Building Details

Year Built 2025

Listing Agency: Real Estate Pros & More k**@realpros.biz Show Phone

Listed By: Kenneth M. Bailey · License #10371200907 Show Phone

Source: Elliman

Added: Jun 1 Changed: Jul 10 Last Checked: Aug 6 at 8:07AM

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Investment Insights

Based on property information with market context.

Recently constructed restaurant offers approximately 1,200 square feet of turnkey operation, currently operating as Fatties Creamery & Grill. The interior includes a dining area and a customer restroom, along with ice cream display coolers featuring more than 30 flavors. The commercial kitchen is fully equipped with a griddle, grill, and ovens, and a newly installed soft serve ice cream machine is included in the sale.

The property is located directly on busy Route 219 in Limestone, NY, a corridor connecting New York and Pennsylvania. The site provides visibility and easy access for motorists, with the PA border only minutes away.

This setup is well-suited for an operator seeking a modern, ready-to-run restaurant concept with both indoor dining and outdoor seating, including covered patio areas designed to expand guest capacity during warmer months. For a buyer looking to continue the existing brand or bring a new concept to a functional, fully equipped footprint, the combination of established service components and seating flexibility supports year-round operation.

Key Highlights

• Newly built 1,200 SF commercial restaurant operating as Fatties Creamery & Grill (Year Built: 2025)
• Located directly on busy Route 219, a highly traveled NY–PA corridor, just minutes from the PA border
• Fully equipped commercial kitchen with griddle, grill, and ovens, plus soft‑serve ice cream machine included

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

$15,520

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

4.78%

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%

$310,400 $310.4K

Cap Rate 7%

$221,714 $221.7K

Cap Rate 9%

$172,444 $172.4K

Market Conditions

NOI Build-Up for 1,200 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

$21.6K $18.00/SF

− Vacancy

−$907 −$0.76/SF

EGI

$20.7K $17.24/SF

− OpEx

−$5.2K −$4.31/SF

NOI

$15.5K $12.93/SF

Area

Cattaraugus County, NY

Vacancy

4.20%

Lease Rate

$18.00 /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%

$310,400

Cap Rate 7%

$221,714

Cap Rate 9%

$172,444

Alternative Uses

Best Use

Specialty Retail

$221.7K

$194.0K – $258.7K (±1% cap)

NOI $15,520 @ 7.0% cap · market cap 4.78%

Second Best

—

—

no second resolved use

Theoretical Best

Healthcare Medical

$237.2K

$207.5K – $276.7K (±1% cap)

NOI $16,602 @ 7.0% cap · market cap 5.11%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Conventional restaurants

Suggested Use

Top Pick Auto Repair Shop Auto Parts Store Storage Facility (Bike/Boat/Book/etc) Store Gym & Fitness Center

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

Lease Details

Turnkey business

Opportunity

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

37

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 14753, NY

1,067

Population

497

Households

2.1

Avg Household Size

48

Median Age

14%

College-Educated

92%

High-School Grad

35.8 sq mi

ZIP Area

30

Density / Sq Mi

$44,167

Median Household Income

$34,948

Median Earnings

$692

Median Rent

$75,900

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Recently built restaurant with commercial kitchen, indoor/outdoor seating, and soft-serve equipment included for immediate operation.

Where is this conventional restaurant located?

The property is located at 587 Main St Limestone, NY.

What is the asking price?

The asking price for this property is $324,900.

What are key features of this property?

This property features: Newly built 1,200 SF commercial restaurant operating as Fatties Creamery & Grill (Year Built: 2025); Located directly on busy Route 219, a highly traveled NY–PA corridor, just minutes from the PA border; Fully equipped commercial kitchen with griddle, grill, and ovens, plus soft‑serve ice cream machine included