Restaurant Building with
For Sale
$189,000
Pending
494 Washington Avenue, Albany, NY 12203
COMMERCIAL - Albany, NY
Property Size750 SF
Lot Size0.04 Acres
Days on Market381
Property Features for 494 Washington Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
On Street
Directions
Head down Washington Ave towards Downtown Albany, Building will be on the right hand side of the street in between Quail Street ad Cortland Place.
Standard status
Pending
APN
010100 65.62-2-14
Size
750 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
3435
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Building materials
Aluminum Siding
Listing Agency:
Hanna Commercial
(518) 458-7000
Listed By:
Philip Sabatino · License #10401299525
(518) 376-2717
Added: Aug 5, 2025
Changed: Aug 4
Last Checked: Aug 20 at 7:06PM
MLS# 202523239
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 750-square-foot restaurant property includes the building and all FF&E, providing an existing setup for continued restaurant use or a new concept. The property is zoned Commercial and features aluminum siding, natural gas heating, central air, public water, and public sewer.
Located at 494 Washington Avenue in Albany, the property offers on-street parking and a compact 0.04-acre site. The building’s established restaurant configuration and included equipment support a range of food-service possibilities, subject to applicable approvals.
Located at 494 Washington Avenue in Albany, the property offers on-street parking and a compact 0.04-acre site. The building’s established restaurant configuration and included equipment support a range of food-service possibilities, subject to applicable approvals.
Key Highlights
- 750‑square‑foot restaurant property on a 0.04‑acre site
- Building sale includes all FF&E
- Commercial zoning
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
$10,391
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
5.50%
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%
$207,820
$207.8K
Cap Rate 7%
$148,443
$148.4K
Cap Rate 9%
$115,456
$115.5K
Market Conditions
NOI Build-Up for 750 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
$14.9K $19.80/SF
− Vacancy
−$995 −$1.33/SF
EGI
$13.9K $18.47/SF
− OpEx
−$3.5K −$4.62/SF
NOI
$10.4K $13.86/SF
Area
Albany, NY
Vacancy
6.70%
Lease Rate
$19.80 /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%
$207,820
Cap Rate 7%
$148,443
Cap Rate 9%
$115,456
Alternative Uses
Best Use
Specialty Retail
$148.4K
$129.9K – $173.2K
NOI $10,391 @ 7.0% cap · market cap 5.50%
Second Best
Retail
$129.5K
$113.3K – $151.0K
NOI $9,062 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$197.9K
$173.1K – $230.9K
NOI $13,851 @ 7.0% cap · market cap 7.33%
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
2,371
Businesses Nearby
45k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 66%
Shops & Services 34%
McDonald's
Dining
17,748 visits/mo
0.4 miles
Burger King
Dining
11,928 visits/mo
0.5 miles
Exxon
Shops & Services
7,137 visits/mo
0.2 miles
Sunoco
Shops & Services
5,929 visits/mo
0.4 miles
Mavis Discount Tire
Shops & Services
1,434 visits/mo
0.3 miles
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
Median Home Value
Market
Vacancy Rate% for Retail in Albany, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Compact commercial restaurant property with existing equipment and public utilities in Albany.
Where is this conventional restaurant located?
The property is located at 494 Washington Avenue Albany, NY.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: 750‑square‑foot restaurant property on a 0.04‑acre site; Building sale includes all FF&E; Commercial zoning
