Building Details

Year Built 1966

Year Renovated 2022

Stories 2

Units 1

Listing Agency: Keller Williams Realty West Monmouth

Listed By: Iftikhar Haq · License #0789304 Show Phone

Source: Crexi

Added: Aug 24 Changed: Oct 4 Last Checked: Oct 5 at 4:41PM

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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.

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 / Yr

$37,520

Cap Rate

3.00%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

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 (±1% cap)

NOI $355,921 @ 7.0% cap · market cap 28.47%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Passport Inn- By ... Hotel & Motel

Suggested Use

Top Pick Hair Salon Plumbing Service Skin Care Clinic Daycare Center Locksmith (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

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What type of property is this? Where is this motels located? What is the asking price? Find similar properties What are key features of this property?

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Similar Off Market Nearby

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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