Passport Inn
For Sale
Contact for pricing
523 THIRD ST, Niagara Falls, NY 14301
Motel property serving Niagara Falls’ year-round tourism and hospitality market.
Property Size5,984 SF
Price / SF$208.89
Days on Market8
Property Features for 523 THIRD ST
General Information
Standard status
Active
Size
5,984 SF
Property subtype
Hospitality
Investment Type
Stabilized
Net Operating Income
$150,000
Building Details
Year Built
1966
Year Renovated
2022
Stories
2
Units
1
Listing Agency:
Keller Williams Realty West Monmouth
(732) 769-1110
Listed By:
Iftikhar Haq · License #0789304
Source:
Crexi
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 11:23PM
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 Keller Williams Realty West Monmouth
Investment Insights
Based on property information with market context.
Passport Inn is a motel property at 523 Third St in Niagara Falls, NY. The building contains 5,984 square feet and was constructed in 1966, offering an established hospitality asset within the area’s lodging market.
Niagara Falls tourism is supported by attractions including Niagara Falls State Park, Maid of the Mist, Cave of the Winds, and the Seneca Niagara Resort & Casino. International visitation, access to Canada, and Niagara Falls International Airport contribute to regional travel activity, while visitor spending also extends across dining, retail, recreation, entertainment, and transportation.
Niagara Falls tourism is supported by attractions including Niagara Falls State Park, Maid of the Mist, Cave of the Winds, and the Seneca Niagara Resort & Casino. International visitation, access to Canada, and Niagara Falls International Airport contribute to regional travel activity, while visitor spending also extends across dining, retail, recreation, entertainment, and transportation.
Key Highlights
- 5,984‑square‑foot motel property at 523 THIRD ST, NIAGARA FALLS, NY
- Constructed in 1966
- Located within the Niagara Falls tourism and hospitality market
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
$37,520
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
3.00%
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%
$750,400
$750.4K
Cap Rate 7%
$536,000
$536.0K
Cap Rate 9%
$416,889
$416.9K
Market Conditions
NOI Build-Up for 5,984 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
$89.8K $15.00/SF
− Vacancy
−$10.8K −$1.80/SF
EGI
$79.0K $13.20/SF
− OpEx
−$41.5K −$6.93/SF
NOI
$37.5K $6.27/SF
Area
Niagara County, NY
Vacancy
12.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$750,400
Cap Rate 7%
$536,000
Cap Rate 9%
$416,889
Alternative Uses
Best Use
Hotel Hospitality
$536.0K
$469.0K – $625.3K
NOI $37,520 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.08M
$4.45M – $5.93M
NOI $355,921 @ 7.0% cap · market cap 28.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,238
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14301, NY
12,618
Population
7,285
Households
1.7
Avg Household Size
38
Median Age
18%
College-Educated
85%
High-School Grad
2.1 sq mi
ZIP Area
6,009
Density / Sq Mi
$37,650
Median Household Income
$32,909
Median Earnings
$722
Median Rent
$79,200
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- DoubleTree by Hilton Hotel Niagara Falls New York — 401 Buffalo Ave, Niagara Falls, NY 14303
- The Red Coach Restaurant Inc. — 2 Buffalo Ave, Niagara Falls, NY 14303
- voco Niagara Falls - the Cadence, an IHG Hotel — 200 Rainbow Blvd, Niagara Falls, NY 14303
- Seneca Niagara Resort & Casino Employee Parking — 231 3rd St, Niagara Falls, NY 14303
- Cambria Hotel Niagara Falls — 311 Rainbow Blvd, Niagara Falls, NY 14303
Frequently Asked Questions
What type of property is this?
Motel - Motel property serving Niagara Falls’ year-round tourism and hospitality market.
Where is this motel located?
The property is located at 523 THIRD ST Niagara Falls, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 5,984‑square‑foot motel property at 523 THIRD ST, NIAGARA FALLS, NY; Constructed in 1966; Located within the Niagara Falls tourism and hospitality market
