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    Bowling Alley and Pizzeria Title is generated by Realmo AI

    201 Brown Street Extension, Penn Yan, NY 14527

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    For Sale
    $998,000

    COMMERCIAL - Penn Yan, NY

    Property size:
    18,082 SF
    Lot size:
    3.00 Acres
    Price / SF:
    $55/SF
    Added:
    May 20, 2026
    Days on Market:
    3
    Last Refresh:
    May 22 at 12:06 am

    Property Features for 201 Brown Street Extension

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    comercial
    Parking
    98
    Security features
    Security
    Interior features
    BedroomOnMainLevel
    Standard status
    Active
    APN
    573001-061-035-0001-007-001-0000
    Size
    18,082 SF
    Lot size
    3.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    12936

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1967
    Floors in Building
    1
    Flooring type
    Concrete, Carpet
    Building materials
    Block, Frame, Masonry
    Roof type
    Metal, Membrane, Rubber

    We can help!

    Listing Contact
    Dale A Lane
    Dale A Lane

    Listing agent Dale A Lane License #10331200134

    Listing office Keuka Lake & Land Realty 201 Elm Street, Penn yan, NY

    Listing date May 20, 2026

    MLS# R1683363

    Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 16‑lane bowling alley with new synthetic lanes and scoring machines.
    • Pizzeria with new kitchen, seating, and takeout service.
    • Fully stocked bar and lounge area.
    • Large arcade with redemption center.
    • New roof system and other building upgrades.
    • Party room and banquet room for events.

    Overview

    This commercial property features a 16-lane bowling alley, pizzeria with a diverse menu, a fully stocked bar, a party room, a pro shop, and a large arcade with a redemption center. The building has undergone numerous upgrades, including a new truss roof system with new roofing, a new kitchen, new seating, an improved bar and lounge area, new scoring machines and monitors, new synthetic lanes, new flooring, and new bathrooms. Existing storage space has been converted into a large arcade with a redemption center and a new banquet room. The pizzeria offers both dine-in and takeout options. The property is known for its fall and winter leagues, school league participation, open bowling, and parties for all occasions, especially children's birthday parties. The property is located in Penn Yan, NY, and has a lot size of 3 acres. The building size is 18,082 square feet. This commercial property is zoned for commercial use and presents multiple income streams, suitable for an investor or a family-run business.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bowling alleys

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Penn Yan
    County
    Yates
    State
    New York
    Longitude
    -77.054088
    Latitude
    42.650667

    Nearby Similar for Sale

    • $1,690,000
      1,744 SF

      Seneca Lake Destination Property

      Iconic 13-acre property with lake views and event venue.
      511 Hansen Point Road, Penn Yan, NY 14527
      View Details
    • $1,690,000
      1,744 SF

      Seneca Lake Destination Property

      Iconic 13-acre commercial property with lake views and event venue.
      511 Hansen Point Road, Penn Yan, NY 14527
      View Details

    FAQs

    What type of property is this?
    Bowling alley - Turnkey bowling alley, pizzeria, bar, arcade, and party venue.
    Where is this bowling alley located?
    The property is located at 201 Brown Street Extension Penn Yan, NY.
    What is the asking price?
    The asking price for this property is $998,000.
    What are key features of this property?
    This property features: 16‑lane bowling alley with **new synthetic lanes and scoring machines.**; Pizzeria with **new kitchen, seating, and takeout service.**; Fully stocked bar and lounge area.
    (315) 536-7446
    We can help!
    Listing Contact
    Dale A Lane
    Dale A Lane
    Real Estate License ID: 10331200134
    Learn More
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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.

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