501 W State St, Olean, NY 14760

Building Details

Building Size 1,640 SF More

Year Built 1965 More

Stories 1 More

Listing Agency: Howard Hanna Professionals - Olean

Listed By: Paul Pezzimenti · License #10301214758 Show Phone

Source: Elliman

Added: Oct 4 Changed: Oct 29 Last Checked: Nov 6 at 9:50AM

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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

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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.

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 / Yr

$21,210

Cap Rate

8.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$424,200 $424.2K

Cap Rate 7%

$303,000 $303.0K

Cap Rate 9%

$235,667 $235.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,640 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $22,689 @ 7.0% cap · market cap 9.08%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Rafis Food Hub Restaurant

Suggested Use

Top Pick Kitchen & Bath Showroom Electrical Service Plumbing Service (Bike/Boat/Book/etc) Store Locksmith Home Appliance Store

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

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

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

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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