Established Restaurant
For Sale
$1,199,000
982 State Route 149, Queensbury, NY 12804
Commercially zoned restaurant property positioned at State Route 149 and Route 9L.
Property Size2,612 SF
Lot Size2.74 Acres
Price / SF$459.04
Days on Market52
Property Features for 982 State Route 149
General Information
Standard status
Active
Size
2,612 SF
Total Parking Spaces
25
Lot size
2.74 Acres
Zoning
Commercial
Additional Details
Business Included
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$4,786
Building Details
Year Built
1986
Buildings
1
Stories
1
Listing Agency:
Davies-Davies & Assoc Real Est
(518) 796-9068
Listed By:
Daniel L Davies · License #49DA1061690
(518) 796-9068
Source:
Capmarkrealty
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 30 at 3:10AM
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 Davies-Davies & Assoc Real Est
Investment Insights
Based on property information with market context.
This established restaurant property occupies 2.74 acres and includes a spacious layout intended for high-volume service, along with ample parking. The improvements date to 1986, and the property is zoned Commercial.
Located at the intersection of State Route 149 and Route 9L, the site benefits from access to year-round local and seasonal traffic in the Queensbury and Lake George region. Surrounding context includes attractions, campgrounds, hotels, and Lake George, supporting both tourist and local dining activity.
Located at the intersection of State Route 149 and Route 9L, the site benefits from access to year-round local and seasonal traffic in the Queensbury and Lake George region. Surrounding context includes attractions, campgrounds, hotels, and Lake George, supporting both tourist and local dining activity.
Key Highlights
- 2.74‑acre restaurant property
- Commercial zoning supports the existing restaurant use
- Located at State Route 149 and Route 9L
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
$33,781
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
2.82%
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%
$675,620
$675.6K
Cap Rate 7%
$482,586
$482.6K
Cap Rate 9%
$375,344
$375.3K
Market Conditions
NOI Build-Up for 2,612 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
$47.0K $18.00/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$45.0K $17.24/SF
− OpEx
−$11.3K −$4.31/SF
NOI
$33.8K $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%
$675,620
Cap Rate 7%
$482,586
Cap Rate 9%
$375,344
Alternative Uses
Best Use
Specialty Retail
$482.6K
$422.3K – $563.0K
NOI $33,781 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$781.8K
$684.1K – $912.1K
NOI $54,727 @ 7.0% cap · market cap 4.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
18k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 54%
Shops & Services 46%
Dunkin' Donuts
Dining
9,623 visits/mo
0.1 miles
Sunoco
Shops & Services
8,293 visits/mo
0.1 miles
Demographics for 12804, NY
27,790
Population
13,287
Households
2.1
Avg Household Size
47
Median Age
39%
College-Educated
94%
High-School Grad
54.7 sq mi
ZIP Area
508
Density / Sq Mi
$90,074
Median Household Income
$50,368
Median Earnings
$1,209
Median Rent
$284,400
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 restaurant property positioned at State Route 149 and Route 9L.
Where is this conventional restaurant located?
The property is located at 982 State Route 149 Queensbury, NY.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: 2.74‑acre restaurant property; Commercial zoning supports the existing restaurant use; Located at State Route 149 and Route 9L
