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    11634 Route 16 Yorkshire, NY 14042

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    Pending
    $499,000

    Turnkey ice cream parlor and residential units on 3 acres.

    Lot size:
    3.00 Acres

    Property Features for 11634 Route 16

    General Information

    Property type
    Commercial
    Standard status
    Pending
    Lot size
    3.00 Acres

    Building Details

    Year built
    1950

    We can help!

    Listing Contact
    David L Zilker
    David L Zilker
    Source: Elliman

    Listing Agency: ERA Team VP Real Estate - Arcade Listing Agent: David L Zilker

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Income Property on Route 16

    Located on a busy section of New York State Route 16, this income-generating property includes an ice cream parlor and a second building with three units, situated on 3 acres. The ice cream parlor spans 480 square feet and features a drive-thru window, blacktop parking with space for over 20 vehicles, and is ready for immediate operation. The second building contains a 996-square-foot art studio with a half bath, currently rented. Additionally, there is a 1,064-square-foot two-bedroom apartment featuring a large kitchen, a combined living and dining area, and laundry facilities, all in excellent condition with laminate flooring. This apartment is heated by forced air. The third unit offers 660 square feet with two bedrooms, an open floor plan combining the kitchen and living area, laundry amenities, and a wall furnace. Two storage units, each measuring 90x80, have overhead doors and cement floors. The property benefits from a newer septic system and public water access. The second building is equipped with a rubberized roof. The first unit is heated by hot water with three zones.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Pharmacy Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Yorkshire
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.4793168
    Latitude
    42.5018803

    Nearby Similar for Sale

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      2,250 SF

      Yorkshire Plaza QSR Opportunity

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    FAQs

    What type of property is this?
    Apartment building - Turnkey ice cream parlor and residential units on 3 acres.
    Where is this apartment building located?
    The property is located at 11634 Route 16 Yorkshire, NY.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: - Turnkey ice cream parlor with drive-thru and ample parking (20+ spaces); - Three rental units in a separate building provide diverse income streams; - Two large storage units (90x80) with overhead doors and cement floors
    (716) 496-5661
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    11634 Route 16 Yorkshire, NY 14042
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    Yorkshire, NY 14042
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    11634 Route 16 Yorkshire, NY 14042
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    We can help!
    Listing Contact
    David L Zilker
    David L Zilker
    (716) 496-5661 (716) 474-5859
    Learn more
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