Turnkey Restaurant with Upstairs
For Sale
$749,000
1414 N State Street, Schenectady, NY 12304
Turnkey Caribbean restaurant with a full bar, commercial kitchen, and two rented apartments above, plus on-site parking and central air.
Property Size3,999 SF
Price / SF$187.30
Days on Market165
Property Features for 1414 N State Street
General Information
Standard status
Active
Size
3,999 SF
Property subtype
Multi-family
Additional Details
Furnished
Yes
Business Included
Yes
Multifamily Units
2
Amenities
full bar
commercial kitchen
prep room
central air
on-site parking
Other
Building Details
Year Built
1995
Listing Agency:
Coldwell Banker Prime Properties
(518) 370-2100
Listed By:
Ebaan Bookay · License #10401364878
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Mar 13
Changed: Aug 23
Last Checked: Aug 24 at 7:17AM
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 Coldwell Banker Prime Properties
Investment Insights
Based on property information with market context.
1414 State Street is a turnkey Caribbean restaurant with income-producing residential space above. The main dining area includes a full bar, complemented by a large commercial kitchen and an oversized prep room. The operation is equipped with included appliances and furnishings, and the restaurant is climate-controlled with central air.
Upstairs, the property offers two apartments that are currently rented on a month-to-month basis to long-term tenants. An on-site parking lot supports customer and tenant access.
For buyers seeking an owner-operator setup, the property provides both a ready-to-operate restaurant environment and existing rental income within the same building configuration.
Upstairs, the property offers two apartments that are currently rented on a month-to-month basis to long-term tenants. An on-site parking lot supports customer and tenant access.
For buyers seeking an owner-operator setup, the property provides both a ready-to-operate restaurant environment and existing rental income within the same building configuration.
Key Highlights
- Established Caribbean restaurant operating for over 8 years, with included appliances and furnishings
- Spacious dine‑in area with full bar, plus a large commercial kitchen and oversized prep room
- Central air climate control; electric forced‑air heating and flat roof
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
$56,201
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
7.50%
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%
$1,124,020
$1.1M
Cap Rate 7%
$802,871
$802.9K
Cap Rate 9%
$624,456
$624.5K
Market Conditions
NOI Build-Up for 3,999 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
$78.2K $19.56/SF
− Vacancy
−$3.3K −$0.82/SF
EGI
$74.9K $18.74/SF
− OpEx
−$18.7K −$4.68/SF
NOI
$56.2K $14.05/SF
Area
Schenectady County, NY
Vacancy
4.20%
Lease Rate
$19.56 /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%
$1,124,020
Cap Rate 7%
$802,871
Cap Rate 9%
$624,456
Alternative Uses
Best Use
Specialty Retail
$802.9K
$702.5K – $936.7K
NOI $56,201 @ 7.0% cap · market cap 7.50%
Second Best
Multifamily LT 5
$650.6K
$569.3K – $759.0K
NOI $45,542 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,787 @ 7.0% cap · market cap 11.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
659
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12304, NY
21,513
Population
9,438
Households
2.3
Avg Household Size
40
Median Age
25%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,211
Density / Sq Mi
$67,688
Median Household Income
$43,824
Median Earnings
$1,049
Median Rent
$171,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey Caribbean restaurant with a full bar, commercial kitchen, and two rented apartments above, plus on-site parking and central air.
Where is this conventional restaurant located?
The property is located at 1414 N State Street Schenectady, NY.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Established Caribbean restaurant operating for over 8 years, with included appliances and furnishings; Spacious dine‑in area with full bar, plus a large commercial kitchen and oversized prep room; Central air climate control; electric forced‑air heating and flat roof
