Restaurant with
For Sale
$399,900
6990 W Lake Road, Fairview, PA 16415
Equipped commercial kitchen, indoor and outdoor dining areas, off-street parking, and a separate residential entrance support multiple uses.
Property Size2,935 SF
Days on Market43
Property Features for 6990 W Lake Road
General Information
Standard status
Active
Size
2,935 SF
Property subtype
Retail - Restaurant
Building Details
Building Size
2,935 SF
Year Built
1935
Listing Agency:
SBRE - Sherry Bauer Real Estate
(814) 453-2000
Listed By:
Sherry Bauer · License #RM422666
Source:
Commercialcafe
Added: Jul 20
Changed: Aug 30
Last Checked: Aug 30 at 4:34PM
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 SBRE - Sherry Bauer Real Estate
Investment Insights
Based on property information with market context.
This restaurant property includes a fully equipped commercial kitchen, indoor dining for approximately 40 guests, and a renovated outdoor area with seating for approximately 46 plus benches. The dining room features hardwood floors, rustic finishes, French doors, a four-seat bar, and two ADA restrooms. A second-floor apartment with two bedrooms, one bathroom, and a separate entrance is included, along with loft storage, basement laundry and storage, and an exterior shed.
The property occupies a 0.48± acre corner lot at 6990 W. Lake Road, at W. Eaton Road in Fairview, Pennsylvania. More than 35 parking spaces are arranged across the front, side, and rear lots. Recent improvements include a new roof, updated electrical service, security system, mini split unit, 25-foot walk-in cooler/freezer, smoker, mop sink, privacy fence, and an ADA-accessible deck. The property is zoned R-2 and includes business equipment and furnishings.
The property occupies a 0.48± acre corner lot at 6990 W. Lake Road, at W. Eaton Road in Fairview, Pennsylvania. More than 35 parking spaces are arranged across the front, side, and rear lots. Recent improvements include a new roof, updated electrical service, security system, mini split unit, 25-foot walk-in cooler/freezer, smoker, mop sink, privacy fence, and an ADA-accessible deck. The property is zoned R-2 and includes business equipment and furnishings.
Key Highlights
- 0.48± acre corner lot at W. Lake Road and W. Eaton Road
- Restaurant dining area seats ±40 indoors and ±46 outdoors
- Two‑bedroom, one‑bath apartment with separate entrance
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
$18,152
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
4.54%
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%
$363,040
$363.0K
Cap Rate 7%
$259,314
$259.3K
Cap Rate 9%
$201,689
$201.7K
Market Conditions
NOI Build-Up for 2,935 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
$27.8K $9.48/SF
− Vacancy
−$1.9K −$0.64/SF
EGI
$25.9K $8.84/SF
− OpEx
−$7.8K −$2.65/SF
NOI
$18.2K $6.18/SF
Area
Erie County, PA
Vacancy
6.80%
Lease Rate
$9.48 /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%
$363,040
Cap Rate 7%
$259,314
Cap Rate 9%
$201,689
Alternative Uses
Best Use
Specialty Retail
$589.3K
$515.6K – $687.5K
NOI $41,248 @ 7.0% cap · market cap 10.31%
Second Best
Industrial
$259.3K
$226.9K – $302.5K
NOI $18,152 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$728.1K
$637.1K – $849.5K
NOI $50,970 @ 7.0% cap · market cap 12.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 16415, PA
9,898
Population
3,958
Households
2.5
Avg Household Size
44
Median Age
46%
College-Educated
98%
High-School Grad
23.3 sq mi
ZIP Area
425
Density / Sq Mi
$105,604
Median Household Income
$51,650
Median Earnings
$1,229
Median Rent
$286,300
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?
Conventional restaurant - Equipped commercial kitchen, indoor and outdoor dining areas, off-street parking, and a separate residential entrance support multiple uses.
Where is this conventional restaurant located?
The property is located at 6990 W Lake Road Fairview, PA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 0.48± acre corner lot at W. Lake Road and W. Eaton Road; Restaurant dining area seats ±40 indoors and ±46 outdoors; Two‑bedroom, one‑bath apartment with separate entrance
