Restaurant with Large
New
For Sale
$599,000
453 Center Street, Lewiston, NY 14092
Renovated dining property with flexible seating, a commercial kitchen, basement storage, and room for outdoor seating.
Property Size3,298 SF
Price / SF$181.63
Days on Market4
Property Features for 453 Center Street
General Information
Standard status
Active
Size
3,298 SF
Listing Agency:
HUNT Commercial Real Estate Corp. of Buffalo New York
(716) 854-5943
Listed By:
Christina Pecoraro
(716) 531-6880
Source:
Nicholcityrealty
Added: Sep 18
Last Checked: Sep 21 at 6:25AM
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 HUNT Commercial Real Estate Corp. of Buffalo New York
Investment Insights
Based on property information with market context.
This 3298-square-foot restaurant at 453 Center Street features an open dining layout with multiple seating areas, a substantial bar, high ceilings, vinyl flooring, two fireplaces, and LED lighting. Garage doors connect portions of the interior to the outdoors, while the dining room accommodates about 85 people. The property has been renovated inside and out and includes space for outdoor seating.
A functional kitchen includes some newer equipment, and the basement provides additional storage along with a large walk-in cooler and a smaller walk-in cooler. A rear entrance connects to a parking lot that supports additional parking and loading or unloading. The property is positioned among shops, restaurants, and businesses in Lewiston.
A functional kitchen includes some newer equipment, and the basement provides additional storage along with a large walk-in cooler and a smaller walk-in cooler. A rear entrance connects to a parking lot that supports additional parking and loading or unloading. The property is positioned among shops, restaurants, and businesses in Lewiston.
Key Highlights
- 3298 SF restaurant with seating for about 85 people
- Recently renovated interior and exterior
- Large bar, two fireplaces, LED lighting, and garage doors opening outdoors
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
$33,232
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
5.55%
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%
$664,640
$664.6K
Cap Rate 7%
$474,743
$474.7K
Cap Rate 9%
$369,244
$369.2K
Market Conditions
NOI Build-Up for 3,298 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
$47.5K $14.40/SF
− Vacancy
−$3.2K −$0.96/SF
EGI
$44.3K $13.44/SF
− OpEx
−$11.1K −$3.36/SF
NOI
$33.2K $10.08/SF
Area
Niagara County, NY
Vacancy
6.70%
Lease Rate
$14.40 /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%
$664,640
Cap Rate 7%
$474,743
Cap Rate 9%
$369,244
Alternative Uses
Best Use
Specialty Retail
$474.7K
$415.4K – $553.9K
NOI $33,232 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.80M
$2.45M – $3.27M
NOI $196,161 @ 7.0% cap · market cap 32.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
553
Businesses Nearby
29k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Tops Gas
Shops & Services
7,198 visits/mo
0.4 miles
Dollar General
Shops & Services
5,824 visits/mo
0.3 miles
Family Dollar
Shops & Services
5,478 visits/mo
0.4 miles
KeyBank
Shops & Services
4,692 visits/mo
0.1 miles
Crosby's
Shops & Services
3,365 visits/mo
0.4 miles
Demographics for 14092, NY
11,030
Population
5,241
Households
2.1
Avg Household Size
51
Median Age
40%
College-Educated
95%
High-School Grad
21.2 sq mi
ZIP Area
520
Density / Sq Mi
$67,835
Median Household Income
$48,315
Median Earnings
$979
Median Rent
$246,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Renovated dining property with flexible seating, a commercial kitchen, basement storage, and room for outdoor seating.
Where is this conventional restaurant located?
The property is located at 453 Center Street Lewiston, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 3298 SF restaurant with seating for about 85 people; Recently renovated interior and exterior; Large bar, two fireplaces, LED lighting, and garage doors opening outdoors
