Building Details

Building Size 4,043 SF

Year Built 2012

Buildings 1

Stories 2

Listing Agency: Benson Agency Real Estate LLC r***@stny.rr.com Show Phone

Listed By: Rodger B Moran · License #30MO0797197 Show Phone

Source: Homeprocny

Added: Dec 19, 2025 Changed: Aug 20 Last Checked: Aug 20 at 2:13PM

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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.

Purpose-built restaurant property with building, land, and equipment in place for food-service operations. The interior features exposed beams, a vaulted ceiling, a 30-foot bar with hostess station, and a two-line kitchen. A second-floor loft provides more than 600 square feet of seating or gaming space, with pool, ping-pong, and darts areas. The property also includes a covered L-shaped patio measuring 16 feet by 80 feet and a commercial overhead door that opens the dining area to the exterior.

The restaurant is located at 4938 State Highway 28 in Hartwick, NY, less than one mile from Cooperstown Dreams Park. Built in 2012, the property carries Restaurant, Commercial zoning and has supported seasonal operations during a 14-week summer baseball season. The layout can accommodate up to three baseball teams at one time along with regular patrons.

Key Highlights

• Less than 1 mile to Cooperstown Dreams Park
• Covered L‑shaped patio measures 16' X 80'
• Loft adds over 600 sqft of seating or gaming space

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 (±1% cap)

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 (±1% cap)

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

Conventional restaurants

Suggested Use

Top Pick Building Supply Plumbing Service Storage Facility Furniture & Home Goods Bakery (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

77

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 0.3 miles

Citgo Shops & Services

3,831 visits/mo 0.4 miles

Napa Auto Parts Shops & Services

1,326 visits/mo 0.1 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

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Purpose-built restaurant includes a commercial kitchen, bar, loft area, and indoor-outdoor dining features.

Where is this conventional restaurant located?

The property is located at 4938 State Highway 28 Hartwick, 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: Less than 1 mile to Cooperstown Dreams Park; Covered L‑shaped patio measures 16' X 80'; Loft adds over 600 sqft of seating or gaming space