Freestanding Diner on Commercial
For Sale
$585,000
24479 NYS RTE 411 Road, La Fargeville, NY 13656
CommercialSale, La Fargeville, NY
Property Size2,042 SF
Lot Size3.45 Acres
Price / SF$286.48
Days on Market231
Property Features for 24479 NYS RTE 411 Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
422
Zoning description
Commercial
Parking
55
Parking features
Paved or Surfaced
Exterior features
PropaneTankLeased
Lot features
Irregular Lot
Elementary school district
LaFargeville
Middle school district
LaFargeville
High school district
LaFargeville
Directions
Located on 411 right next to interstate 81 Theresa exit
Subdivision
Orleans-224600
Standard status
Active
APN
224600-033-000-0001-014-200
Size
2,042 SF
Lot size
3.45 Acres
Taxes and HOA fees
Tax Annual Amount
2
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Propane (Heating)
Cooling system
Central Air
Water source
Well
Building Details
Year built
1973
Floors in Building
1
Roof type
Asphalt
Listing Agency:
Lake Ontario Realty, LLC
(315) 649-3434
Listed By:
Amanda J Miller · License #49MI0953024
(315) 778-1191
Added: Feb 12
Changed: Sep 16
Last Checked: Oct 1 at 6:06PM
MLS# S1661967
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,042-square-foot diner building sits on a 3.45-acre commercial parcel and is currently operated as a family-run diner. Built in 1973, the property includes paved parking, central air conditioning, forced-air propane heat, an asphalt roof, and a leased propane tank.
The site is positioned next to the Route 81 on/off ramp and fronts NYS RTE 411 Road. Water is supplied by a well and wastewater is handled by a septic tank. Zoning is designated 422, and the parcel’s size and commercial setting support continued diner use or evaluation for other business applications permitted by the zoning.
The site is positioned next to the Route 81 on/off ramp and fronts NYS RTE 411 Road. Water is supplied by a well and wastewater is handled by a septic tank. Zoning is designated 422, and the parcel’s size and commercial setting support continued diner use or evaluation for other business applications permitted by the zoning.
Key Highlights
- 2,042‑square‑foot diner building on 3.45 acres
- Located next to the Route 81 on/off ramp
- Currently operated as a family‑run diner
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
$20,951
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
3.58%
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%
$419,020
$419.0K
Cap Rate 7%
$299,300
$299.3K
Cap Rate 9%
$232,789
$232.8K
Market Conditions
NOI Build-Up for 2,042 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
$29.2K $14.28/SF
− Vacancy
−$1.2K −$0.60/SF
EGI
$27.9K $13.68/SF
− OpEx
−$7.0K −$3.42/SF
NOI
$21.0K $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%
$419,020
Cap Rate 7%
$299,300
Cap Rate 9%
$232,789
Alternative Uses
Best Use
Specialty Retail
$299.3K
$261.9K – $349.2K
NOI $20,951 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$562.9K
$492.5K – $656.7K
NOI $39,402 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13656, NY
2,901
Population
1,190
Households
2.4
Avg Household Size
37
Median Age
15%
College-Educated
83%
High-School Grad
87.1 sq mi
ZIP Area
33
Density / Sq Mi
$62,250
Median Household Income
$31,218
Median Earnings
$487
Median Rent
$145,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Breakfast & diner - Operating diner property with paved parking, central air, and direct proximity to a Route 81 on/off ramp.
Where is this breakfast & diner located?
The property is located at 24479 NYS RTE 411 Road La Fargeville, NY.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 2,042‑square‑foot diner building on 3.45 acres; Located next to the Route 81 on/off ramp; Currently operated as a family‑run diner
