Two-Storefront Retail Restaurant
For Sale
$865,000
33 Elm Street, East Aurora, NY 14052
Well-maintained property with two renovated storefronts, each featuring dining areas and commercial kitchen space.
Property Size7,653 SF
Days on Market74
Property Features for 33 Elm Street
General Information
Standard status
Active
Size
7,653 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
NC, Commercial
Taxes and HOA fees
Annual Taxes
$13,159
Building Details
Building Size
7,653 SF
Year Built
1920
Buildings
1
Stories
2
Units
2
Listing Agency:
Gurney Becker & Bourne
(716) 208-5340
Listed By:
Gary Greco Jr · License #10401251303
(716) 208-5340
Source:
Northstarwny
Added: Jun 11
Changed: Aug 23
Last Checked: Aug 22 at 11:24AM
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.
33 Elm Street is a well maintained commercial property offering two premier retail storefronts. The left storefront, The Grove, features a welcoming front counter and workstation, a dining area with soaring ceilings, a full kitchen, and second floor office and storage space, plus an outdoor patio area. The right storefront, Babcia’s Pierogi, includes a quick service ordering counter, a dining area with storefront views, and a fully functional commercial kitchen with an oversized hood system, along with exterior walk-in cooler and freezer storage.
The property has benefited from significant capital improvements, including updated exterior paint and plumbing, electrical, and mechanical systems, and includes approximately six dedicated parking spaces for tenant and customer use.
Both storefronts are currently occupied by established tenants under long-term, market-rate leases.
The property has benefited from significant capital improvements, including updated exterior paint and plumbing, electrical, and mechanical systems, and includes approximately six dedicated parking spaces for tenant and customer use.
Both storefronts are currently occupied by established tenants under long-term, market-rate leases.
Key Highlights
- Two renovated retail storefronts totaling approx. 4,600 SF: 2,800 SF for The Grove and 1,800 SF for Babcia’s Pierogi
- The Grove (approx. 2,800 SF) features a front counter and workstation, dining area with soaring ceilings, full kitchen, plus 2nd‑floor office and storage
- Babcia’s Pierogi (approx. 1,800 SF) includes a quick service ordering counter, dining area with storefront views, and a fully functional commercial kitchen
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
$68,811
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
7.96%
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%
$1,376,220
$1.4M
Cap Rate 7%
$983,014
$983.0K
Cap Rate 9%
$764,567
$764.6K
Market Conditions
NOI Build-Up for 7,653 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
$110.2K $14.40/SF
− Vacancy
−$11.9K −$1.56/SF
EGI
$98.3K $12.84/SF
− OpEx
−$29.5K −$3.85/SF
NOI
$68.8K $8.99/SF
Area
Erie County, NY
Vacancy
10.80%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,376,220
Cap Rate 7%
$983,014
Cap Rate 9%
$764,567
Alternative Uses
Best Use
Specialty Retail
$1.32M
$1.15M – $1.54M
NOI $92,157 @ 7.0% cap · market cap 10.65%
Second Best
Retail
$983.0K
$860.1K – $1.15M
NOI $68,811 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,109 @ 7.0% cap · market cap 13.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14052, NY
17,679
Population
7,603
Households
2.3
Avg Household Size
47
Median Age
47%
College-Educated
96%
High-School Grad
61.2 sq mi
ZIP Area
289
Density / Sq Mi
$103,474
Median Household Income
$57,093
Median Earnings
$992
Median Rent
$312,000
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?
Storefront property - Well-maintained property with two renovated storefronts, each featuring dining areas and commercial kitchen space.
Where is this storefront property located?
The property is located at 33 Elm Street East Aurora, NY.
What is the asking price?
The asking price for this property is $865,000.
What are key features of this property?
This property features: Two renovated retail storefronts totaling approx. 4,600 SF: 2,800 SF for The Grove and 1,800 SF for Babcia’s Pierogi; The Grove (approx. 2,800 SF) features a front counter and workstation, dining area with soaring ceilings, full kitchen, plus 2nd‑floor office and storage; Babcia’s Pierogi (approx. 1,800 SF) includes a quick service ordering counter, dining area with storefront views, and a fully functional commercial kitchen
