Waterfront Restaurant With Full
For Sale
$1,249,900
8254 1ST Street, Westfield, NY 14787
CommercialSale, Westfield, NY
Property Size4,938 SF
Price / SF$253.12
Days on Market240
Property Features for 8254 1ST Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C
Parking
50
Elementary school district
Westfield
Middle school district
Westfield
High school district
Westfield
Directions
Head East on W Lake Road, Left onto Main St followed by the first Right, When Pigs Fly BBQ Pit on the Left.
Subdivision
99 - Other
Standard status
Active
APN
00-0-000000
Size
4,938 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12845
Expense value
30000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
tiki bar
koi pond
Building Details
Year built
1970
Building materials
Frame
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Makenzie Agresti · License #AB069569
(814) 449-7815
Added: Jan 6
Changed: Aug 19
Last Checked: Sep 3 at 1:06AM
MLS# 189227
Copyright © 2026 Greater Erie Board of Realtors MLS. 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 4,938-square-foot restaurant property includes a frame building with a full bar, dining area, and commercial kitchen. Kitchen equipment includes deep fryers, stoves, ovens, a dishwashing station, and walk-in refrigeration with freezer capacity. Furniture, fixtures, and equipment are included in the sale. The building was constructed in 1970 and features forced-air heating, natural gas service, central air conditioning, public water, and a septic tank.
The property sits along Lake Erie at Barcelona Harbor and provides direct waterfront access. Exterior features include a tiki bar and koi pond, with space for guests arriving by boat to pull up along the waterfront. The property is located at 8254 1ST Street in Westfield, NY.
The property sits along Lake Erie at Barcelona Harbor and provides direct waterfront access. Exterior features include a tiki bar and koi pond, with space for guests arriving by boat to pull up along the waterfront. The property is located at 8254 1ST Street in Westfield, NY.
Key Highlights
- 4,938‑square‑foot restaurant building constructed in 1970
- Direct Lake Erie waterfront access at Barcelona Harbor
- Full bar, dining area, and commercial kitchen
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
$64,930
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
5.19%
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%
$1,298,600
$1.3M
Cap Rate 7%
$927,571
$927.6K
Cap Rate 9%
$721,444
$721.4K
Market Conditions
NOI Build-Up for 4,938 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
$88.9K $18.00/SF
− Vacancy
−$2.3K −$0.47/SF
EGI
$86.6K $17.53/SF
− OpEx
−$21.6K −$4.38/SF
NOI
$64.9K $13.15/SF
Area
Chautauqua County, NY
Vacancy
2.60%
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%
$1,298,600
Cap Rate 7%
$927,571
Cap Rate 9%
$721,444
Alternative Uses
Best Use
Specialty Retail
$927.6K
$811.6K – $1.08M
NOI $64,930 @ 7.0% cap · market cap 5.19%
Second Best
Industrial
$436.3K
$381.8K – $509.0K
NOI $30,540 @ 7.0% cap · market cap 2.44%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,461 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14787, NY
4,825
Population
2,669
Households
1.8
Avg Household Size
49
Median Age
29%
College-Educated
89%
High-School Grad
42.7 sq mi
ZIP Area
113
Density / Sq Mi
$47,656
Median Household Income
$46,684
Median Earnings
$685
Median Rent
$116,100
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 - Frame building with a commercial kitchen, outdoor tiki bar, and direct access to Lake Erie.
Where is this conventional restaurant located?
The property is located at 8254 1ST Street Westfield, NY.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: 4,938‑square‑foot restaurant building constructed in 1970; Direct Lake Erie waterfront access at Barcelona Harbor; Full bar, dining area, and commercial kitchen
