Restaurant Property with Outdoor
For Sale
$1,199,000
982 State Route 149, Queensbury, NY 12804
Commercial Sale, Queensbury, NY
Property Size2,612 SF
Lot Size2.74 Acres
Price / SF$459.04
Days on Market404
Property Features for 982 State Route 149
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 4, Bathroom 1, Bathroom 2
Parking
25
Security features
Security Lighting
Patio and Porch features
Deck
Interior features
High Speed Internet, Wet Bar, Wall Paneling, Built-in Features, Ceramic Tile Bath
Exterior features
Lighting, Outdoor Bar
Basement
Full
Accessibility
Accessible Approach with Ramp
Lot features
Road Frontage, Level, Corner Lot, Landscaped
Elementary school
Lake George
High school
Lake George
Elementary school district
Lake George
Middle school district
Lake George
High school district
Lake George
Directions
State Route 149 to corner of Ridge Road (9N)
Standard status
Active
APN
523400 279-1-9
Size
2,612 SF
Lot size
2.74 Acres
Taxes and HOA fees
Tax Annual Amount
4786
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Wood Stove, Propane (Heating), Wood
Cooling system
Ductless, Central Air
Water source
Well
Building Details
Year built
1986
Floors in Building
1
Flooring type
Laminate, Concrete, Tile - Ceramic
Building materials
Wood Siding
Roof type
Metal
Architectural style
Other
Listing Agency:
Davies Davies & Associates Real Estate LLC
(518) 656-9068
Listed By:
Daniel L Davies · License #49DA1061690
(518) 796-9068
Added: Jul 16, 2025
Changed: Aug 21
Last Checked: Aug 23 at 7:06AM
MLS# 202521825
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.
This restaurant property spans 2,612 square feet on 2.74 acres and was built in 1986. The interior includes a wet bar, built-in features, wall paneling, ceramic tile bathrooms, laminate flooring, concrete, and ceramic tile. Forced-air and ductless cooling systems are complemented by a wood stove and propane heating. A deck and outdoor bar extend the usable areas, while an accessible approach with ramp supports entry. Metal roofing and wood siding complete the exterior construction.
The property is positioned at the intersection of State Route 149 and Route 9L in Queensbury, near Lake George. On-site infrastructure includes well water and a septic tank. Commercial zoning and the site's scale provide a broad physical platform for continued restaurant use or future property planning, subject to applicable approvals.
The property is positioned at the intersection of State Route 149 and Route 9L in Queensbury, near Lake George. On-site infrastructure includes well water and a septic tank. Commercial zoning and the site's scale provide a broad physical platform for continued restaurant use or future property planning, subject to applicable approvals.
Key Highlights
- 2.74‑acre restaurant property with 2,612 square feet
- Located at State Route 149 and Route 9L
- Commercial zoning in Queensbury, NY
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?
Restaurant - Commercially zoned restaurant with deck seating, accessible ramp entry, and a flexible interior layout.
Where is this 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 with 2,612 square feet; Located at State Route 149 and Route 9L; Commercial zoning in Queensbury, NY
