Covered-Patio
For Sale
$495,000
800 Wayne St, Olean, NY 14760
Established dining venue with indoor bar, outdoor cooking facilities, covered entertainment areas, and included equipment.
Property Size1,272 SF
Price / SF$389.15
Days on Market431
Property Features for 800 Wayne St
General Information
Standard status
Active
Size
1,272 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$3,972
Amenities
Gas
3
Asphalt
422
15 Parking Spaces.
Rectangular
100X128
Rectangular.
Building Details
Year Built
2004
Listing Agency:
RE/MAX On Point
(716) 244-7878
Listed By:
Karen Callahan
(716) 244-7878
Source:
Xome
Added: Jun 27, 2025
Changed: Aug 30
Last Checked: Aug 30 at 8:37PM
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 RE/MAX On Point
Investment Insights
Based on property information with market context.
This conventional restaurant at 800 Wayne St in Olean, NY includes an indoor bar, covered outdoor patio, and a covered deck designed for guest entertainment. The outdoor kitchen measures approximately 24 feet by 10 feet and features a clay oven, outdoor grill, and marble countertops. Gas lines serve patio heaters, while cooling zones support warmer-weather use. Interior and exterior décor are finished throughout, and the offering includes restaurant equipment and some inventory. Recipes may also be included if desired.
The property is positioned on one of the main streets in Olean and includes a parking area behind the restaurant with approximately 15 vehicle spaces. The parking surface has been topcoated. A doublewide shed provides additional storage and freezer space, and an additional lot across the street is included with the restaurant. Built in 2004, the property combines dining, bar, outdoor food preparation, and entertainment areas in one operating venue.
The property is positioned on one of the main streets in Olean and includes a parking area behind the restaurant with approximately 15 vehicle spaces. The parking surface has been topcoated. A doublewide shed provides additional storage and freezer space, and an additional lot across the street is included with the restaurant. Built in 2004, the property combines dining, bar, outdoor food preparation, and entertainment areas in one operating venue.
Key Highlights
- Approximately 24‑foot by 10‑foot outdoor kitchen with clay oven, grill, and marble countertops
- Covered patio and deck provide outdoor dining and entertainment areas
- Indoor bar and finished interior and exterior décor
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
$16,451
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
3.32%
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%
$329,020
$329.0K
Cap Rate 7%
$235,014
$235.0K
Cap Rate 9%
$182,789
$182.8K
Market Conditions
NOI Build-Up for 1,272 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
$22.9K $18.00/SF
− Vacancy
−$962 −$0.76/SF
EGI
$21.9K $17.24/SF
− OpEx
−$5.5K −$4.31/SF
NOI
$16.5K $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%
$329,020
Cap Rate 7%
$235,014
Cap Rate 9%
$182,789
Alternative Uses
Best Use
Specialty Retail
$235.0K
$205.6K – $274.2K
NOI $16,451 @ 7.0% cap · market cap 3.32%
Second Best
Industrial
$112.4K
$98.3K – $131.1K
NOI $7,867 @ 7.0% cap · market cap 1.59%
Theoretical Best
Healthcare Medical
$251.4K
$220.0K – $293.3K
NOI $17,598 @ 7.0% cap · market cap 3.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
939
Businesses Nearby
107k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 36%
Hotels & Casinos 2%
Country Fair
Shops & Services
22,471 visits/mo
0.4 miles
Tim Hortons
Dining
22,363 visits/mo
0.4 miles
Burger King
Dining
18,000 visits/mo
0.5 miles
Wendy's
Dining
15,997 visits/mo
0.5 miles
7-Eleven
Shops & Services
8,960 visits/mo
0.4 miles
Demographics for 14760, NY
18,031
Population
8,917
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
91%
High-School Grad
65.1 sq mi
ZIP Area
277
Density / Sq Mi
$52,569
Median Household Income
$35,754
Median Earnings
$777
Median Rent
$99,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established dining venue with indoor bar, outdoor cooking facilities, covered entertainment areas, and included equipment.
Where is this conventional restaurant located?
The property is located at 800 Wayne St Olean, NY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Approximately 24‑foot by 10‑foot outdoor kitchen with clay oven, grill, and marble countertops; Covered patio and deck provide outdoor dining and entertainment areas; Indoor bar and finished interior and exterior décor
