Restaurant with Covered
For Sale
$915,000
4938 State Highway 28, Hartwick, NY 13326
Seasonal restaurant property with group-oriented dining, private-event space, gaming areas, and a two-line commercial kitchen.
Property Size4,043 SF
Price / SF$226.32
Days on Market37
Property Features for 4938 State Highway 28
General Information
Standard status
Active
Size
4,043 SF
Restaurant
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Amenities
commercial overhead door
loft-style area
Listing Agency:
Benson Agency Real Estate LLC
(607) 287-1559
Listed By:
Rodger B Moran · License #30MO0797197
(607) 287-1559
Source:
Nicholcityrealty
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 25 at 9:53AM
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 restaurant property includes the land, building, and equipment associated with the operation. The interior features exposed beams, a vaulted ceiling, and a 30-foot bar with a hostess station and secondary service area. A two-line commercial kitchen supports the dining operation, while the upper level provides over 600 sqft for seating, private parties, or gaming, including pool, ping-pong, and darts.
Outdoor dining is arranged on a covered L-shaped patio measuring 16 feet by 80 feet. A commercial overhead door can open the dining area to the patio during favorable weather. The group-oriented layout can serve up to three baseball teams at once in addition to regular patrons. The property is located at 4938 State Highway 28 in Hartwick, NY, less than 1 mile from Cooperstown Dreams Park.
Outdoor dining is arranged on a covered L-shaped patio measuring 16 feet by 80 feet. A commercial overhead door can open the dining area to the patio during favorable weather. The group-oriented layout can serve up to three baseball teams at once in addition to regular patrons. The property is located at 4938 State Highway 28 in Hartwick, NY, less than 1 mile from Cooperstown Dreams Park.
Key Highlights
- Purpose‑built restaurant property with land, building, and equipment included
- Covered L‑shaped patio measures 16'X80'
- Upper‑level seating or gaming area exceeds 600 sqft
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Seasonal restaurant property with group-oriented dining, private-event space, gaming areas, and a two-line commercial kitchen.
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: Purpose‑built restaurant property with land, building, and equipment included; Covered L‑shaped patio measures 16'X80'; Upper‑level seating or gaming area exceeds 600 sqft
