Restaurant Building With
For Sale
$199,000
98 Lake Avenue, Lake Luzerne, NY 12846
COMMERCIAL - Lake Luzerne, NY
Property Size1,296 SF
Lot Size0.15 Acres
Price / SF$153.55
Days on Market93
Property Features for 98 Lake Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
6
Elementary school
Hadley-Luzerne
High school
Hadley-Luzerne
Elementary school district
Hadley Luzerne
Middle school district
Hadley Luzerne
High school district
Hadley Luzerne
Directions
South on Rt 9n past traffic light property on left. North 9n across from Cumberland farms property on right.
Standard status
Active
APN
523200 298.20-1-65
Size
1,296 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
3867
Utilities
Sewer type
Septic Tank
Heating system
Oil
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1970
Floors in Building
1
Building materials
Block
Listing Agency:
Realty One Group Key
(518) 630-5360
Listed By:
Danielle Warrington · License #10401261468
(518) 414-4881
Added: May 13
Changed: Aug 4
Last Checked: Aug 13 at 7:06AM
MLS# 202617138
Copyright © 2026 Global MLS, Inc. 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.
Located at 98 Lake Avenue in Lake Luzerne, this 1,296-square-foot commercial property occupies 0.15 acres and was previously operated as a restaurant. The block building was constructed in 1970 and includes a bathroom, oil heat, wall-unit cooling, and ample on-site parking. Its prior restaurant configuration supports continued dining use, while the property information also identifies retail, office, and specialty applications.
The site is zoned Commercial and served by public water and a new septic system. Its Lake Avenue address places the building within Lake Luzerne, with Warren County and ZIP Code 12846 identifying the surrounding market. The property offers a compact commercial footprint for an owner-user or operator seeking an existing building with parking and established utility infrastructure.
The site is zoned Commercial and served by public water and a new septic system. Its Lake Avenue address places the building within Lake Luzerne, with Warren County and ZIP Code 12846 identifying the surrounding market. The property offers a compact commercial footprint for an owner-user or operator seeking an existing building with parking and established utility infrastructure.
Key Highlights
- 1,296‑square‑foot restaurant property on a 0.15‑acre site
- Previously operated as a restaurant
- Commercial zoning supports the stated property classification
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
$16,761
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
8.42%
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%
$335,220
$335.2K
Cap Rate 7%
$239,443
$239.4K
Cap Rate 9%
$186,233
$186.2K
Market Conditions
NOI Build-Up for 1,296 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
$23.3K $18.00/SF
− Vacancy
−$980 −$0.76/SF
EGI
$22.3K $17.24/SF
− OpEx
−$5.6K −$4.31/SF
NOI
$16.8K $12.93/SF
Area
Warren 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%
$335,220
Cap Rate 7%
$239,443
Cap Rate 9%
$186,233
Alternative Uses
Best Use
Specialty Retail
$239.4K
$209.5K – $279.4K
NOI $16,761 @ 7.0% cap · market cap 8.42%
Second Best
Retail
$178.8K
$156.5K – $208.7K
NOI $12,519 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$387.9K
$339.4K – $452.6K
NOI $27,154 @ 7.0% cap · market cap 13.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
106
Businesses Nearby
5k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Cumberland Farms
Shops & Services
4,220 visits/mo
0.1 miles
Carquest Auto Parts # 8840
Shops & Services
830 visits/mo
0.5 miles
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?
Conventional restaurant - Commercially zoned property with public water, a new septic system, and prior restaurant use.
Where is this conventional restaurant located?
The property is located at 98 Lake Avenue Lake Luzerne, NY.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1,296‑square‑foot restaurant property on a 0.15‑acre site; Previously operated as a restaurant; Commercial zoning supports the stated property classification
