Albany, New York, offers a unique opportunity for investors to tap into the city's diverse economy and rich history. With 13 restaurants for sale, Albany presents a prime location for those looking to invest in the food industry. Restaurants in Albany can represent a wide range of investments, from casual eateries to fine dining establishments, catering to the city's diverse population of around 100,826 residents. The city's strategic location, with easy access to major transportation hubs like Albany International Airport, the Capital District Transportation Authority (CDTA) bus service, and the Port of Albany-Rensselaer, makes it an attractive spot for businesses. Additionally, Albany is home to several institutions of higher education, including the University at Albany (SUNY Albany) and Albany Medical College, which contribute to the city's cultural and economic landscape. The city's amenities, such as Washington Park, Lincoln Park, and the Corning Preserve, also make it an appealing location for residents and visitors alike.
Restaurants in Albany are just one aspect of the city's diverse commercial and cultural landscape. The city is also home to 13 apartment buildings, 13 shopping centers, 13 specialty properties, and 13 hotels, offering a range of investment opportunities. Albany's economy is driven by major industries like finance, technology, and state government, with companies like American Express, J.P. Morgan and Chase, and General Electric having a significant presence in the city. The city's cultural scene is also thriving, with events like the Albany Chefs' Food & Wine Festival and the Lark Fest, as well as institutions like the Albany Institute of History and Art and the New York State Museum. With its unique blend of history, culture, and economic opportunities, Albany is an attractive location for investors and businesses alike.
What is the average cost per square foot for a restaurant in Albany?
The average cost per square foot for a restaurant in Albany is $234 USD per square feet, with an average size of 7,842 square feet and a largest size of 18,615 square feet, making it an attractive option for entrepreneurs and investors looking to establish a presence in the city's growing food scene.
What factors determine the value of a restaurant for sale in Albany?
When evaluating the value of a restaurant for sale in Albany, several key factors come into play, including:
- Location, with proximity to major transportation hubs like Albany International Airport, the Albany-Rensselaer Amtrak station, and the Capital District Transportation Authority (CDTA) bus service, as well as access to local amenities like Washington Park and the Corning Preserve, impacting foot traffic and customer accessibility.
- Size and layout, with the average restaurant size in Albany being 7,842 square feet, and the largest available space being 18,615 square feet, affecting seating capacity, kitchen efficiency, and overall operational functionality.
- Financial performance, including the average cap rate of 7.33%, and the average price per square foot of $234 USD, influencing the restaurant's profitability, cash flow, and overall value.
