Building Details

Building Size 1,312 SF

Year Built 2025

Buildings 1

Stories 1

Abandoned No

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

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

Source: Homeprocny

Added: Jun 1 Changed: Aug 21 Last Checked: Aug 21 at 5:49AM

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Investment Insights

Based on property information with market context.

This 1,200-square-foot restaurant property was built in 2025 and is currently operating as Fatties Creamery & Grill. The layout includes customer dining space, a restroom, ice cream display coolers with more than 30 flavors, and a commercial kitchen equipped with a griddle, grill, and ovens. A soft-serve ice cream machine installed in 2025 is included with the sale.

Indoor seating is complemented by outdoor seating and covered patio areas. The property is positioned along Route 219 at 587 Main Street in Limestone, New York, minutes from the Pennsylvania border. Route 219 connects New York and Pennsylvania and serves local traffic, commuters, and travelers. The property is zoned 420-Dining, Commercial and is offered as a fully equipped restaurant operation.

Key Highlights

• 1,200‑square‑foot restaurant building constructed in 2025
• Currently operating as Fatties Creamery & Grill
• Commercial kitchen with griddle, grill, and ovens

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

5.01%

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 5.01%

Second Best

Industrial

$106.0K

$92.8K – $123.7K (±1% cap)

NOI $7,422 @ 7.0% cap · market cap 2.39%

Theoretical Best

Healthcare Medical

$237.2K

$207.5K – $276.7K (±1% cap)

NOI $16,602 @ 7.0% cap · market cap 5.36%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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

Paved road 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 dining facility includes a commercial kitchen and indoor and covered outdoor seating.

Where is this conventional restaurant located?

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

What is the asking price?

The asking price for this property is $309,900.

What are key features of this property?

This property features: 1,200‑square‑foot restaurant building constructed in 2025; Currently operating as Fatties Creamery & Grill; Commercial kitchen with griddle, grill, and ovens