Renovated Freestanding
For Sale
$1,290,000
34 Old State Route 22, Wingdale, NY 12594
Commercial Sale, Wingdale, NY
Property Size3,236 SF
Lot Size1.70 Acres
Price / SF$398.64
Days on Market294
Property Features for 34 Old State Route 22
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RU
Rooms
Basement
Parking
50
Parking features
Parking Lot
Security features
Security System
Basement
Storage Space, Partial
Appliances
Stainless Steel Appliance(s)
Lot features
Back Yard, Cleared, Landscaped, Level, Near Public Transit
Directions
Route 22 to Old Route 22. Pass Route 55 and you will see the restaurant on the right. Sign on the property.
Standard status
Active
APN
132600-7160-00-226426-0000
Lot size
1.70 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5880
Utilities
Utilities
Propane
Sewer type
Septic Tank
Heating system
Forced Air, Propane (Heating)
Cooling system
Central Air
Water source
Well
Water front features
River Front
Water front
1
Building Details
Year built
1937
Floors in Building
1
Number of units
1
Flooring type
Vinyl
Building materials
Frame
Listing Agency:
McGrath Realty Inc
(845) 855-5550
Listed By:
Brian McGrath · License #REB.0791807
(845) 721-0940
Added: Nov 13, 2025
Changed: Aug 20
Last Checked: Sep 3 at 1:06PM
MLS# 933993
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated, freestanding restaurant occupies a 3,236-square-foot single-level building on 1.7 acres. The interior includes a main dining room, second dining area, private dining room, bar, three public restrooms, staff bathroom, pantry, and mechanical rooms, with seating for 100 guests. A covered patio extends the dining area outdoors, while the kitchen provides commercial ventilation and wall plumbing for sinks. The building also includes a full basement with dry storage, water filtration, and multi-zoned HVAC systems.
The property is located at 34 Old State Route 22 in Wingdale, near Route 22 and Route 55. The Wingdale Metro-North station is less than a mile away. Multiple parking lots serve patrons and staff. Additional property features include RU zoning, river frontage, a well, septic system, propane service, central air, forced-air heating, and a frame construction dating to 1937.
The property is located at 34 Old State Route 22 in Wingdale, near Route 22 and Route 55. The Wingdale Metro-North station is less than a mile away. Multiple parking lots serve patrons and staff. Additional property features include RU zoning, river frontage, a well, septic system, propane service, central air, forced-air heating, and a frame construction dating to 1937.
Key Highlights
- 3,236‑square‑foot renovated restaurant on 1.7 acres
- Seating for 100 guests across multiple dining rooms, plus bar and covered patio
- Commercial kitchen has ventilation system and wall plumbing for sinks
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
$58,592
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
4.54%
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%
$1,171,840
$1.2M
Cap Rate 7%
$837,029
$837.0K
Cap Rate 9%
$651,022
$651.0K
Market Conditions
NOI Build-Up for 3,236 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
$81.5K $25.20/SF
− Vacancy
−$3.4K −$1.06/SF
EGI
$78.1K $24.14/SF
− OpEx
−$19.5K −$6.04/SF
NOI
$58.6K $18.11/SF
Area
Dutchess County, NY
Vacancy
4.20%
Lease Rate
$25.20 /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%
$1,171,840
Cap Rate 7%
$837,029
Cap Rate 9%
$651,022
Alternative Uses
Best Use
Specialty Retail
$837.0K
$732.4K – $976.5K
NOI $58,592 @ 7.0% cap · market cap 4.54%
Second Best
Industrial
$285.9K
$250.2K – $333.6K
NOI $20,014 @ 7.0% cap · market cap 1.55%
Theoretical Best
Office A
$974.1K
$852.3K – $1.14M
NOI $68,187 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 12594, NY
4,018
Population
1,605
Households
2.5
Avg Household Size
42
Median Age
32%
College-Educated
92%
High-School Grad
23.1 sq mi
ZIP Area
174
Density / Sq Mi
$130,206
Median Household Income
$48,664
Median Earnings
$1,173
Median Rent
$363,600
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 - Single-level dining property with multiple dining rooms, a bar, covered patio, commercial kitchen infrastructure, and parking lots.
Where is this conventional restaurant located?
The property is located at 34 Old State Route 22 Wingdale, NY.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: 3,236‑square‑foot renovated restaurant on 1.7 acres; Seating for 100 guests across multiple dining rooms, plus bar and covered patio; Commercial kitchen has ventilation system and wall plumbing for sinks
