Waterfront Conventional
For Sale
$1,249,900
8254 1st Street, Westfield, NY 14787
Lakefront dining property with bar, commercial kitchen, and boat-accessible shoreline.
Property Size4,938 SF
Days on Market226
Property Features for 8254 1st Street
General Information
Standard status
Active
Size
4,938 SF
Total Parking Spaces
50
Property subtype
Commercial
Zoning
C, Commercial
Additional Details
Furnished
Yes
Business Included
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$12,464
Building Details
Building Size
4,938 SF
Year Built
1970
Buildings
1
Stories
1
Units
1
Listing Agency:
Agresti Real Estate
(814) 449-7815
Listed By:
Makenzie Agresti · License #AB069569
(814) 449-7815
Source:
Homeprocny
Added: Jan 6
Changed: Aug 20
Last Checked: Aug 20 at 3:33AM
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 Agresti Real Estate
Investment Insights
Based on property information with market context.
This conventional restaurant property combines a dining area, full bar, and a fully equipped commercial kitchen within a waterfront building. Kitchen equipment includes deep fryers, stoves, ovens, a dishwashing station, and walk-in refrigerator and freezer units. Furniture, fixtures, and equipment are included in the sale. Exterior amenities include a tiki bar and koi pond, while the shoreline allows guests to bring boats directly to the property.
Located at 8254 1st Street in Westfield, the property sits in Barcelona Harbor along Lake Erie. The site offers direct waterfront access and views across the lake. Built in 1970, the property is zoned C, Commercial.
Located at 8254 1st Street in Westfield, the property sits in Barcelona Harbor along Lake Erie. The site offers direct waterfront access and views across the lake. Built in 1970, the property is zoned C, Commercial.
Key Highlights
- Direct waterfront access on Lake Erie in Barcelona Harbor
- Restaurant includes a full bar and dining area
- Fully equipped commercial kitchen with deep fryers, stoves, ovens, dishwashing station, and walk‑in refrigerator and freezer
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
$64,930
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
5.19%
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%
$1,298,600
$1.3M
Cap Rate 7%
$927,571
$927.6K
Cap Rate 9%
$721,444
$721.4K
Market Conditions
NOI Build-Up for 4,938 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
$88.9K $18.00/SF
− Vacancy
−$2.3K −$0.47/SF
EGI
$86.6K $17.53/SF
− OpEx
−$21.6K −$4.38/SF
NOI
$64.9K $13.15/SF
Area
Chautauqua County, NY
Vacancy
2.60%
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%
$1,298,600
Cap Rate 7%
$927,571
Cap Rate 9%
$721,444
Alternative Uses
Best Use
Specialty Retail
$927.6K
$811.6K – $1.08M
NOI $64,930 @ 7.0% cap · market cap 5.19%
Second Best
Industrial
$436.3K
$381.8K – $509.0K
NOI $30,540 @ 7.0% cap · market cap 2.44%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,461 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14787, NY
4,825
Population
2,669
Households
1.8
Avg Household Size
49
Median Age
29%
College-Educated
89%
High-School Grad
42.7 sq mi
ZIP Area
113
Density / Sq Mi
$47,656
Median Household Income
$46,684
Median Earnings
$685
Median Rent
$116,100
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 - Lakefront dining property with bar, commercial kitchen, and boat-accessible shoreline.
Where is this conventional restaurant located?
The property is located at 8254 1st Street Westfield, NY.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: Direct waterfront access on Lake Erie in Barcelona Harbor; Restaurant includes a full bar and dining area; Fully equipped commercial kitchen with deep fryers, stoves, ovens, dishwashing station, and walk‑in refrigerator and freezer
