Turnkey Restaurant and
For Sale
$899,977
3195 State Route 28, North Creek, NY 12853
Turnkey restaurant and bar offering a proven operating history with strong visibility near major local recreation destinations.
Property Size4,692 SF
Price / SF$191.81
Days on Market49
Property Features for 3195 State Route 28
General Information
Standard status
Active
Size
4,692 SF
Taxes and HOA fees
Annual Taxes
$14,286
Listing Agency:
KW Platform
Listed By:
Scott P Varley · License #30VA0727304
(518) 281-6808
Source:
Exprealty
Added: Jul 21
Changed: Sep 6
Last Checked: Sep 6 at 11:58AM
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.
Basil & Wicks is a turnkey restaurant and bar offered for sale, positioned to serve a growing four-season visitation market. The property benefits from a proven operating history and strong visibility, supported by consistent traffic in the area.
Located at 3195 State Route 28, North Creek, the business is described as just two minutes from North Creek and Gore Mountain. Public and private development in the broader area is highlighted in the offering, including a new $40 million year-round lodge and Ski Bowl expansion, a new zip coaster, expanded lift-served mountain biking, and a hiking trail network.
The remarks also reference a $10 million public sewer project intended to support long-term growth and development for the region.
Located at 3195 State Route 28, North Creek, the business is described as just two minutes from North Creek and Gore Mountain. Public and private development in the broader area is highlighted in the offering, including a new $40 million year-round lodge and Ski Bowl expansion, a new zip coaster, expanded lift-served mountain biking, and a hiking trail network.
The remarks also reference a $10 million public sewer project intended to support long-term growth and development for the region.
Key Highlights
- Turnkey restaurant and bar with a proven operating history
- Located just 2 minutes from North Creek and Gore Mountain
- Positioned to benefit from a new $40 million year‑round lodge and Ski Bowl expansion
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
$60,682
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
6.74%
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%
$1,213,640
$1.2M
Cap Rate 7%
$866,886
$866.9K
Cap Rate 9%
$674,244
$674.2K
Market Conditions
NOI Build-Up for 4,692 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
$84.5K $18.00/SF
− Vacancy
−$3.5K −$0.76/SF
EGI
$80.9K $17.24/SF
− OpEx
−$20.2K −$4.31/SF
NOI
$60.7K $12.93/SF
Area
Warren County, NY
Vacancy
4.20%
Lease Rate
$18.00 /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%
$1,213,640
Cap Rate 7%
$866,886
Cap Rate 9%
$674,244
Alternative Uses
Best Use
Specialty Retail
$866.9K
$758.5K – $1.01M
NOI $60,682 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,307 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
9k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
4,287 visits/mo
0.0 miles
Sunoco
Shops & Services
3,441 visits/mo
0.3 miles
Mobil
Shops & Services
843 visits/mo
0.3 miles
Demographics for 12853, NY
1,489
Population
1,070
Households
1.4
Avg Household Size
54
Median Age
22%
College-Educated
88%
High-School Grad
79.9 sq mi
ZIP Area
19
Density / Sq Mi
$58,850
Median Household Income
$32,264
Median Earnings
$938
Median Rent
$199,000
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 - Turnkey restaurant and bar offering a proven operating history with strong visibility near major local recreation destinations.
Where is this conventional restaurant located?
The property is located at 3195 State Route 28 North Creek, NY.
What is the asking price?
The asking price for this property is $899,977.
What are key features of this property?
This property features: Turnkey restaurant and bar with a proven operating history; Located just 2 minutes from North Creek and Gore Mountain; Positioned to benefit from a new $40 million year‑round lodge and Ski Bowl expansion
