Mixed-Use Restaurant
New
For Sale
$425,000
951 Ridge Road, Lackawanna, NY 14218
Established restaurant operation with an upstairs apartment, owned equipment, patio seating, and on-site parking.
Property Size2,888 SF
Lot Size1.09 Acres
Price / SF$147.16
Days on Market7
Property Features for 951 Ridge Road
General Information
Standard status
Active
Size
2,888 SF
Net Rentable
1,000 SF
Total Parking Spaces
30
Lot size
1.09 Acres
Property subtype
Mixed Use
Financials
Average Monthly Rent
$1,150
Business Included
Yes
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Restaurant
Commercial Hood
Yes
Patio
Yes
Equipment Included
Yes
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,565
Building Details
Building Size
2,888 SF
Year Built
1945
Buildings
1
Listing Agency:
Giambra Realty Corp
(716) 239-6432
Listed By:
Nicholas Giambra · License #10311210668
(716) 239-6432
Source:
Highfallssir
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 29 at 2:30PM
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 Giambra Realty Corp
Investment Insights
Based on property information with market context.
The property combines a fully equipped restaurant with an upper-level residential unit. The 2,888-square-foot building sits on 1.09 acres and includes a 70-seat dining room, a 20-seat patio, and a second-floor one-bedroom, one-bath apartment of approximately 1,000 square feet. The apartment features hardwood floors and skylights. Restaurant equipment includes four beer taps, three fryers, a gas-powered charcoal indoor spit, two hood/Ansul systems, an ice machine, and a walk-in cooler. The real estate, equipment, and inventory are offered together, and the restaurant operates under the Steve's Ox & Pig Roast name.
Property improvements include a roof replacement approximately 12 years ago, three heating units, three cooling units, 220-amp electric service, and copper water lines. Parking accommodates 30 cars. The site is near Rt. 5, Rt. 219, I-90, Our Lady of Victory Basilica, and the Buffalo & Erie County Botanical Gardens. The business has a documented revenue history, customer ratings ranging from 4.5-4.6/5, and a clean health inspection history.
Property improvements include a roof replacement approximately 12 years ago, three heating units, three cooling units, 220-amp electric service, and copper water lines. Parking accommodates 30 cars. The site is near Rt. 5, Rt. 219, I-90, Our Lady of Victory Basilica, and the Buffalo & Erie County Botanical Gardens. The business has a documented revenue history, customer ratings ranging from 4.5-4.6/5, and a clean health inspection history.
Key Highlights
- 2,888 SF building on 1.09 acres
- 70‑seat restaurant plus 20‑seat patio
- Second‑floor 1BR/1BA apartment of approximately 1,000 SF
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
$33,114
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
7.79%
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%
$662,280
$662.3K
Cap Rate 7%
$473,057
$473.1K
Cap Rate 9%
$367,933
$367.9K
Market Conditions
NOI Build-Up for 2,888 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
$48.5K $16.80/SF
− Vacancy
−$4.4K −$1.51/SF
EGI
$44.2K $15.29/SF
− OpEx
−$11.0K −$3.82/SF
NOI
$33.1K $11.47/SF
Area
Buffalo, NY
Vacancy
9.00%
Lease Rate
$16.80 /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%
$662,280
Cap Rate 7%
$473,057
Cap Rate 9%
$367,933
Alternative Uses
Best Use
Specialty Retail
$473.1K
$413.9K – $551.9K
NOI $33,114 @ 7.0% cap · market cap 7.79%
Second Best
Mixed Use
$445.6K
$389.9K – $519.8K
NOI $31,190 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$694.5K
$607.7K – $810.3K
NOI $48,615 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Yes
Highway access
Yes
Utilities to site
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
482
Businesses Nearby
Explore this area
Business Placement
Demographics for 14218, NY
20,878
Population
9,478
Households
2.2
Avg Household Size
38
Median Age
21%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
2,578
Density / Sq Mi
$50,484
Median Household Income
$36,457
Median Earnings
$829
Median Rent
$135,000
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?
Mixed-use property - Established restaurant operation with an upstairs apartment, owned equipment, patio seating, and on-site parking.
Where is this mixed-use property located?
The property is located at 951 Ridge Road Lackawanna, NY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,888 SF building on 1.09 acres; 70‑seat restaurant plus 20‑seat patio; Second‑floor 1BR/1BA apartment of approximately 1,000 SF
