Building Details

Building Size 625 SF

Year Built 2000

Stories 1

Listing Agency: Keller Williams Syracuse n***@kw.com Show Phone

Listed By: Nicole Jay · License #10401369092 Show Phone

Source: Elliman

Added: Jun 26 Changed: Aug 11 Last Checked: Aug 11 at 7:40AM

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Investment Insights

Based on property information with market context.

This property is currently operating as a catering base and is set up for food preparation and service. The offering includes commercial kitchen equipment such as cookers, a walk-in cooler, prep tables, pots and pans, and other items used for day-to-day operations, along with an outdoor seating area.

The site is located on a busy road and features approximately 185 feet of road frontage. The remarks also indicate the location is in the center of Palermo and that there is plenty of parking on site, supporting regular customer or catering traffic.

For tenants or buyers looking to enter the food business with an existing infrastructure, the included kitchen equipment and outdoor seating can reduce early buildout needs. The property may also fit related ideas where a prep station or a food service operation benefits from high visibility along a heavily traveled road and on-site parking. Prospective users should confirm any concept fit and permitting requirements for their specific operating plans.

Key Highlights

• Year built 2000 commercial property currently operating as a catering base
• Busy road location with 185 ft. of road frontage for high visibility
• Includes commercial kitchen equipment: cookers, walk‑in cooler, prep tables, pots & pans

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

$3,865

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

5.95%

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%

$77,300 $77.3K

Cap Rate 7%

$55,214 $55.2K

Cap Rate 9%

$42,944 $42.9K

Market Conditions

NOI Build-Up for 625 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

$5.9K $9.48/SF

− Vacancy

−$403 −$0.64/SF

EGI

$5.5K $8.84/SF

− OpEx

−$1.7K −$2.65/SF

NOI

$3.9K $6.18/SF

Area

Oswego County, NY

Vacancy

6.80%

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%

$77,300

Cap Rate 7%

$55,214

Cap Rate 9%

$42,944

Alternative Uses

Best Use

Specialty Retail

$115.5K

$101.0K – $134.7K (±1% cap)

NOI $8,083 @ 7.0% cap · market cap 12.44%

Second Best

Industrial

$55.2K

$48.3K – $64.4K (±1% cap)

NOI $3,865 @ 7.0% cap · market cap 5.95%

Theoretical Best

Office A

$124.7K

$109.1K – $145.4K (±1% cap)

NOI $8,726 @ 7.0% cap · market cap 13.42%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Kick-N-Chicken BBQ Restaurant

Suggested Use

Top Pick Auto Repair Shop Electrical Service Fish Market Food Market Discount Store Farmer's Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

32

Businesses Nearby

8k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Dollar General Shops & Services

5,375 visits/mo 0.4 miles

Citgo Shops & Services

2,344 visits/mo 0.4 miles

Demographics for 13069, NY

24,071

Population

10,593

Households

2.3

Avg Household Size

40

Median Age

19%

College-Educated

89%

High-School Grad

109.9 sq mi

ZIP Area

219

Density / Sq Mi

$63,156

Median Household Income

$44,073

Median Earnings

$878

Median Rent

$112,600

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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What type of property is this? Where is this commercial kitchens located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Commercial kitchen - For sale catering base with substantial road frontage, included commercial kitchen equipment, and outdoor seating for food service concepts.

Where is this commercial kitchen located?

The property is located at 4179 State Route 3 Palermo, NY.

What is the asking price?

The asking price for this property is $65,000.

What are key features of this property?

This property features: Year built 2000 commercial property currently operating as a catering base; Busy road location with 185 ft. of road frontage for high visibility; Includes commercial kitchen equipment: cookers, walk‑in cooler, prep tables, pots & pans