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For sale
Conventional restaurants
NY
Olean
14760
501 W State Street

Established Restaurant in High-Traffic Location

501 W State Street, Olean, NY 14760

View on Map

For Sale

$250,000

COMMERCIAL - Olean, NY

Property size:

1,640 SF

Lot size:

0.12 Acres

Price / SF:

$152/SF

HighLights

High‑traffic location at the corner of 4th Street and West State Street.
Turnkey restaurant opportunity with all kitchen equipment included.
Approximately 15 off‑street parking spaces.
$20+ million construction project planned on West State St.
Strong local recognition and unmatched exposure.
Heating (Natural Gas, Forced Air) and Cooling (Central Air) systems in place.

We can help!

Contact an agent

Paul Pezzimenti

For Sale

$250,000

COMMERCIAL - Olean, NY

Property size:

1,640 SF

Lot size:

0.12 Acres

Price / SF:

$152/SF

Added:: Jan 14, 2026
Days on Market:: 165
Last Refresh:: Jun 28 at 2:06 am

Property Features for 501 W State Street

General Information

Property type: Commercial Sale
Property subtype: Other
Zoning: COM 1
Parking: 15
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: 7297

Utilities

Sewer type: Public Sewer
Heating system: Forced Air, Natural Gas
Cooling system: Central Air
Water source: Public

Building Details

Year built: 1965
Floors in Building: 1
Roof type: Membrane, Rubber

We can help!

Contact an agent

Paul Pezzimenti

Listing agent Paul Pezzimenti License #10301214758

Listing office Howard Hanna Professionals - Olean 410 Wayne Street, Mayville, NY

Listing date Jan 14, 2026

MLS# R1658022

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.

HighLights

High‑traffic location at the corner of 4th Street and West State Street.
Turnkey restaurant opportunity with all kitchen equipment included.
Approximately 15 off‑street parking spaces.
$20+ million construction project planned on West State St.
Strong local recognition and unmatched exposure.
Heating (Natural Gas, Forced Air) and Cooling (Central Air) systems in place.

Overview

Located on West State Street in Olean, New York, this established restaurant offers an opportunity to own a business in a high-traffic location. Situated at the corner of 4th Street and West State, the property has been a community staple for years, offering visibility and accessibility for customers. The property includes kitchen space and approximately 15 off-street parking spaces. All kitchen equipment is included. The property size is 1,640 square feet and the lot size is 0.1238 acres. This is a turnkey opportunity for a restaurateur looking to continue a long-standing tradition or introduce a new concept in a proven location. A $20+ million construction project is planned on West State St.

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$29.5k	$18.00
− Vacancy	−$1.2k	−$0.76
EGI	$28.3k	$17.24
− OpEx	−$7.1k	−$4.31
NOI	$21.2k	$12.93

1,640 SF · lease $18.00/SF/yr · vacancy 4.20% · expense 25.00%

Alternative Uses

Best Use

Specialty Retail

$303.0K

$265.1K – $353.5K (±1% cap)

NOI $21,210 @ 7.0% cap · market cap 8.48%

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 local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Rafis Food Hub Restaurant

Suggested Use

Location Insight

Map
Local Demand

City: Olean
County: Cattaraugus
State: New York
Longitude: -78.435471
Latitude: 42.077218

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For sale
Conventional restaurants
NY
Olean
14760
501 W State Street

What type of property is this?

Conventional restaurant - Turnkey restaurant opportunity in Olean's high-traffic area.

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 $250,000.

What are key features of this property?

This property features: High‑traffic location at the corner of 4th Street and West State Street.; Turnkey restaurant opportunity with all kitchen equipment included.; Approximately 15 off‑street parking spaces.

501 W State Street, Olean, NY 14760

COMMERCIAL - Olean, NY

Property Features for 501 W State Street

General Information

Taxes and HOA fees

Utilities

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Specialty Retail

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Retail-Front Flex and Garage

Mixed-Use Retail and Office Building

Two Ranch Homes on One Property

Olean Commercial Property For Sale

Multi-Family Portfolio with 11 Units

Mixed-Use Building in Downtown Olean

Side-by-Side Duplex Investment

Flex Space with Retail Frontage

Flex Space with Garage

Flex Retail and Office Building

Commercial Building with Redevelopment Potential

Versatile Commercial Property in Olean

FAQs