Building Details

Year Built 1920

Stories 2

Listing Agency: 12 North Realty Show Phone

Listed By: Desiree Roberts · License #10401256718 Show Phone

Source: Xome

Added: Sep 2 Changed: Sep 8 Last Checked: Sep 8 at 2:45PM

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Investment Insights

Based on property information with market context.

This 7,402-square-foot restaurant and entertainment package brings together two adjoining businesses on separate parcels in downtown Alexandria Bay. The Korner operates as a pizza restaurant, while Skiffs includes a first-floor horseshoe bar with ample seating, three speed wells, and a 12-tap glycol system. A second full bar and upstairs dance club occupy the upper level, with private entrances serving each floor.

The properties occupy a prominent corner surrounded by shops, restaurants, entertainment venues, and seasonal attractions. Their location places them near Alexandria Bay events including Bikers Weekend, Blues in the Bay, and Pirates Weekend. Brick construction dates to 1920, and the parcels are rectangular with dimensions listed as 88X106. The separate layouts and entrances support independent operations, coordinated use, or future repositioning, while the existing businesses provide established food, beverage, and entertainment functions.

Key Highlights

• 7,402‑square‑foot combined property with two adjoining businesses on separate parcels
• Korner pizza restaurant paired with Skiffs bar and entertainment venue
• Skiffs includes two full bars, an upstairs dance club, and separate private entrances

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

$75,946

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

4.75%

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%

$1,518,920 $1.5M

Cap Rate 7%

$1,084,943 $1.1M

Cap Rate 9%

$843,844 $843.8K

Market Conditions

NOI Build-Up for 7,402 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

$105.7K $14.28/SF

− Vacancy

−$4.4K −$0.60/SF

EGI

$101.3K $13.68/SF

− OpEx

−$25.3K −$3.42/SF

NOI

$75.9K $10.26/SF

Area

Jefferson County, NY

Vacancy

4.20%

Lease Rate

$14.28 /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%

$1,518,920

Cap Rate 7%

$1,084,943

Cap Rate 9%

$843,844

Alternative Uses

Best Use

Specialty Retail

$1.08M

$949.3K – $1.27M (±1% cap)

NOI $75,946 @ 7.0% cap · market cap 4.75%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.04M

$1.79M – $2.38M (±1% cap)

NOI $142,829 @ 7.0% cap · market cap 8.93%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick Building Supply Law Firm Hair Salon Dental Office Grocery & Convenience Store Plumbing Service

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

330

Businesses Nearby

7k

Monthly Visits Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 44% Dining 37% Home Improvements & Furnishings 19%

Family Dollar Shops & Services

3,221 visits/mo 0.4 miles

Jreck Subs Dining

2,651 visits/mo 0.2 miles

Charles Garlock & Sons Home Improvements & Furnishings

1,391 visits/mo 0.4 miles

Demographics for 13607, NY

1,610

Population

2,079

Households

0.8

Avg Household Size

52

Median Age

34%

College-Educated

96%

High-School Grad

16.3 sq mi

ZIP Area

99

Density / Sq Mi

$58,167

Median Household Income

$45,625

Median Earnings

$649

Median Rent

$168,100

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Adjoining downtown properties combine pizza service, bar operations, live entertainment, and an upstairs dance club.

Where is this conventional restaurant located?

The property is located at 1012 James Street Alexandria, NY.

What is the asking price?

The asking price for this property is $1,600,000.

What are key features of this property?

This property features: 7,402‑square‑foot combined property with two adjoining businesses on separate parcels; Korner pizza restaurant paired with Skiffs bar and entertainment venue; Skiffs includes two full bars, an upstairs dance club, and separate private entrances