Seasonal Restaurant with Covered
For Sale
$915,000
4938 State Highway 28, Hartwick, NY 13326
COMMERCIAL - Hartwick, NY
Property Size4,043 SF
Lot Size2.43 Acres
Price / SF$226.32
Days on Market240
Property Features for 4938 State Highway 28
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Restaurant
Zoning description
Commercial
Parking
50
Parking features
Driveway, Paved or Surfaced
Lot features
Irregular Lot
Elementary school district
Cooperstown
Middle school district
Cooperstown
High school district
Cooperstown
Directions
Interstate 88 to Cooperstown Exit 17. Travel North on State Highway 28 to Hartwick Seminary, property is on R approx 5 miles from Cooperstown!
Subdivision
Hartwick-363200
Standard status
Active
APN
146.00-1-21.37
Size
4,043 SF
Lot size
2.43 Acres
Taxes and HOA fees
Tax Annual Amount
9976
Utilities
Sewer type
Septic Tank
Heating system
Central, Propane (Heating), Electric (Heating)
Cooling system
Central Air
Water source
Well
Amenities
commercial overhead door
pool table
ping-pong
darts
Building Details
Year built
2012
Floors in Building
2
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Benson Agency Real Estate LLC
(607) 432-4391
Listed By:
Rodger B Moran · License #30MO0797197
(607) 287-1559
Added: Dec 19, 2025
Changed: Aug 4
Last Checked: Aug 16 at 11:06AM
MLS# R1655385
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Seasonal restaurant and associated land and improvements built in 2012. The property includes a covered L-shaped patio measuring 16' x 80' and an overhead door that auto-opens to connect indoor and outdoor space. Interior features include exposed beams and a vaulted ceiling, a 30' wind around bar with hostess station and secondary bar/overflow area, plus additional seating or gaming space via a wrought iron staircase with bamboo flooring leading to a loft-style area described as over 600 SF. The kitchen is described as a 2-line setup. Flooring includes concrete, and the parking area is served by a paved or surfaced driveway.
The site sits on 2.43 acres and totals 4,043 SF. Utilities include a well and septic tank, with central air and heating that includes electric (heating), central, and propane. The restaurant is described as able to accommodate up to three baseball teams at a time. It is also described as less than 1 mile to Cooperstown Dreams Park.
The property is presented as a turn-key, seasonal operation centered on a 14-week summer baseball season, with flexibility to keep it seasonal or extend as desired.
The site sits on 2.43 acres and totals 4,043 SF. Utilities include a well and septic tank, with central air and heating that includes electric (heating), central, and propane. The restaurant is described as able to accommodate up to three baseball teams at a time. It is also described as less than 1 mile to Cooperstown Dreams Park.
The property is presented as a turn-key, seasonal operation centered on a 14-week summer baseball season, with flexibility to keep it seasonal or extend as desired.
Key Highlights
- Covered L‑shaped patio measuring 16' x 80'
- Auto‑opening overhead door to bring outdoor space indoors
- Built in 2012 on 2.43 acres
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 - Purpose-built seasonal restaurant with covered L-shaped patio, central air, electric and propane heating, and well and septic services.
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: Covered L‑shaped patio measuring 16' x 80'; Auto‑opening overhead door to bring outdoor space indoors; Built in 2012 on 2.43 acres
