Turnkey Restaurant and Bar with
For Sale
$950,000
1490 State Street, Schenectady, NY 12304
Renovated restaurant and bar with a full kitchen, restrooms, off-street parking, and an outdoor patio for immediate operation.
Property Size2,368 SF
Price / SF$401.18
Days on Market414
Property Features for 1490 State Street
General Information
Standard status
Active
Size
2,368 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Building Details
Year Built
1986
Listing Agency:
KW Platform
Listed By:
Joanne Bongalo
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jun 24, 2025
Changed: Aug 10
Last Checked: Aug 10 at 4:02AM
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 KW Platform
Investment Insights
Based on property information with market context.
This renovated restaurant and bar building is offered as a turnkey operation, with the fully equipped restaurant and bar, including furniture, fixtures, and equipment. The interior includes multiple dining areas, a commercial kitchen, storage room, full basement, and a private office. Separate men’s and women’s restrooms are provided, and the layout supports both everyday service and back-of-house operations.
The property is located on State Street in the heart of Schenectady’s high-traffic corridor. It also features off-street parking and an outdoor patio seating area designed for additional dining space.
For tenants or buyers seeking an immediately usable food and beverage site, the inclusion of equipment and interior buildout reduces start-up complexity. The separate apartment or in-law suite with a private entrance adds practical flexibility for an owner-operator, staff use, or extended-use arrangements, while keeping the main restaurant operations self-contained. Current operation details are consistent with a Caribbean restaurant with live music, and the existing improvements support continued restaurant and bar use.
The property is located on State Street in the heart of Schenectady’s high-traffic corridor. It also features off-street parking and an outdoor patio seating area designed for additional dining space.
For tenants or buyers seeking an immediately usable food and beverage site, the inclusion of equipment and interior buildout reduces start-up complexity. The separate apartment or in-law suite with a private entrance adds practical flexibility for an owner-operator, staff use, or extended-use arrangements, while keeping the main restaurant operations self-contained. Current operation details are consistent with a Caribbean restaurant with live music, and the existing improvements support continued restaurant and bar use.
Key Highlights
- Renovated commercial building built in 1986, currently operating as a Caribbean restaurant with live music
- Restaurant and bar includes dining areas, fully equipped commercial kitchen, storage room, and private office
- Separate men’s and women’s restrooms included
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
$33,280
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
3.50%
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%
$665,600
$665.6K
Cap Rate 7%
$475,429
$475.4K
Cap Rate 9%
$369,778
$369.8K
Market Conditions
NOI Build-Up for 2,368 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
$46.3K $19.56/SF
− Vacancy
−$1.9K −$0.82/SF
EGI
$44.4K $18.74/SF
− OpEx
−$11.1K −$4.68/SF
NOI
$33.3K $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%
$665,600
Cap Rate 7%
$475,429
Cap Rate 9%
$369,778
Alternative Uses
Best Use
Specialty Retail
$475.4K
$416.0K – $554.7K
NOI $33,280 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$708.8K
$620.2K – $826.9K
NOI $49,614 @ 7.0% cap · market cap 5.22%
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
546
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Renovated restaurant and bar with a full kitchen, restrooms, off-street parking, and an outdoor patio for immediate operation.
Where is this conventional restaurant located?
The property is located at 1490 State Street Schenectady, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Renovated commercial building built in 1986, currently operating as a Caribbean restaurant with live music; Restaurant and bar includes dining areas, fully equipped commercial kitchen, storage room, and private office; Separate men’s and women’s restrooms included
