Established Market & Deli
For Sale
$599,000
40 Main Street, South Glens Falls, NY 12803
Profitable market and deli with real estate included.
Property Size5,387 SF
Lot Size0.54 Acres
Price / SF$111.19
Days on Market179
Property Features for 40 Main Street
General Information
Standard status
Active
Size
5,387 SF
Lot size
0.54 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,265
Amenities
Central air
Corner Lot
Built-Up Roof
Central Air Cooling
Cleared
Forced Air Heating
Laminate Flooring
Natural Gas Heating
Off Street
Paved
Private
Road Frontage
Rubber Roof
Vinyl Flooring
Building Details
Year Built
1981
Listing Agency:
REALIZE BROKERS
(518) 656-0556
Listed By:
NICHOLAS KETTER · License #10491210023
Source:
Corcoran
Added: Mar 2
Changed: Aug 27
Last Checked: Aug 26 at 9:15AM
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 REALIZE BROKERS
Investment Insights
Based on property information with market context.
An established market and delicatessen, a community landmark for over 25 years, is available for acquisition, including the commercial real estate. The property features a 5,387 square foot building on 0.54 acres. Public utilities are available, including water, sewer, natural gas, and electric. The property is located in a commercial (C1) zone. The location offers high traffic and high visibility, situated across the bridge from Downtown Glens Falls. The existing market/deli business has historical financials available upon request and execution of a non-disclosure agreement. Potential opportunities include expanding or refining the existing business, or exploring rental or redevelopment options.
Key Highlights
- Established Sorrentino's Delicatessen and Market with strong historical financials
- Includes a 5,387 SF building on 0.54 acres
- Prime location** in a high traffic, high visibility area across from Downtown Glens Falls
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
$52,038
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
8.69%
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%
$1,040,760
$1.0M
Cap Rate 7%
$743,400
$743.4K
Cap Rate 9%
$578,200
$578.2K
Market Conditions
NOI Build-Up for 5,387 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
$80.8K $15.00/SF
− Vacancy
−$6.5K −$1.20/SF
EGI
$74.3K $13.80/SF
− OpEx
−$22.3K −$4.14/SF
NOI
$52.0K $9.66/SF
Area
Warren County, NY
Vacancy
8.00%
Lease Rate
$15.00 /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%
$1,040,760
Cap Rate 7%
$743,400
Cap Rate 9%
$578,200
Alternative Uses
Best Use
Specialty Retail
$995.3K
$870.9K – $1.16M
NOI $69,670 @ 7.0% cap · market cap 11.63%
Second Best
Retail
$743.4K
$650.5K – $867.3K
NOI $52,038 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,868 @ 7.0% cap · market cap 18.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
344
Businesses Nearby
101k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 42%
Groceries 34%
Dining 21%
Beauty & Spa 2%
Hannaford
Groceries
34,004 visits/mo
0.4 miles
Dunkin' Donuts
Dining
14,393 visits/mo
0.1 miles
Cumberland Farms
Shops & Services
14,255 visits/mo
0.4 miles
Dollar General
Shops & Services
10,067 visits/mo
0.1 miles
Speedway
Shops & Services
6,829 visits/mo
0.3 miles
Demographics for 12803, NY
8,990
Population
3,819
Households
2.4
Avg Household Size
43
Median Age
29%
College-Educated
92%
High-School Grad
6.1 sq mi
ZIP Area
1,474
Density / Sq Mi
$80,913
Median Household Income
$42,782
Median Earnings
$1,194
Median Rent
$222,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Hannaford — 175 Broad St, Glens Falls, NY 12801
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Profitable market and deli with real estate included.
Where is this grocery and convenience store located?
The property is located at 40 Main Street South Glens Falls, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Established Sorrentino's Delicatessen and Market with strong historical financials; Includes a **5,387 SF building on 0.54 acres**; Prime location** in a high traffic, high visibility area across from Downtown Glens Falls
