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    708 New York State Hwy Oneonta, NY 13820
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    708 New York State Hwy Oneonta, NY 13820

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    • Neighborhood centers
    • 85,580 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 708 New York State Hwy

    Year built
    1990
    Property size
    85,580 SF
    Property type
    Neighborhood centers
    Property subtype
    Community centers

    Description

    This exceptional Class A retail property, Hannaford Plaza, presents a rare opportunity in Oneonta, NY's thriving South Side submarket. Located at 708 New York State Highway 28, this 85,580 square foot neighborhood center boasts a prime location, offering excellent visibility and accessibility. Currently featuring multiple tenants, including national brands like Hannaford, NBT Bank, Sherwin Williams, and Dollar Tree, this property benefits from strong co-tenancy. The 17.83-acre lot provides ample parking and potential for future expansion. Built in 1990 and zoned for commercial use, the property is situated in Otsego County, within easy reach of Southside Mall, Walmart, Home Depot, and Lowe's, ensuring high traffic volume and customer exposure. While one square foot is currently vacant, this presents a unique opportunity for a smaller business to join this established and successful retail center. The property's strong tenant mix and strategic location make it an ideal investment for discerning buyers seeking a high-return opportunity in a vibrant market. The property is classified as a Neighborhood Center and offers a single suite. This is a chance to secure a place in a well-established and successful retail destination. The property's location on a popular corridor in Oneonta guarantees high visibility and foot traffic.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Oneonta
    County
    Otsego
    State
    New York
    Longitude
    -75.0378
    Latitude
    42.4789

    Comparable in this City

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      $5,760,000
      179,626 SF

      5054 State Hwy 23

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    • Value Estimation
      $640,000
      28,620 SF

      4974 State Hwy 23

      MINI-MALL • 28,620 SF
      4974 State Hwy 23, Oneonta, NY 13820-3801
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    • Value Estimation by Request
      10,035 SF

      400 Chestnut St

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    • Value Estimation
      $1,405,000
      134,563 SF

      5283 State Hwy 23

      MINI-MALL • 134,563 SF
      5283 State Hwy 23, Oneonta, NY 13820-3582
      View Details
    • Value Estimation
      $985,000
      67,224 SF

      756 State Hwy 28

      MINI-MALL • 67,224 SF
      756 State Hwy 28, Oneonta, NY 13820-3556
      View Details
    • Value Estimation
      $6,115,000
      83,384 SF

      659 State Hwy 28

      MINI-MALL • 83,384 SF
      659 State Hwy 28, Oneonta, NY 13820-3561
      View Details

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    Oneonta, NY 13820
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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