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
$76.7K $18.96/SF
− Vacancy
−$2.0K −$0.49/SF
EGI
$74.7K $18.47/SF
− OpEx
−$18.7K −$4.62/SF
NOI
$56.0K $13.85/SF
Area
Otsego County, NY
Vacancy
2.60%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,119,940
Cap Rate 7%
$799,957
Cap Rate 9%
$622,189
Alternative Uses
Best Use
Specialty Retail
$800.0K
$700.0K – $933.3K
NOI $55,997 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$975.2K – $1.30M
NOI $78,014 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
73
Businesses Nearby
14k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
8,466 visits/mo
0.1 miles
Citgo
Shops & Services
3,831 visits/mo
0.2 miles
Napa Auto Parts
Shops & Services
1,326 visits/mo
0.2 miles
Demographics for 13326, NY
4,893
Population
2,724
Households
1.8
Avg Household Size
51
Median Age
48%
College-Educated
96%
High-School Grad
92.1 sq mi
ZIP Area
53
Density / Sq Mi
$70,977
Median Household Income
$33,740
Median Earnings
$1,120
Median Rent
$308,600
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?
Conventional restaurant - Purpose-built seasonal restaurant with a large covered L-shaped patio, a loft-style upper area, and a full commercial kitchen.
Where is this conventional restaurant located?
The property is located at 4938 State Highway 28 Cooperstown, NY.
What is the asking price?
The asking price for this property is $915,000.
What are key features of this property?
This property features: Purpose‑built seasonal restaurant operation with outdoor covered L‑shaped patio measuring 16' x 80'; Overhead door auto‑opens to outdoor area, plus a second‑floor loft‑style space for private parties or gaming/overflow seating; Loft and additional seating/gaming area totals over 600 sq ft, reached via an oversized staircase with bamboo flooring
