Southport Pizzeria
For Sale
$139,900
600 Pennsylvania Ave, Elmira, NY 14904
Turnkey restaurant opportunity in a proven location.
Property Size1,320 SF
Lot Size0.29 Acres
Days on Market267
Property Features for 600 Pennsylvania Ave
General Information
Standard status
Active
Size
1,320 SF
Lot size
0.29 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,780
Building Details
Building Size
1,320 SF
Stories
1
Listing Agency:
Russell Real Estate Solutions
(607) 846-0456
Listed By:
Abby M. Russell · License #10491212049
(607) 846-0456
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 16
Last Checked: Aug 21 at 12:41PM
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 Russell Real Estate Solutions
Investment Insights
Based on property information with market context.
This property presents an opportunity to acquire a long-established local pizzeria known for its pizza and Italian takeout. Situated on a corner lot, the property benefits from ample parking. The sale includes all existing kitchen equipment, offering a turnkey setup. The property is being sold as is, with utilities currently off and the building winterized. This location offers a start-up opportunity in a well-known location, suitable for relaunching under the existing name or introducing a new concept.
Key Highlights
- Well‑established pizzeria in Southport with a long‑standing reputation.
- Turnkey operation with all existing kitchen equipment included.
- Prominent corner lot location with ample parking.
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
$10,201
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
7.29%
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%
$204,020
$204.0K
Cap Rate 7%
$145,729
$145.7K
Cap Rate 9%
$113,344
$113.3K
Market Conditions
NOI Build-Up for 1,320 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
$15.8K $12.00/SF
− Vacancy
−$1.3K −$0.96/SF
EGI
$14.6K $11.04/SF
− OpEx
−$4.4K −$3.31/SF
NOI
$10.2K $7.73/SF
Area
Chemung County, NY
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$204,020
Cap Rate 7%
$145,729
Cap Rate 9%
$113,344
Alternative Uses
Best Use
Specialty Retail
$194.7K
$170.4K – $227.2K
NOI $13,629 @ 7.0% cap · market cap 9.74%
Second Best
Retail
$145.7K
$127.5K – $170.0K
NOI $10,201 @ 7.0% cap · market cap 7.29%
Theoretical Best
Multifamily LT 5
$12.02M
$10.51M – $14.02M
NOI $841,121 @ 7.0% cap · market cap 601.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
21k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Byrne Dairy
Shops & Services
12,619 visits/mo
0.1 miles
Dollar General
Shops & Services
8,537 visits/mo
0.3 miles
Demographics for 14904, NY
15,102
Population
7,629
Households
2
Avg Household Size
39
Median Age
17%
College-Educated
88%
High-School Grad
6.4 sq mi
ZIP Area
2,360
Density / Sq Mi
$54,563
Median Household Income
$35,128
Median Earnings
$1,005
Median Rent
$87,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Restaurant - Turnkey restaurant opportunity in a proven location.
Where is this restaurant located?
The property is located at 600 Pennsylvania Ave Elmira, NY.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: Well‑established pizzeria in Southport with a long‑standing reputation.; Turnkey operation with all existing kitchen equipment included.; Prominent corner lot location with ample parking.
