Building Details

Year Built 1989

Listing Agency: River Hills Properties d***@gmail.com Show Phone

Listed By: Dana Chirillo · License #10401328023

Source: Crexi

Added: Oct 27, 2024 Changed: Aug 14 Last Checked: Aug 24 at 4:57AM

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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 River Hills Properties

Investment Insights

Based on property information with market context.

This commercial property offers 1,792 sq. ft. of space on 6.56 acres, providing opportunities for expansion and various uses. The property is located in a high-visibility area with frontage and easy access. Formerly operated as a diner with seating for 75-80, it includes outdoor seating options. The property features two updated bathrooms, bar seating, and a fully operational kitchen with prep stations and commercial-grade appliances. A list of equipment is available. Parking is available for 30+ vehicles, with room for more. The property has a 1,000-gallon concrete septic tank with a full basement and walk-out. The interior and exterior show meticulous detail. This property offers the space and flexibility to bring your vision to life, with options for development. It is located close to Griffiss Business and Technology Park and Wolfspeed Nano. This commercial opportunity offers a platform for achieving goals and realizing potential.

Key Highlights

• High‑visibility commercial property on 6.56 acres offering expansion potential.
• Formerly a well‑known diner, seating 75‑80, with operational equipment included.
• Fully operational commercial kitchen featuring multiple prep stations and commercial‑grade appliances.

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

$20,641

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

7.94%

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%

$412,820 $412.8K

Cap Rate 7%

$294,871 $294.9K

Cap Rate 9%

$229,344 $229.3K

Market Conditions

NOI Build-Up for 1,792 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

$29.0K $16.20/SF

− Vacancy

−$1.5K −$0.84/SF

EGI

$27.5K $15.36/SF

− OpEx

−$6.9K −$3.84/SF

NOI

$20.6K $11.52/SF

Area

Oneida County, NY

Vacancy

5.20%

Lease Rate

$16.20 /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%

$412,820

Cap Rate 7%

$294,871

Cap Rate 9%

$229,344

Alternative Uses

Best Use

Specialty Retail

$294.9K

$258.0K – $344.0K (±1% cap)

NOI $20,641 @ 7.0% cap · market cap 7.94%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$472.2K

$413.2K – $550.9K (±1% cap)

NOI $33,056 @ 7.0% cap · market cap 12.72%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Breakfast & diners

Location Intelligence

Trade Area within ½ mile

23

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 13469, NY

753

Population

441

Households

1.7

Avg Household Size

44

Median Age

40%

College-Educated

97%

High-School Grad

3.1 sq mi

ZIP Area

243

Density / Sq Mi

$108,798

Median Household Income

$40,586

Median Earnings

$1,162

Median Rent

$247,300

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?

Breakfast & diner - Commercial property with expansion potential on 6.56 acres.

Where is this breakfast & diner located?

The property is located at 8583 NY-365 Stittville, NY.

What is the asking price?

The asking price for this property is $259,900.

What are key features of this property?

This property features: High‑visibility commercial property on 6.56 acres offering expansion potential.; Formerly a well‑known diner, seating 75‑80, with operational equipment included.; Fully operational commercial kitchen featuring multiple prep stations and commercial‑grade appliances.