Historic Bar and Restaurant
For Sale
Contact for pricing
1688 Bennett St, Utica, NY 13502
Bar/restaurant with full bar, seating, dance floor, and kitchen.
Property Size4,072 SF
Price / SF$195.24
Days on Market182
Property Features for 1688 Bennett St
General Information
Standard status
Active
Size
4,072 SF
Property subtype
Retail
Zoning
Residential Mixed Use
Listing Agency:
Pavia Real Estate
(315) 269-4081
Listed By:
John Jweid · License #NY 10301208997
Source:
Crexi
Added: Feb 19
Changed: Aug 10
Last Checked: Aug 18 at 5:28PM
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 Pavia Real Estate
Investment Insights
Based on property information with market context.
This historic property features a full bar, seating area, billiards area, and a dance floor. It also includes outdoor seating, a gas fireplace, and a fully equipped kitchen. The interior features unique decor and cathedral ceilings. On-site parking is available. The property is located adjacent to Faxton Hospital and Donovan Stadium at Murnane Field, and is approximately one block from Routes 5 and 12. The building size is 4,072 square feet. This property is suitable for use as a bar, restaurant, or other commercial real estate venture.
Key Highlights
- Fully equipped bar and kitchen ready for immediate use.
- On‑site parking available for customers and staff.
- Conveniently located adjacent to Faxton Hospital and Donovan Stadium.
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
$46,902
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
5.90%
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%
$938,040
$938.0K
Cap Rate 7%
$670,029
$670.0K
Cap Rate 9%
$521,133
$521.1K
Market Conditions
NOI Build-Up for 4,072 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
$66.0K $16.20/SF
− Vacancy
−$3.4K −$0.84/SF
EGI
$62.5K $15.36/SF
− OpEx
−$15.6K −$3.84/SF
NOI
$46.9K $11.52/SF
Area
Oneida County, NY
Vacancy
5.20%
Lease Rate
$16.20 /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%
$938,040
Cap Rate 7%
$670,029
Cap Rate 9%
$521,133
Alternative Uses
Best Use
Specialty Retail
$670.0K
$586.3K – $781.7K
NOI $46,902 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$938.9K – $1.25M
NOI $75,114 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
833
Businesses Nearby
47k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 66%
Shops & Services 30%
Electronics 2%
Home Improvements & Furnishings 2%
McDonald's
Dining
20,163 visits/mo
0.2 miles
Arby's
Dining
9,526 visits/mo
0.3 miles
Family Dollar
Shops & Services
8,008 visits/mo
0.3 miles
AutoZone
Shops & Services
3,855 visits/mo
0.2 miles
Mavis Discount Tire
Shops & Services
2,382 visits/mo
0.3 miles
Demographics for 13502, NY
33,990
Population
15,337
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
51.4 sq mi
ZIP Area
661
Density / Sq Mi
$59,530
Median Household Income
$36,927
Median Earnings
$965
Median Rent
$149,600
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?
Bar & Pub - Bar/restaurant with full bar, seating, dance floor, and kitchen.
Where is this bar & pub located?
The property is located at 1688 Bennett St Utica, NY.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Fully equipped bar and kitchen ready for immediate use.; On‑site parking available for customers and staff.; Conveniently located adjacent to Faxton Hospital and Donovan Stadium.
