Irish Cousins Restaurant with
For Sale
$545,000
3922 Main St, Erie, PA 16511
Includes a liquor license, rental apartments, additional parking parcels, and interior and exterior security cameras.
Property Size5,928 SF
Days on Market51
Property Features for 3922 Main St
General Information
Standard status
Active
Size
5,928 SF
Property subtype
Retail - Restaurant
Additional Details
Business Included
Yes
Liquor License
Yes
Building Details
Building Size
5,928 SF
Listing Agency:
Coldwell Banker Select, REALTORS
(814) 636-0436
Listed By:
Stephanie Montgomery · License #RS341122
Source:
Commercialcafe
Added: Jul 13
Changed: Aug 31
Last Checked: Aug 31 at 1:37PM
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 Coldwell Banker Select, REALTORS
Investment Insights
Based on property information with market context.
Irish Cousins is an operating restaurant business at 3922 Main St in Erie, Pennsylvania. The offering includes a liquor license, 16 security cameras positioned inside and outside, and additional residential space on the lower and upper levels. The apartments include two-bedroom and four-bedroom configurations, with current rental income noted in the property information but excluded here.
Three parcels are included: 29-010-047.0-017.00, 29-010-047.0-018.00, and 29-010-047.0-015.00. These parcels can be used for additional parking, adding flexibility to the property’s site configuration. The combination of a restaurant business, licensed alcohol service, apartment space, security equipment, and multiple parcels creates a mixed-use offering at a defined Erie address.
Three parcels are included: 29-010-047.0-017.00, 29-010-047.0-018.00, and 29-010-047.0-015.00. These parcels can be used for additional parking, adding flexibility to the property’s site configuration. The combination of a restaurant business, licensed alcohol service, apartment space, security equipment, and multiple parcels creates a mixed-use offering at a defined Erie address.
Key Highlights
- Operating Irish Cousins restaurant business at 3922 Main St, Erie, PA 16511
- Liquor license included
- Two additional rental apartments with 2‑bedroom and 4‑bedroom layouts
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
$36,433
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
6.68%
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%
$728,660
$728.7K
Cap Rate 7%
$520,471
$520.5K
Cap Rate 9%
$404,811
$404.8K
Market Conditions
NOI Build-Up for 5,928 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
$69.0K $11.64/SF
− Vacancy
−$2.8K −$0.47/SF
EGI
$66.2K $11.17/SF
− OpEx
−$29.8K −$5.03/SF
NOI
$36.4K $6.15/SF
Area
Erie County, PA
Vacancy
4.00%
Lease Rate
$11.64 /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%
$728,660
Cap Rate 7%
$520,471
Cap Rate 9%
$404,811
Alternative Uses
Best Use
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,311 @ 7.0% cap · market cap 15.29%
Second Best
Apartment 5plus
$520.5K
$455.4K – $607.2K
NOI $36,433 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $102,948 @ 7.0% cap · market cap 18.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 16511, PA
11,347
Population
4,861
Households
2.3
Avg Household Size
43
Median Age
32%
College-Educated
96%
High-School Grad
7.4 sq mi
ZIP Area
1,533
Density / Sq Mi
$71,644
Median Household Income
$41,998
Median Earnings
$871
Median Rent
$162,100
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?
Conventional restaurant - Includes a liquor license, rental apartments, additional parking parcels, and interior and exterior security cameras.
Where is this conventional restaurant located?
The property is located at 3922 Main St Erie, PA.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Operating Irish Cousins restaurant business at 3922 Main St, Erie, PA 16511; Liquor license included; Two additional rental apartments with 2‑bedroom and 4‑bedroom layouts
