Denny's Restaurant Investment
For Sale
Contact for pricing
468 Louden Rd, Saratoga Springs, NY 12866
NNN leased Denny's in Saratoga Springs with strong sales.
Property Size4,303 SF
Price / SF$471.94
Days on Market192
Property Features for 468 Louden Rd
General Information
Standard status
Active
Size
4,303 SF
Property subtype
Retail
Zoning
PUD
Building Details
Year Built
2002
Listing Agency:
Northmarq - Portland
Listed By:
Matt Lipson · License #201225340
Source:
Crexi
Added: Feb 10
Changed: Aug 8
Last Checked: Aug 8 at 2:38PM
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 Northmarq - Portland
Investment Insights
Based on property information with market context.
This single-tenant Denny's restaurant is located at 468 Louden Rd, Saratoga Springs, NY 12866. The property is subject to an absolute NNN lease with a 20-year term and 10% renewal options every 5 years. The location has been a top-performing Denny's since 2002, with a rent-to-sales ratio of 5.8%. The property is positioned along Louden Rd, merging into NY-29 (31,772 VPD) and near I-87 (53,825 VPD). Saratoga Springs benefits from an affluent population (AHHI $128K within 5 miles) and a $2 billion investment by Regeneron Pharmaceuticals. Saratoga Race Course attracts over 1.2 million annual visitors. The property is in Saratoga Springs' densest retail trade area, creating synergy for casual dining. The building size is 4,303 square feet.
Key Highlights
- Absolute NNN lease with a fresh 20‑year term and 10% renewal options every 5 years provides long‑term stability.
- Top‑performing Denny's location since 2002 with a strong 5.8% rent‑to‑sales ratio indicating financial health.
- Strategic location with high traffic volume: Louden Rd/NY‑29 (31,772 VPD) and I‑87 (53,825 VPD).
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
$66,781
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
3.29%
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%
$1,335,620
$1.3M
Cap Rate 7%
$954,014
$954.0K
Cap Rate 9%
$742,011
$742.0K
Market Conditions
NOI Build-Up for 4,303 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
$92.9K $21.60/SF
− Vacancy
−$3.9K −$0.91/SF
EGI
$89.0K $20.69/SF
− OpEx
−$22.3K −$5.17/SF
NOI
$66.8K $15.52/SF
Area
Saratoga County, NY
Vacancy
4.20%
Lease Rate
$21.60 /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%
$1,335,620
Cap Rate 7%
$954,014
Cap Rate 9%
$742,011
Alternative Uses
Best Use
Specialty Retail
$954.0K
$834.8K – $1.11M
NOI $66,781 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,156 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
796
Businesses Nearby
120k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 100%
Walmart
Superstores
120,212 visits/mo
0.5 miles
Demographics for 12866, NY
40,355
Population
20,462
Households
2
Avg Household Size
44
Median Age
55%
College-Educated
95%
High-School Grad
64.3 sq mi
ZIP Area
628
Density / Sq Mi
$98,374
Median Household Income
$53,265
Median Earnings
$1,460
Median Rent
$419,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - NNN leased Denny's in Saratoga Springs with strong sales.
Where is this conventional restaurant located?
The property is located at 468 Louden Rd Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $2,030,769.
What are key features of this property?
This property features: Absolute NNN lease with a fresh 20‑year term and 10% renewal options every 5 years provides long‑term stability.; Top‑performing Denny's location since 2002 with a strong 5.8% rent‑to‑sales ratio indicating financial health.; Strategic location with high traffic volume: Louden Rd/NY‑29 (31,772 VPD) and I‑87 (53,825 VPD).
