Freestanding Drive-Through Restaurant
For Sale
$299,000
855 E State St, Olean, NY 14760
Vacant 2006 building retains a walk-in cooler, freezer, and dedicated order window.
Property Size1,990 SF
Lot Size0.35 Acres
Price / SF$150.25
Days on Market194
Property Features for 855 E State St
General Information
Standard status
Active
Size
1,990 SF
Class
C
Total Parking Spaces
15
Lot size
0.35 Acres
Property subtype
Free Standing Building
Site & Location
Drive-Thru
Yes
Traffic Count
19,200 vehicles/day
Road Access
Yes
Additional Details
Equipment Included
Yes
Building Details
Building Size
1,990 SF
Year Built
2006
Buildings
1
Properties For Sale
at 855 E State St Contact us- Size
- 1,990 SF
- Lease Type
- NNN
855 E State Street
Listing Agency:
Re/Max Commercial
(585) 279-8012
Listed By:
Michael Conroy
(585) 279-8012
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 12:56AM
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 Re/Max Commercial
Investment Insights
Based on property information with market context.
Built in 2006, this vacant freestanding restaurant property contains 1,990 square feet on a 0.35-acre site. The existing layout includes a drive-through lane, dedicated order window, walk-in cooler, walk-in freezer, and parking for approximately 15 vehicles. General commercial zoning supports restaurant, retail, medical, and service-oriented concepts as identified in the property information.
The site occupies a signalized corner at 855 E State Street in Olean, along the East State Street commercial corridor. Traffic volume exceeds 19,200 vehicles per day (AADT), and the property offers on-site signage and direct access. Nearby commercial activity includes national brands and local businesses, while Cutco Corporation, Siemens Energy, Olean General Hospital, and St. Bonaventure University are identified as major surrounding employers or institutions.
The site occupies a signalized corner at 855 E State Street in Olean, along the East State Street commercial corridor. Traffic volume exceeds 19,200 vehicles per day (AADT), and the property offers on-site signage and direct access. Nearby commercial activity includes national brands and local businesses, while Cutco Corporation, Siemens Energy, Olean General Hospital, and St. Bonaventure University are identified as major surrounding employers or institutions.
Key Highlights
- 1,990 SF freestanding building on a 0.35‑acre site
- Existing drive‑through lane with dedicated order window
- Walk‑in cooler and walk‑in freezer remain in place
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
$25,737
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
8.61%
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%
$514,740
$514.7K
Cap Rate 7%
$367,671
$367.7K
Cap Rate 9%
$285,967
$286.0K
Market Conditions
NOI Build-Up for 1,990 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
$35.8K $18.00/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$34.3K $17.24/SF
− OpEx
−$8.6K −$4.31/SF
NOI
$25.7K $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%
$514,740
Cap Rate 7%
$367,671
Cap Rate 9%
$285,967
Alternative Uses
Best Use
Specialty Retail
$367.7K
$321.7K – $429.0K
NOI $25,737 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$393.3K
$344.1K – $458.9K
NOI $27,531 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19,200 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
144
Businesses Nearby
20k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Country Fair
Shops & Services
20,332 visits/mo
0.4 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Vacant 2006 building retains a walk-in cooler, freezer, and dedicated order window.
Where is this drive through restaurant located?
The property is located at 855 E State St Olean, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1,990 SF freestanding building on a 0.35‑acre site; Existing drive‑through lane with dedicated order window; Walk‑in cooler and walk‑in freezer remain in place
