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$186.20
Days on Market13
Property Features for 3149 Main Street
General Information
Standard status
Active
Size
9,667 SF
Property subtype
CommercialSale
Additional Details
Patio
Yes
Building Details
Buildings
1
Stories
2
Listing Agency:
Gurney Becker & Bourne
(716) 335-2227
Listed By:
Carmelo A Parlato · License #10401209029
(716) 335-2227
Source:
Nicholcityrealty
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 25 at 9:53AM
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 = 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
$110,842
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
6.16%
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%
$2,216,840
$2.2M
Cap Rate 7%
$1,583,457
$1.6M
Cap Rate 9%
$1,231,578
$1.2M
Market Conditions
NOI Build-Up for 9,667 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
$162.4K $16.80/SF
− Vacancy
−$14.6K −$1.51/SF
EGI
$147.8K $15.29/SF
− OpEx
−$36.9K −$3.82/SF
NOI
$110.8K $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 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%
$2,216,840
Cap Rate 7%
$1,583,457
Cap Rate 9%
$1,231,578
Alternative Uses
Best Use
Specialty Retail
$1.58M
$1.39M – $1.85M
NOI $110,842 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,730 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Buffalo, NY
Questions? Ask Rey
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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
