Italian Restaurant with
For Sale
$600,000
283 CHESTNUT Street, Meadville, PA 16335
BusinessOpportunity, Meadville, PA
Property Size7,313 SF
Lot Size0.11 Acres
Price / SF$82.05
Days on Market880
Property Features for 283 CHESTNUT Street
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Mineral Rights
Elementary school district
Crawford Central
Middle school district
Crawford Central
High school district
Crawford Central
Directions
From CCCH: Around the Diamond and head west on Chestnut St, Property will be on the right.
Subdivision
19 - Meadville City
Standard status
Active
APN
3300-014-K-12
Size
7,313 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
6571
Expense value
10000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Listing Agency:
ERA - Richmond Real Estate Ser · ERA Real Estate
(814) 337-6000
Listed By:
Leslie Berger · License #AB065866
(814) 282-0295
Added: Apr 5, 2024
Changed: Aug 19
Last Checked: Sep 1 at 3:06PM
MLS# 175505
Copyright © 2026 Greater Erie Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This established Italian restaurant operation has been in place since 2010 and is offered with its equipment, furnishings, and associated real estate. The property consists of two attached buildings and includes a private owner’s apartment, a second apartment, a garage, and unfinished second-floor area suitable for additional living space, an art studio, or storage. A full basement is located in the front brick building, and the electrical wiring has been updated.
The property is zoned MU-3 and has public water and public sewer service. Heating is provided by natural gas and forced air, with central air conditioning. A public parking lot is adjacent to the building. The restaurant operates without a liquor license under a BYOB model, and the owner/chef is willing to provide training for a fee.
The property is zoned MU-3 and has public water and public sewer service. Heating is provided by natural gas and forced air, with central air conditioning. A public parking lot is adjacent to the building. The restaurant operates without a liquor license under a BYOB model, and the owner/chef is willing to provide training for a fee.
Key Highlights
- Established Italian restaurant operation in place since 2010
- Sale includes restaurant equipment, furnishings, and real estate
- Private owner’s apartment, second apartment, and garage included
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
$49,363
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
8.23%
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%
$987,260
$987.3K
Cap Rate 7%
$705,186
$705.2K
Cap Rate 9%
$548,478
$548.5K
Market Conditions
NOI Build-Up for 7,313 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
$87.8K $12.00/SF
− Vacancy
−$8.8K −$1.20/SF
EGI
$79.0K $10.80/SF
− OpEx
−$29.6K −$4.05/SF
NOI
$49.4K $6.75/SF
Area
Crawford County, PA
Vacancy
10.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$987,260
Cap Rate 7%
$705,186
Cap Rate 9%
$548,478
Alternative Uses
Best Use
Specialty Retail
$1.63M
$1.43M – $1.90M
NOI $114,019 @ 7.0% cap · market cap 19.00%
Second Best
Mixed Use
$705.2K
$617.0K – $822.7K
NOI $49,363 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$1.81M
$1.59M – $2.12M
NOI $127,000 @ 7.0% cap · market cap 21.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,521
Businesses Nearby
221k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 30%
Superstores 13%
Groceries 11%
Big Lots
Superstores
29,288 visits/mo
0.2 miles
McDonald's
Dining
25,190 visits/mo
0.2 miles
Tops Friendly Markets
Groceries
22,767 visits/mo
0.3 miles
Country Fair
Shops & Services
19,683 visits/mo
0.3 miles
Dollar Tree
Shops & Services
17,427 visits/mo
0.4 miles
Demographics for 16335, PA
27,452
Population
12,547
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
94%
High-School Grad
114.5 sq mi
ZIP Area
240
Density / Sq Mi
$58,531
Median Household Income
$32,692
Median Earnings
$892
Median Rent
$149,500
Median Home Value
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 - Established restaurant property with equipment, furnishings, residential units, garage, and additional second-floor space.
Where is this conventional restaurant located?
The property is located at 283 CHESTNUT Street Meadville, PA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Established Italian restaurant operation in place since 2010; Sale includes restaurant equipment, furnishings, and real estate; Private owner’s apartment, second apartment, and garage included
