Restaurant Property with Gift
For Sale
Contact for pricing
3 North Main St, Massena, NY 13662
Two-building commercial property includes a fitted kitchen, dining areas, basement storage, and an additional rented retail building.
Property Size5,831 SF
Lot Size1.04 Acres
Price / SF$115.76
Days on Market21
Property Features for 3 North Main St
General Information
Standard status
Active
Size
5,831 SF
Total Parking Spaces
11
Lot size
1.04 Acres
Property subtype
Retail
Additional Details
Furnished
Yes
Business Included
Yes
Corner Location
Yes
Equipment Included
Yes
Building Details
Year Built
1970
Buildings
2
Stories
1
Tenancy
Multi
Construction
brick
Listing Agency:
Fiacco Realty
(315) 261-9809
Listed By:
Amanda Fiacco · License #10491212047
Source:
Crexi
Added: Aug 10
Changed: Aug 30
Last Checked: Aug 30 at 1:34AM
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 Fiacco Realty
Investment Insights
Based on property information with market context.
Located at 3 North Main St in Massena, NY, this 1.04-acre restaurant property includes two buildings and 5,831 square feet of commercial improvements. The primary brick building is configured for restaurant operations, with dining areas, a breakfast bar, two half bathrooms, and a commercial kitchen equipped with an updated walk-in cooler and walk-in freezer. Restaurant furnishings and equipment include dishes, tables, chairs, booths, stools, and related kitchen items. A full basement provides additional storage, while a newer gas furnace and washer and dryer add to the building’s functional features.
The second building is occupied by a gift shop under a rental arrangement, creating an additional commercial use on the property. The site is described as a corner lot with ample parking and proximity to the hospital. Built in 1970, the property has supported restaurant operations, including Spanky’s Diner, which the current owners have operated since 2005.
The second building is occupied by a gift shop under a rental arrangement, creating an additional commercial use on the property. The site is described as a corner lot with ample parking and proximity to the hospital. Built in 1970, the property has supported restaurant operations, including Spanky’s Diner, which the current owners have operated since 2005.
Key Highlights
- 1.04‑acre corner lot with ample parking
- 5,831 SF property built in 1970
- Commercial kitchen with updated walk‑in cooler and walk‑in freezer
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
$35,986
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
5.33%
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%
$719,720
$719.7K
Cap Rate 7%
$514,086
$514.1K
Cap Rate 9%
$399,844
$399.8K
Market Conditions
NOI Build-Up for 5,831 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
$55.3K $9.48/SF
− Vacancy
−$3.9K −$0.66/SF
EGI
$51.4K $8.82/SF
− OpEx
−$15.4K −$2.64/SF
NOI
$36.0K $6.17/SF
Area
St. Lawrence County, NY
Vacancy
7.00%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$719,720
Cap Rate 7%
$514,086
Cap Rate 9%
$399,844
Alternative Uses
Best Use
Specialty Retail
$1.29M
$1.13M – $1.51M
NOI $90,495 @ 7.0% cap · market cap 13.41%
Second Best
Retail
$1.06M
$926.7K – $1.24M
NOI $74,139 @ 7.0% cap · market cap 10.98%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,263 @ 7.0% cap · market cap 15.00%
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
399
Businesses Nearby
10k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 78%
Hotels & Casinos 22%
Sunoco
Shops & Services
3,493 visits/mo
0.3 miles
KeyBank
Shops & Services
3,202 visits/mo
0.2 miles
Quality Inn
Hotels & Casinos
2,202 visits/mo
0.3 miles
Slc Self Storage
Shops & Services
943 visits/mo
0.4 miles
Demographics for 13662, NY
15,814
Population
7,785
Households
2
Avg Household Size
44
Median Age
24%
College-Educated
89%
High-School Grad
89.2 sq mi
ZIP Area
177
Density / Sq Mi
$56,987
Median Household Income
$38,535
Median Earnings
$712
Median Rent
$118,300
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 - Two-building commercial property includes a fitted kitchen, dining areas, basement storage, and an additional rented retail building.
Where is this conventional restaurant located?
The property is located at 3 North Main St Massena, NY.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 1.04‑acre corner lot with ample parking; 5,831 SF property built in 1970; Commercial kitchen with updated walk‑in cooler and walk‑in freezer
