Two-Story Restaurant with
For Sale
$1,800,000
3149 Main Street, Buffalo, NY 14214
University District restaurant with dual kitchens, multiple dining areas, and bar service.
Property Size9,667 SF
Price / SF$253.52
Days on Market275
Property Features for 3149 Main Street
General Information
Standard status
Active
Size
9,667 SF
Property subtype
COMMERCIAL
Additional Details
Patio
Yes
Taxes and HOA fees
Annual Taxes
$17,063
Building Details
Building Size
9,667 SF
Year Built
1954
Buildings
1
Stories
2
Listing Agency:
Gurney Becker & Bourne
Listed By:
Carmelo A Parlato · License #10401209029
(716) 335-2227
Source:
Highfallssir
Added: Jan 12
Changed: Oct 10
Last Checked: Oct 12 at 11:29PM
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 Gurney Becker & Bourne
Investment Insights
Based on property information with market context.
Located at 3149 Main Street, this established restaurant property occupies a two-story building with a full basement. The approximately 7,100-square-foot facility includes two indoor dining rooms, two patios, three bars, and two kitchens. Indoor capacity is 235 guests, with space for an additional 80 patrons across the patios. More than fifty parking spaces serve the property, which sits on over a half-acre in Buffalo’s University District, approximately a half mile from UB South Campus.
Known as The Steer, the restaurant has operated at this location for decades and is expected to continue operating until the sale closes, followed by closure. The property was built in 1954 and carries N-3C, Business zoning.
Known as The Steer, the restaurant has operated at this location for decades and is expected to continue operating until the sale closes, followed by closure. The property was built in 1954 and carries N-3C, Business zoning.
Key Highlights
- Approximately 7,100 square feet on over a half‑acre
- Indoor capacity of 235, plus 80 patio patrons
- Two‑story building with a full basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,409
Cap Rate
4.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,628,180
$1.6M
Cap Rate 7%
$1,162,986
$1.2M
Cap Rate 9%
$904,544
$904.5K
Market Conditions
NOI Build-Up for 7,100 SF
Gross rent
$119.3K $16.80/SF
− Vacancy
−$10.7K −$1.51/SF
EGI
$108.5K $15.29/SF
− OpEx
−$27.1K −$3.82/SF
NOI
$81.4K $11.47/SF
Area
Buffalo, NY
Vacancy
9.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,628,180
Cap Rate 7%
$1,162,986
Cap Rate 9%
$904,544
Alternative Uses
Best Use
Specialty Retail
$1.16M
$1.02M – $1.36M
NOI $81,409 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,519 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
1,009
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14214, NY
20,732
Population
9,280
Households
2.2
Avg Household Size
32
Median Age
46%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
6,282
Density / Sq Mi
$56,573
Median Household Income
$29,928
Median Earnings
$1,072
Median Rent
$234,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Buffalo, NY
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - University District restaurant with dual kitchens, multiple dining areas, and bar service.
Where is this conventional restaurant located?
The property is located at 3149 Main Street Buffalo, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Approximately 7,100 square feet on over a half‑acre; Indoor capacity of 235, plus 80 patio patrons; Two‑story building with a full basement
