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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3333 Lockport Olcott Rd Newfane, NY 14108

    • Turn key restaurants
    • 11,402 SF
    • 10.20 lot acres
    For Sale
    View listing
    $699,000
    Last Sale
    May 05, 2023
    $390,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3785590
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Gordie Harper Bazaar / Restaurant / Gift Shop
    • Hearts for the Homeless / Donations Center / Charity
    • Chestnut Ridge Premium Flags / Flag Store / American Restaurant

    Property Details for 3333 Lockport Olcott Rd

    Year built
    1980
    Lot size
    10.20 lot acres
    Property size
    11,402 SF
    Property type
    Turn key restaurants
    APN
    292800 53.00-1-35.212
    APU
    2928005300135212

    Description

    This exceptional turnkey restaurant opportunity in Newfane, NY, presents a unique blend of established business and significant development potential. Located on over 10 acres of land at 3333 Lockport-Olcott Road, this 1-story, 1980-built property boasts a spacious layout including two banquet rooms accommodating approximately 175 guests, two large kitchen areas, walk-in refrigeration, ample storage, a bakery, and a large office. Currently operating for lunch and dinner service, the restaurant includes over 40 retail units generating over $80,000 in annual rental income. An additional 4,000 square feet of unfinished space offers expansion opportunities for more retail or entertainment venues. The property also features an indoor/outdoor bar with multiple large-screen TVs and two outdoor patios. A large parking lot provides over 100 spaces. The expansive 10.2-acre lot includes fruit trees and offers further development possibilities. The seller may consider selling the land separately. The property benefits from a newer roof and updated mechanical systems. This C1-zoned property is priced at $699,000 and presents a compelling investment opportunity for a savvy entrepreneur. The existing inventory, equipment, and established name and recipes are included in the sale. Contact us today to schedule a viewing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Newfane
    County
    Niagara
    State
    New York
    Longitude
    -78.6921
    Latitude
    43.2535
    CBSA code
    15380
    CBSA name
    BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $23,900
    $192,600
    $216,500
    -
    $45,956
    $370,344
    $416,300

    Comparable in this City

    • Value Estimation by Request
      6,000 SF

      2990 Lockport Olcott Rd

      RESTAURANT • 6,000 SF
      2990 Lockport Olcott Rd, Newfane, NY 14108-9602
      View Details
    • Value Estimation by Request
      2,833 SF

      2885 Main St

      RESTAURANT • 2,833 SF
      2885 Main St, Newfane, NY 14108-1232
      View Details
    • Value Estimation by Request
      5,248 SF

      2598 Main St

      BAR, TAVERN • 5,248 SF
      2598 Main St, Newfane, NY 14108-1021
      View Details
    • Value Estimation by Request
      3,569 SF

      2560 Main St

      BAR, TAVERN • 3,569 SF
      2560 Main St, Newfane, NY 14108-1019
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    • Value Estimation by Request
      3,056 SF

      2875 Main St

      BAR, TAVERN • 3,056 SF
      2875 Main St, Newfane, NY 14108-1232
      View Details
    • Value Estimation by Request
      0.25 Acres

      2737 Main St

      PARKING LOT • 0.25 Acres
      2737 Main St, Newfane, NY 14108-1205
      View Details

    Similar Nearby for Sale

    • $699,000
      10.20 Acres

      Prime Restaurant & Land Opportunity

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      3333 Lockport Olcott Rd, Newfane, NY 14108
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    • $599,000
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      Established Restaurant and Retail Opportunity

      Profitable restaurant, retail units, and land for sale.
      3333 Lockport Olcott Rd, Newfane, NY 14108
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    Similar Nearby for Lease

    • $12 SF/Yr
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      Versatile Commercial Space Available

      Restaurant, retail, or event space opportunity.
      3333 Lockport-Olcott Rd, Newfane, NY 14108
      View Details
    • $5 SF/Yr

      Newfane Warehouse and Office Space

      Warehouse and office space available for lease in Newfane, NY.
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    Newfane, NY 14108
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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