Freestanding Restaurant with
For Sale
$379,000
3150 W 32ND Street, Erie, PA 16506
Existing restaurant facility with indoor and outdoor dining, take-out space, and a paved customer parking area.
Property Size1,728 SF
Lot Size0.60 Acres
Price / SF$219.33
Days on Market276
Property Features for 3150 W 32ND Street
General Information
Standard status
Active
Size
1,728 SF
Total Parking Spaces
20
Lot size
0.60 Acres
Property subtype
General Commercial
Zoning
MU-1
Restaurant
Patio
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$3,105
Amenities
Central Air, Gas
3
20 Parking Spaces.
187x150x140x0
Building Details
Year Built
1970
Buildings
1
Listing Agency:
(814) 453-2000
Listed By:
Sherry Bauer Real Estate Services
(814) 460-2000
Source:
Xome
Added: Nov 30, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:46PM
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 Sherry Bauer Real Estate Services
Investment Insights
Based on property information with market context.
This freestanding restaurant contains 1,728± SF on a 0.6±-acre corner parcel in Millcreek Township. The interior includes dining space for approximately 40 guests, a dedicated take-out and waiting area, two ADA restrooms, and a fully equipped commercial kitchen. Outdoor seating accommodates approximately 12 guests, while paved parking provides approximately 20 spaces. The building was constructed in 1970.
The property sits at a signalized intersection along a major corridor and is served by a bus route. Its location is minutes from Presque Isle State Park. MU-1 (Neighborhood Mixed Use) zoning applies to the site. Existing signage and the corner setting provide established exposure for restaurant operations.
The property sits at a signalized intersection along a major corridor and is served by a bus route. Its location is minutes from Presque Isle State Park. MU-1 (Neighborhood Mixed Use) zoning applies to the site. Existing signage and the corner setting provide established exposure for restaurant operations.
Key Highlights
- 1,728± SF freestanding restaurant on a 0.6±-acre corner lot
- Fully equipped commercial kitchen; equipment list available
- Indoor dining for ±40 guests and outdoor seating for ±12
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
$24,285
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
6.41%
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%
$485,700
$485.7K
Cap Rate 7%
$346,929
$346.9K
Cap Rate 9%
$269,833
$269.8K
Market Conditions
NOI Build-Up for 1,728 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
$33.8K $19.56/SF
− Vacancy
−$1.4K −$0.82/SF
EGI
$32.4K $18.74/SF
− OpEx
−$8.1K −$4.68/SF
NOI
$24.3K $14.05/SF
Area
Erie County, PA
Vacancy
4.20%
Lease Rate
$19.56 /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%
$485,700
Cap Rate 7%
$346,929
Cap Rate 9%
$269,833
Alternative Uses
Best Use
Specialty Retail
$346.9K
$303.6K – $404.8K
NOI $24,285 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$428.7K
$375.1K – $500.2K
NOI $30,009 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
509
Businesses Nearby
28k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 49%
Dining 41%
Beauty & Spa 5%
Apparel 5%
Dunkin' Donuts
Dining
6,121 visits/mo
0.4 miles
AutoZone
Shops & Services
4,618 visits/mo
0.4 miles
Country Fair
Shops & Services
4,605 visits/mo
0.4 miles
Kwik Fill
Shops & Services
3,530 visits/mo
0.5 miles
Little Caesars Pizza
Dining
2,820 visits/mo
0.4 miles
Demographics for 16506, PA
23,918
Population
10,309
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
96%
High-School Grad
13.6 sq mi
ZIP Area
1,759
Density / Sq Mi
$84,021
Median Household Income
$47,823
Median Earnings
$1,176
Median Rent
$224,200
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 - Existing restaurant facility with indoor and outdoor dining, take-out space, and a paved customer parking area.
Where is this conventional restaurant located?
The property is located at 3150 W 32ND Street Erie, PA.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: 1,728± SF freestanding restaurant on a 0.6±-acre corner lot; Fully equipped commercial kitchen; equipment list available; Indoor dining for ±40 guests and outdoor seating for ±12
