Commercial Property on Lake
For Sale
$149,900
598 Lake Avenue, Lake Luzerne, NY 12846
Commercial property with high visibility and ample parking.
Property Size916 SF
Lot Size1.57 Acres
Price / SF$163.65
Days on Market289
Property Features for 598 Lake Avenue
General Information
Standard status
Active
Size
916 SF
Lot size
1.57 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,763
Amenities
Deck
Forced Air Heating
Level
Off Street
Propane Tank Leased Heating
Shingle Roof
Building Details
Year Built
1980
Listing Agency:
HOWARD HANNA CAPITAL INC
(518) 798-3636
Listed By:
SEAN ROGGE · License #40RO1136132
Source:
Corcoran
Added: Nov 4, 2025
Changed: Aug 17
Last Checked: Aug 20 at 6:18AM
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 CAPITAL INC
Investment Insights
Based on property information with market context.
This commercial property, situated on over 1.5 acres along Lake Avenue (State Route 9N), presents a range of possibilities. The building, previously used as a restaurant, benefits from excellent visibility, public water access, and a level, mostly cleared lot. Ample parking is available. The versatile space could be suitable for various business uses, including retail, office, hospitality, or service. The building size is 916 square feet.
Key Highlights
- 1.5+ acre commercial property on Lake Avenue (State Route 9N)
- High‑traffic location with strong upside potential
- Excellent visibility
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
$8,849
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
5.90%
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%
$176,980
$177.0K
Cap Rate 7%
$126,414
$126.4K
Cap Rate 9%
$98,322
$98.3K
Market Conditions
NOI Build-Up for 916 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
$13.7K $15.00/SF
− Vacancy
−$1.1K −$1.20/SF
EGI
$12.6K $13.80/SF
− OpEx
−$3.8K −$4.14/SF
NOI
$8.8K $9.66/SF
Area
Warren County, NY
Vacancy
8.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$176,980
Cap Rate 7%
$126,414
Cap Rate 9%
$98,322
Alternative Uses
Best Use
Retail
$126.4K
$110.6K – $147.5K
NOI $8,849 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$274.2K
$239.9K – $319.9K
NOI $19,192 @ 7.0% cap · market cap 12.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12846, NY
3,008
Population
2,338
Households
1.3
Avg Household Size
51
Median Age
26%
College-Educated
90%
High-School Grad
53.7 sq mi
ZIP Area
56
Density / Sq Mi
$47,449
Median Household Income
$41,500
Median Earnings
$942
Median Rent
$197,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial property with high visibility and ample parking.
Where is this storefront property located?
The property is located at 598 Lake Avenue Lake Luzerne, NY.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: 1.5+ acre commercial property on Lake Avenue (State Route 9N); High‑traffic location with strong upside potential; Excellent visibility
