Turnkey Restaurant and Night
For Sale
Contact for pricing
38-40 N Broadway, Schenectady, NY 12305
Turnkey restaurant, tavern, and night club with a newly built outdoor patio for added guest seating.
Property Size600 SF
Price / SF$416.67
Days on Market57
Property Features for 38-40 N Broadway
General Information
Standard status
Active
Size
600 SF
Property subtype
Hospitality
Additional Details
Business Included
Yes
Building Details
Year Built
1986
Listing Agency:
Berkshire Hathaway HomeServices Blake, REALTORS Albany
(518) 232-0697
Listed By:
Joseph Legnard · License #NY- 10301211562
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 10 at 4:11PM
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 Berkshire Hathaway HomeServices Blake, REALTORS Albany
Investment Insights
Based on property information with market context.
This is a business for sale presented as turnkey and includes FF&E. The concept combines restaurant, tavern, and night club operations, with the property formerly operating under the name Pinheads Susan's (Vice & Virtue). A newly built outdoor patio adds additional seating for guests.
The venue is located one block from Proctors and directly across from the Electric City Summer Fest venue, placing it in an active entertainment and event-oriented area.
For buyers, this offering is structured as a business sale only, with FF&E included, making it particularly relevant for an owner-operator or an operator looking to take over a ready-to-run hospitality and nightlife operation. The outdoor patio expansion supports year-round guest capacity and can help differentiate the experience for patrons attending events in the surrounding area.
The venue is located one block from Proctors and directly across from the Electric City Summer Fest venue, placing it in an active entertainment and event-oriented area.
For buyers, this offering is structured as a business sale only, with FF&E included, making it particularly relevant for an owner-operator or an operator looking to take over a ready-to-run hospitality and nightlife operation. The outdoor patio expansion supports year-round guest capacity and can help differentiate the experience for patrons attending events in the surrounding area.
Key Highlights
- Business for sale: Vice & Virtue (formerly Pinheads Susan's) restaurant, tavern, and night club
- Turnkey business sale with FF&E included
- Newly built 600 SF outdoor patio with additional seating
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
$8,432
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
3.37%
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%
$168,640
$168.6K
Cap Rate 7%
$120,457
$120.5K
Cap Rate 9%
$93,689
$93.7K
Market Conditions
NOI Build-Up for 600 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
$11.7K $19.56/SF
− Vacancy
−$493 −$0.82/SF
EGI
$11.2K $18.74/SF
− OpEx
−$2.8K −$4.68/SF
NOI
$8.4K $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%
$168,640
Cap Rate 7%
$120,457
Cap Rate 9%
$93,689
Alternative Uses
Best Use
Specialty Retail
$120.5K
$105.4K – $140.5K
NOI $8,432 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$179.6K
$157.1K – $209.5K
NOI $12,571 @ 7.0% cap · market cap 5.03%
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
1,987
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12305, NY
6,085
Population
4,103
Households
1.5
Avg Household Size
37
Median Age
34%
College-Educated
88%
High-School Grad
1.5 sq mi
ZIP Area
4,057
Density / Sq Mi
$50,308
Median Household Income
$34,228
Median Earnings
$1,067
Median Rent
$162,500
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?
Night club - Turnkey restaurant, tavern, and night club with a newly built outdoor patio for added guest seating.
Where is this night club located?
The property is located at 38-40 N Broadway Schenectady, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Business for sale: Vice & Virtue (formerly Pinheads Susan's) restaurant, tavern, and night club; Turnkey business sale with FF&E included; Newly built 600 SF outdoor patio with additional seating
