Mixed-Use Restaurant
For Sale
$334,900
Pending
3648 S Park Ave, Hamburg, NY 14219
Ground-floor dining space includes equipment and a walk-in, with apartments above.
Property Size3,780 SF
Days on Market48
Property Features for 3648 S Park Ave
General Information
Standard status
Pending
Size
3,780 SF
Total Parking Spaces
17
Property subtype
Commercial
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Floor
Ground
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$8,617
Building Details
Building Size
3,780 SF
Year Built
1920
Stories
2
Listing Agency:
Pioneer Star Real Estate Inc.
(716) 348-8953
Listed By:
Sugath S Liyanage · License #10311200587
(716) 348-8953
Source:
Elliman
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 30 at 10:39PM
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 Pioneer Star Real Estate Inc.
Investment Insights
Based on property information with market context.
Built in 1920, this mixed-use property combines a restaurant on the first level with two residential units upstairs. The restaurant includes equipment and a walk-in, while each apartment provides a two-bedroom layout. Electrical, plumbing, and HVAC systems have been upgraded.
Located at 3648 S Park Ave in Hamburg, NY, the property includes 17 dedicated parking spaces serving the commercial and residential components. WalkScore is 52, BikeScore is 46, and TransitScore is 27, reflecting the site's walkability, bike access, and available transit connections.
Located at 3648 S Park Ave in Hamburg, NY, the property includes 17 dedicated parking spaces serving the commercial and residential components. WalkScore is 52, BikeScore is 46, and TransitScore is 27, reflecting the site's walkability, bike access, and available transit connections.
Key Highlights
- Two 2‑bedroom apartments above the restaurant space
- Ground‑floor restaurant includes equipment and a walk‑in
- Electrical, plumbing, and HVAC systems recently upgraded
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
$21,825
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
6.52%
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%
$436,500
$436.5K
Cap Rate 7%
$311,786
$311.8K
Cap Rate 9%
$242,500
$242.5K
Market Conditions
NOI Build-Up for 3,780 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
$61.2K $16.20/SF
− Vacancy
−$21.6K −$5.70/SF
EGI
$39.7K $10.50/SF
− OpEx
−$17.9K −$4.72/SF
NOI
$21.8K $5.77/SF
Area
Erie County, NY
Vacancy
35.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$436,500
Cap Rate 7%
$311,786
Cap Rate 9%
$242,500
Alternative Uses
Best Use
Specialty Retail
$650.3K
$569.0K – $758.7K
NOI $45,519 @ 7.0% cap · market cap 13.59%
Second Best
Mixed Use
$507.3K
$443.9K – $591.8K
NOI $35,508 @ 7.0% cap · market cap 10.60%
Theoretical Best
Office A
$826.3K
$723.0K – $964.1K
NOI $57,843 @ 7.0% cap · market cap 17.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
341
Businesses Nearby
Explore this area
Business Placement
Demographics for 14219, NY
11,593
Population
5,612
Households
2.1
Avg Household Size
42
Median Age
21%
College-Educated
94%
High-School Grad
6.9 sq mi
ZIP Area
1,680
Density / Sq Mi
$75,465
Median Household Income
$45,957
Median Earnings
$928
Median Rent
$181,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor dining space includes equipment and a walk-in, with apartments above.
Where is this mixed-use property located?
The property is located at 3648 S Park Ave Hamburg, NY.
What is the asking price?
The asking price for this property is $334,900.
What are key features of this property?
This property features: Two 2‑bedroom apartments above the restaurant space; Ground‑floor restaurant includes equipment and a walk‑in; Electrical, plumbing, and HVAC systems recently upgraded
