Restaurant with
New
For Sale
$995,000
1010 Peninsula Drive, Erie, PA 16505
A renovated bar-and-restaurant layout includes indoor dining, a commercial kitchen, outdoor seating, and a dual-window drive-through.
Property Size3,152 SF
Price / SF$315.67
Days on Market4
Property Features for 1010 Peninsula Drive
General Information
Standard status
Active
Size
3,152 SF
Taxes and HOA fees
Annual Taxes
$11,334
Listing Agency:
SBRE - Sherry Bauer Real Estate Services
(814) 453-2000
Listed By:
Sherry Bauer · License #RM422666
(814) 460-2000
Source:
Exprealty
Added: Sep 29
Changed: Sep 30
Last Checked: Oct 1 at 12:47PM
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 SBRE - Sherry Bauer Real Estate Services
Investment Insights
Based on property information with market context.
This 3,152± SF second-generation restaurant property has indoor seating for approximately 52 diners and bar seating for approximately 12. The commercial kitchen includes an ancillary hood and walk-in cooler, while two ADA restrooms serve the interior. A drive-through with two windows and a concrete patio with outdoor seating for 36+ extend the dining setup. The building was renovated around 2005 and is connected to public utilities. The paved lot accommodates approximately 52 vehicles, and the property occupies a 0.56± acre double corner parcel at W. 11th St and Haas Ave.
The site has approximately 220’ of frontage along Peninsula Drive and recorded average daily traffic of 6,200 (PennDOT AADT, 2025 count year). Presque Isle State Park, Waldameer & Water World Amusement Park, and Tom Ridge Environmental Center are 1 mile away, with an estimated 4-minute drive. Zoning is MU-2 – Corridor Mixed Use.
The site has approximately 220’ of frontage along Peninsula Drive and recorded average daily traffic of 6,200 (PennDOT AADT, 2025 count year). Presque Isle State Park, Waldameer & Water World Amusement Park, and Tom Ridge Environmental Center are 1 mile away, with an estimated 4-minute drive. Zoning is MU-2 – Corridor Mixed Use.
Key Highlights
- 3,152± SF restaurant property on a 0.56± acre double corner parcel
- Indoor dining for approximately 52, plus bar seating for approximately 12
- Drive‑through has 2 windows; concrete patio provides outdoor seating for 36+
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
$44,298
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
4.45%
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%
$885,960
$886.0K
Cap Rate 7%
$632,829
$632.8K
Cap Rate 9%
$492,200
$492.2K
Market Conditions
NOI Build-Up for 3,152 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
$61.7K $19.56/SF
− Vacancy
−$2.6K −$0.82/SF
EGI
$59.1K $18.74/SF
− OpEx
−$14.8K −$4.68/SF
NOI
$44.3K $14.05/SF
Area
Erie County, PA
Vacancy
4.20%
Lease Rate
$19.56 /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%
$885,960
Cap Rate 7%
$632,829
Cap Rate 9%
$492,200
Alternative Uses
Best Use
Specialty Retail
$632.8K
$553.7K – $738.3K
NOI $44,298 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$782.0K
$684.2K – $912.3K
NOI $54,739 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
816
Businesses Nearby
134k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 31%
Groceries 17%
Hotels & Casinos 1%
Aldi
Groceries
22,986 visits/mo
0.4 miles
Sheetz
Shops & Services
21,935 visits/mo
0.3 miles
McDonald's
Dining
20,701 visits/mo
0.2 miles
Country Fair
Shops & Services
19,147 visits/mo
0.2 miles
Applebee's
Dining
15,352 visits/mo
0.1 miles
Demographics for 16505, PA
16,437
Population
8,407
Households
2
Avg Household Size
49
Median Age
45%
College-Educated
96%
High-School Grad
11.7 sq mi
ZIP Area
1,405
Density / Sq Mi
$71,370
Median Household Income
$45,793
Median Earnings
$871
Median Rent
$196,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Similar Off Market Nearby
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- Tater Tater Food Truck — 2501 W 12th St #111, Erie, PA 16505
Frequently Asked Questions
What type of property is this?
Restaurant - A renovated bar-and-restaurant layout includes indoor dining, a commercial kitchen, outdoor seating, and a dual-window drive-through.
Where is this restaurant located?
The property is located at 1010 Peninsula Drive Erie, PA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 3,152± SF restaurant property on a 0.56± acre double corner parcel; Indoor dining for approximately 52, plus bar seating for approximately 12; Drive‑through has 2 windows; concrete patio provides outdoor seating for 36+
