Equipped Restaurant with Apartment
For Sale
$375,000
1017 Highland Avenue, Greensburg, PA 15601
Turnkey restaurant with apartment in Greensburg, ideal for owner-operator.
Property Size2,259 SF
Days on Market120
Property Features for 1017 Highland Avenue
General Information
Standard status
Active
Size
2,259 SF
Total Parking Spaces
12
Property subtype
Mixed Use
Zoning
Residential, Restaurant use by Variance
Building Details
Building Size
2,259 SF
Year Built
1955
Listing Agency:
RE/MAX
Listed By:
Christa Ross · License #RS310271
(724) 779-1437
Source:
Remaxcommercial
Added: May 14
Changed: Sep 8
Last Checked: Sep 10 at 5:14AM
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 RE/MAX
Investment Insights
Based on property information with market context.
This property on Highland Avenue in Greensburg offers a fully equipped restaurant space on the first floor, ready for a coffee shop, bakery, pizza shop, or deli. The restaurant features a dining room, grab-and-go cooler, triple-deck pizza oven, mixer, stainless prep tables, a walk-in cooler, and a freezer. Additional features include a patio, covered entrance, exterior lighting, and a 12-car parking lot. Two ADA restrooms were added in 2012, and the property is well-maintained. The location is situated in a corridor with light manufacturing, distribution, specialty trades, and professional services, with an estimated 1,200 to 2,500 workers within a one-mile radius. Westmoreland Hospital is 0.6 miles away, and the County Courthouse is one mile away. The property has 130-ft frontage and a visible sign, with an estimated 2,500 to 4,000 daily passersby. Upstairs is a 2-bedroom apartment currently rented month-to-month for $1,205/month, providing flexibility for a new buyer to rent it out or live there. The property is permitted by variance for restaurant use, and all systems are operational.
Key Highlights
- Fully equipped restaurant space: dining room, grab‑and‑go cooler, pizza oven, mixer, prep tables, walk‑in cooler, and freezer included.
- High‑traffic location with 130‑ft frontage, visible sign, and 12‑car parking, exposed to 2,500‑4,000 daily passersby.
- Strategic location surrounded by light manufacturing, distribution, and professional services.
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
$28,514
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
7.60%
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%
$570,280
$570.3K
Cap Rate 7%
$407,343
$407.3K
Cap Rate 9%
$316,822
$316.8K
Market Conditions
NOI Build-Up for 2,259 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
$40.7K $18.00/SF
− Vacancy
−$2.6K −$1.17/SF
EGI
$38.0K $16.83/SF
− OpEx
−$9.5K −$4.21/SF
NOI
$28.5K $12.62/SF
Area
Westmoreland County, PA
Vacancy
6.50%
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%
$570,280
Cap Rate 7%
$407,343
Cap Rate 9%
$316,822
Alternative Uses
Best Use
Specialty Retail
$407.3K
$356.4K – $475.2K
NOI $28,514 @ 7.0% cap · market cap 7.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$575.4K
$503.5K – $671.3K
NOI $40,278 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
616
Businesses Nearby
46k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 95%
Home Improvements & Furnishings 2%
Shops & Services 2%
Hotels & Casinos 1%
McDonald's
Dining
24,538 visits/mo
0.5 miles
Burger King
Dining
17,631 visits/mo
0.4 miles
LL Flooring
Home Improvements & Furnishings
1,099 visits/mo
0.3 miles
Tandy Leather
Shops & Services
965 visits/mo
0.3 miles
China King
Dining
946 visits/mo
0.3 miles
Demographics for 15601, PA
57,141
Population
25,978
Households
2.2
Avg Household Size
47
Median Age
40%
College-Educated
96%
High-School Grad
80.6 sq mi
ZIP Area
709
Density / Sq Mi
$75,369
Median Household Income
$41,485
Median Earnings
$868
Median Rent
$209,400
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey restaurant with apartment in Greensburg, ideal for owner-operator.
Where is this conventional restaurant located?
The property is located at 1017 Highland Avenue Greensburg, PA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Fully equipped restaurant space: dining room, grab‑and‑go cooler, pizza oven, mixer, prep tables, walk‑in cooler, and freezer included.; High‑traffic location with 130‑ft frontage, visible sign, and 12‑car parking, exposed to 2,500‑4,000 daily passersby.; Strategic location surrounded by light manufacturing, distribution, and professional services.
