Restaurant Building with Kitchen
New
For Sale
$249,900
501 W State Street, Olean, NY 14760
CommercialSale, Olean, NY
Property Size1,640 SF
Lot Size0.12 Acres
Price / SF$152.38
Days on Market1
Property Features for 501 W State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COM 1
Zoning description
Commercial
Parking
15
Lot features
Rectangular, Rectangular Lot
Elementary school
Washington West Elementary
Middle school
Olean Middle
High school
Olean Senior High
Elementary school district
Olean
Middle school district
Olean
High school district
Olean
Subdivision
Olean-City-041200
Standard status
Active
APN
041200-094-064-0014-004-000-0000
Size
1,640 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
7676
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1965
Floors in Building
1
Roof type
Membrane, Rubber
Listing Agency:
Howard Hanna Professionals - Olean
(716) 372-1155
Listed By:
Paul Pezzimenti · License #10301214758
(716) 378-7039
Added: Oct 1
Last Checked: Oct 1 at 10:06PM
MLS# R1719161
Copyright © 2026 New York State Alliance of MLSs, LLC. 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.
Configured for restaurant use, the property contains 1,640 square feet on a 0.1238-acre lot. Kitchen equipment is included, and approximately 15 off-street parking spaces serve the site. The building dates to 1965 and has a membrane and rubber roof. Heating is provided by natural gas and forced air, with central air conditioning.
The property is at 501 W State Street in Olean, at the corner of 4th Street and West State Street. It is zoned COM 1 and has public water and public sewer service.
The property is at 501 W State Street in Olean, at the corner of 4th Street and West State Street. It is zoned COM 1 and has public water and public sewer service.
Key Highlights
- 1,640‑square‑foot restaurant property on a 0.1238‑acre lot
- Kitchen equipment is included
- Approximately 15 off‑street parking spaces
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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Open Analytics
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 property includes a fully equipped kitchen and off-street customer parking.
Where is this conventional restaurant located?
The property is located at 501 W State Street 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: 1,640‑square‑foot restaurant property on a 0.1238‑acre lot; Kitchen equipment is included; Approximately 15 off‑street parking spaces
