Ellicottville Pizzeria: Real Estate &
For Sale
$532,427
21 Monroe St, Ellicottville, NY 14731
Ellicottville pizzeria, real estate, and business for sale.
Property Size1,248 SF
Lot Size0.03 Acres
Days on Market267
Property Features for 21 Monroe St
General Information
Standard status
Active
Size
1,248 SF
Lot size
0.03 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,000
Building Details
Building Size
1,248 SF
Year Built
1900
Stories
1
Listing Agency:
ERA Team VP Real Estate
(716) 680-2173
Listed By:
Harry Weissman · License #40WE0853905
(716) 680-2173
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 9
Last Checked: Aug 20 at 10:38AM
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 ERA Team VP Real Estate
Investment Insights
Based on property information with market context.
The Monroe Street Brick & Brew property is available for purchase, including both the real estate and the existing business. This offering includes the complete Ellicottville's Premier Pizzaria, with all assets included. The pizzeria has been in operation for over 9 years and is located in the heart of the village.
Key Highlights
- Established and popular pizzeria business included in the sale.
- Prime real estate location in the heart of Ellicottville.
- Turnkey operation: business offered 'lock, stock, and barrel'.
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
$16,140
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
3.03%
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%
$322,800
$322.8K
Cap Rate 7%
$230,571
$230.6K
Cap Rate 9%
$179,333
$179.3K
Market Conditions
NOI Build-Up for 1,248 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
$22.5K $18.00/SF
− Vacancy
−$943 −$0.76/SF
EGI
$21.5K $17.24/SF
− OpEx
−$5.4K −$4.31/SF
NOI
$16.1K $12.93/SF
Area
Cattaraugus County, NY
Vacancy
4.20%
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%
$322,800
Cap Rate 7%
$230,571
Cap Rate 9%
$179,333
Alternative Uses
Best Use
Specialty Retail
$230.6K
$201.8K – $269.0K
NOI $16,140 @ 7.0% cap · market cap 3.03%
Second Best
Retail
$161.7K
$141.5K – $188.7K
NOI $11,322 @ 7.0% cap · market cap 2.13%
Theoretical Best
Healthcare Medical
$246.7K
$215.8K – $287.8K
NOI $17,266 @ 7.0% cap · market cap 3.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
50k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Groceries 36%
Hotels & Casinos 4%
Kwik Fill
Shops & Services
24,925 visits/mo
0.0 miles
Tops Friendly Markets
Groceries
18,127 visits/mo
0.1 miles
M&T Bank
Shops & Services
3,428 visits/mo
0.0 miles
Five Star Bank
Shops & Services
2,072 visits/mo
0.0 miles
Wingate by Wyndham Ellicottville
Hotels & Casinos
1,930 visits/mo
0.1 miles
Demographics for 14731, NY
1,269
Population
2,501
Households
0.5
Avg Household Size
54
Median Age
37%
College-Educated
94%
High-School Grad
45.5 sq mi
ZIP Area
28
Density / Sq Mi
$64,091
Median Household Income
$37,750
Median Earnings
$908
Median Rent
$255,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Ellicottville pizzeria, real estate, and business for sale.
Where is this conventional restaurant located?
The property is located at 21 Monroe St Ellicottville, NY.
What is the asking price?
The asking price for this property is $532,427.
What are key features of this property?
This property features: Established and popular pizzeria business included in the sale.; Prime real estate location in the heart of Ellicottville.; Turnkey operation: business offered 'lock, stock, and barrel'.
