Restaurant with Kitchen
New
For Sale
$249,900
501 W State St, Olean, NY 14760
The sale includes kitchen equipment and approximately 15 off-street parking spaces.
Property Size1,640 SF
Days on Market2
Property Features for 501 W State St
General Information
Standard status
Active
Size
1,640 SF
Total Parking Spaces
15
Property subtype
Commercial
Additional Details
Business Included
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$7,676
Building Details
Building Size
1,640 SF
Year Built
1965
Stories
1
Listing Agency:
Howard Hanna Professionals - Olean
Listed By:
Paul Pezzimenti · License #10301214758
(716) 378-7039
Source:
Elliman
Added: Oct 4
Last Checked: Oct 4 at 2:08PM
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 Howard Hanna Professionals - Olean
Investment Insights
Based on property information with market context.
This restaurant property, built in 1965, includes kitchen equipment and approximately 15 off-street parking spaces. Its location is at the intersection of West State Street and 4th Street in Olean.
The property has a Walk Score of 73 and a bike score of 76, rated Very Walkable and Very Bikeable, respectively.
The property has a Walk Score of 73 and a bike score of 76, rated Very Walkable and Very Bikeable, respectively.
Key Highlights
- Kitchen equipment is included in the sale
- Approximately 15 off‑street parking spaces
- Corner location at West State Street and 4th Street
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
$21,210
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
8.49%
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%
$424,200
$424.2K
Cap Rate 7%
$303,000
$303.0K
Cap Rate 9%
$235,667
$235.7K
Market Conditions
NOI Build-Up for 1,640 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
$29.5K $18.00/SF
− Vacancy
−$1.2K −$0.76/SF
EGI
$28.3K $17.24/SF
− OpEx
−$7.1K −$4.31/SF
NOI
$21.2K $12.93/SF
Area
Cattaraugus County, NY
Vacancy
4.20%
Lease Rate
$18.00 /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%
$424,200
Cap Rate 7%
$303,000
Cap Rate 9%
$235,667
Alternative Uses
Best Use
Specialty Retail
$303.0K
$265.1K – $353.5K
NOI $21,210 @ 7.0% cap · market cap 8.49%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$324.1K
$283.6K – $378.2K
NOI $22,689 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
808
Businesses Nearby
19k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 89%
Home Improvements & Furnishings 11%
7-Eleven
Shops & Services
6,401 visits/mo
0.2 miles
AutoZone
Shops & Services
4,844 visits/mo
0.3 miles
Five Star Bank
Shops & Services
3,105 visits/mo
0.3 miles
Raymour & Flanigan Furniture Store
Home Improvements & Furnishings
2,173 visits/mo
0.2 miles
Dunn Tire
Shops & Services
1,359 visits/mo
0.1 miles
Demographics for 14760, NY
18,031
Population
8,917
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
91%
High-School Grad
65.1 sq mi
ZIP Area
277
Density / Sq Mi
$52,569
Median Household Income
$35,754
Median Earnings
$777
Median Rent
$99,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - The sale includes kitchen equipment and approximately 15 off-street parking spaces.
Where is this conventional restaurant located?
The property is located at 501 W State St Olean, NY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Kitchen equipment is included in the sale; Approximately 15 off‑street parking spaces; Corner location at West State Street and 4th Street
