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    923 State Route 32 Highland Mills, NY 10930

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    Claim this Listing
    For Sale
    $490,000

    COMMERCIAL - Highland Mills, NY

    Property size:
    2,600 SF
    Lot size:
    0.21 Acres
    Added:
    Dec 22, 2025
    Days on Market:
    114
    Last Refresh:
    Apr 15 at 4:06 am

    Property Features for 923 State Route 32

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    CR
    Rooms
    Basement
    Basement
    Partial, Storage Space
    Appliances
    Gas Cooktop, Gas Oven, Gas Range, Gas Water Heater
    Standard status
    Active
    APN
    335809-203-000-0001-007.100-0000
    Size
    2,600 SF
    Lot size
    0.21 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    12195

    Utilities

    Utilities
    Propane
    Sewer type
    Septic Tank
    Heating system
    Propane (Heating)
    Cooling system
    Wall/Window Unit(s), Window Unit(s)
    Water source
    Well

    Building Details

    Building materials
    Frame

    We can help!

    Listing Contact
    Craig Pelsue

    Listing agent Craig Pelsue

    Listing office Keller Williams Realty 69 Brookside Ave. Ste 225, Chester, NY

    Listing date Dec 22, 2025

    MLS# 945796

    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.

    Overview

    Restaurant Space in Highland Mills

    This is a 2600 SF restaurant space that is not currently operating and will need a new Certificate of Occupancy from the town. The property includes off-street parking for over 25 vehicles. Hoods and stovetops have been cleaned, and a recent fire inspection has been completed. Additional seating is available on a 1,000 SF patio area. The property also features an ADA-compliant restroom and a separate banquet area. The lot size is 0.2116 acres. The zoning is CR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Restaurant Building Supply Electrical Service Electronics & Wireless Store Daycare Center (Bike/Boat/Book/etc) Store Travel Agency Bed & Breakfast Arcade & Gaming Center (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Highland Mills
    County
    Orange
    State
    New York
    Longitude
    -74.103703
    Latitude
    41.36833

    Nearby Similar for Sale

    • $550,000
      2,600 SF

      Restaurant Space with Patio

      2600 SF restaurant with parking and patio.
      923 State Route 32, Highland Mills, NY 10930
      View Details
    • $475,000

      High Visibility Office Building Opportunity

      Prime commercial office building with motivated seller in Highland Mills.
      578 State Route 32, Highland Mills, NY, 10930-5201
      View Details
    • $475,000

      Commercial Office Building on Route 32

      Prime commercial office building with high visibility and easy access.
      578 State Route 32, Highland Mills, NY 10930
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - 2600 SF restaurant with patio and parking.
    Where is this conventional restaurant located?
    The property is located at 923 State Route 32 Highland Mills, NY.
    What is the asking price?
    The asking price for this property is $490,000.
    What are key features of this property?
    This property features: Restaurant space with off‑street parking for over 25 vehicles.; Includes hoods and stovetops that have been cleaned and inspected by the Fire Inspector.; Features a 1,000 SF patio area for additional seating.
    (845) 527-5572
    We can help!
    Listing Contact
    Craig Pelsue
    Learn More
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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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