Listing Agency: Keller Williams Realty Gateway Show Phone

Listed By: Andrew J Torpey · License #10401342211 Show Phone

Source: Nicholcityrealty

Added: Sep 14 Last Checked: Sep 14 at 2:27PM

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Investment Insights

Based on property information with market context.

This operating restaurant and ice cream business includes the commercial real estate, an equipped food-service operation, kitchen equipment, fixtures, furnishings, signage, branding, menu concepts, and other operating assets. The property supports counter service, dine-in service, takeout, and online ordering, with a menu spanning burgers, hot dogs, chicken, fries, frozen custard, soft serve, hard ice cream, shakes, sundaes, and related treats. The site includes a commercial building on a 1/2-acre lot.

Located at 1658 Rochester Street in Lima, NY, the business has served the community for nearly 77 years. The offering combines an established restaurant concept with an ice cream operation and real estate, providing a functioning platform for continued operation under the existing concept or a different restaurant use. Financial, equipment, property, and showing information is available to qualified in-person buyers after execution of a nondisclosure agreement.

Key Highlights

• Commercial building on a 1/2‑acre lot
• Established restaurant and ice cream operation serving the community for nearly 77 years
• Sale includes restaurant and kitchen equipment, fixtures, furnishings, signage, and branding

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

$29,717

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

8.51%

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%

$594,340 $594.3K

Cap Rate 7%

$424,529 $424.5K

Cap Rate 9%

$330,189 $330.2K

Market Conditions

NOI Build-Up for 2,045 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

$44.2K $21.60/SF

− Vacancy

−$4.5K −$2.22/SF

EGI

$39.6K $19.38/SF

− OpEx

−$9.9K −$4.84/SF

NOI

$29.7K $14.53/SF

Area

Livingston County, NY

Vacancy

10.30%

Lease Rate

$21.60 /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%

$594,340

Cap Rate 7%

$424,529

Cap Rate 9%

$330,189

Alternative Uses

Best Use

Specialty Retail

$424.5K

$371.5K – $495.3K (±1% cap)

NOI $29,717 @ 7.0% cap · market cap 8.51%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$560.2K

$490.2K – $653.6K (±1% cap)

NOI $39,215 @ 7.0% cap · market cap 11.24%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Creamcredible Grocery & Convenience Store

Suggested Use

Top Pick Dental Office Law Firm Spa & Massage Center Building Supply Pharmacy Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

143

Businesses Nearby

4k

Monthly Visits Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Kwik Fill Shops & Services

2,981 visits/mo 0.5 miles

Dollar Tree Shops & Services

592 visits/mo 0.5 miles

Demographics for 14485, NY

4,111

Population

1,789

Households

2.3

Avg Household Size

44

Median Age

38%

College-Educated

93%

High-School Grad

33.7 sq mi

ZIP Area

122

Density / Sq Mi

$79,375

Median Household Income

$44,003

Median Earnings

$809

Median Rent

$198,700

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Operating food-service property with counter service, dining, takeout, online ordering, and an established ice cream operation.

Where is this conventional restaurant located?

The property is located at 1658 Rochester Street Lima, NY.

What is the asking price?

The asking price for this property is $349,000.

What are key features of this property?

This property features: Commercial building on a 1/2‑acre lot; Established restaurant and ice cream operation serving the community for nearly 77 years; Sale includes restaurant and kitchen equipment, fixtures, furnishings, signage, and branding