Building Details

Building Size 4,580 SF

Year Built 1950

Buildings 2

Stories 2

Listing Agency: Berkshire Hathaway Homeservices Zambito Realtors m***@zambitorealtors.com Show Phone

Listed By: Tammy L Fearby · License #10491211627 Show Phone

Source: Wcirealty

Added: Jan 21 Changed: Aug 23 Last Checked: Aug 22 at 8:58AM

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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 Berkshire Hathaway Homeservices Zambito Realtors

Investment Insights

Based on property information with market context.

This property presents a business opportunity with a drive-in theater that has been in operation since the 1950s. The sale includes three movie screens, each accommodating over 200 parking spaces. The property also features a restaurant, an ice cream stand, three movie projectors, and a ticket booth. All equipment owned by the sellers in the restaurant and ice cream stand is included in the sale. The property size is 4580 square feet.

Key Highlights

• Well‑established family business operating since the 1950s
• Includes 3 movie screens with over 600 total parking spaces
• Comes with a restaurant and ice cream stand

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

$50,379

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

5.93%

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%

$1,007,580 $1.0M

Cap Rate 7%

$719,700 $719.7K

Cap Rate 9%

$559,767 $559.8K

Market Conditions

NOI Build-Up for 4,580 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

$82.4K $18.00/SF

− Vacancy

−$10.5K −$2.29/SF

EGI

$72.0K $15.71/SF

− OpEx

−$21.6K −$4.71/SF

NOI

$50.4K $11.00/SF

Area

Niagara County, NY

Vacancy

12.70%

Lease Rate

$18.00 /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%

$1,007,580

Cap Rate 7%

$719,700

Cap Rate 9%

$559,767

Alternative Uses

Best Use

Retail

$719.7K

$629.7K – $839.7K (±1% cap)

NOI $50,379 @ 7.0% cap · market cap 5.93%

Second Best

Specialty Retail

$659.3K

$576.9K – $769.2K (±1% cap)

NOI $46,150 @ 7.0% cap · market cap 5.43%

Theoretical Best

Warehouse

$3.89M

$3.41M – $4.54M (±1% cap)

NOI $272,413 @ 7.0% cap · market cap 32.05%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Royalton Solar Solar Photovoltaic Power Plant

Suggested Use

Top Pick Law Firm Dental Office Hair Salon Auto Parts Store Spa & Massage Center Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

87

Businesses Nearby

5k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Crosby's Shops & Services

5,001 visits/mo 0.3 miles

Demographics for 14105, NY

4,388

Population

2,149

Households

2

Avg Household Size

44

Median Age

20%

College-Educated

90%

High-School Grad

51.6 sq mi

ZIP Area

85

Density / Sq Mi

$85,208

Median Household Income

$37,527

Median Earnings

$594

Median Rent

$154,900

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this theaters & concert halls located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Theater & concert hall - Well-established drive-in theater with restaurant and ice cream stand.

Where is this theater & concert hall located?

The property is located at 9950 Rochester Road Middleport, NY.

What is the asking price?

The asking price for this property is $849,900.

What are key features of this property?

This property features: Well‑established family business operating since the 1950s; Includes 3 movie screens with over 600 total parking spaces; Comes with a restaurant and ice cream stand