Leased Restaurant & Income
For Sale
$1,300,000
Pending
631 State Route 17K, Montgomery, NY 12549
Mixed-use property featuring a restaurant and four apartments.
Property Size7,720 SF
Lot Size0.37 Acres
Days on Market294
Property Features for 631 State Route 17K
General Information
Standard status
Pending
Size
7,720 SF
Lot size
0.37 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,598
Building Details
Building Size
7,720 SF
Year Built
1940
Units
5
Listing Agency:
Picture It Sold, LLC
Listed By:
Angela Danosky · License #10401319013
(845) 283-5494
Source:
Elliman
Added: Nov 27, 2025
Changed: Sep 14
Last Checked: Sep 16 at 5:12PM
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 Picture It Sold, LLC
Investment Insights
Based on property information with market context.
This mixed-use property presents an investment opportunity, featuring a fully leased restaurant and income-generating apartments. The sale includes all restaurant equipment. Above the restaurant are four apartments: two 2-bedroom units, one 1-bedroom unit, and one 4-bedroom apartment with a sunroom. The property includes newer septic and leach fields, and new windows.
Key Highlights
- Fully leased restaurant provides immediate and consistent rental income.
- Includes four income‑producing apartments, featuring two 2‑bedroom, one 1‑bedroom, and a spacious 4‑bedroom with sunroom, for diversified revenue streams.
- Prime, high‑visibility location enhances business potential and property value.
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
$93,965
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
7.23%
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%
$1,879,300
$1.9M
Cap Rate 7%
$1,342,357
$1.3M
Cap Rate 9%
$1,044,056
$1.0M
Market Conditions
NOI Build-Up for 7,720 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
$139.0K $18.00/SF
− Vacancy
−$4.7K −$0.61/SF
EGI
$134.2K $17.39/SF
− OpEx
−$40.3K −$5.22/SF
NOI
$94.0K $12.17/SF
Area
Orange County, NY
Vacancy
3.40%
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%
$1,879,300
Cap Rate 7%
$1,342,357
Cap Rate 9%
$1,044,056
Alternative Uses
Best Use
Apartment 5plus
$2.06M
$1.81M – $2.41M
NOI $144,406 @ 7.0% cap · market cap 11.11%
Second Best
Retail
$1.34M
$1.17M – $1.57M
NOI $93,965 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$2.61M
$2.29M – $3.05M
NOI $183,027 @ 7.0% cap · market cap 14.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Explore this area
Business Placement
Demographics for 12549, NY
10,349
Population
3,918
Households
2.6
Avg Household Size
42
Median Age
35%
College-Educated
93%
High-School Grad
38.7 sq mi
ZIP Area
267
Density / Sq Mi
$125,000
Median Household Income
$66,250
Median Earnings
$1,606
Median Rent
$377,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property featuring a restaurant and four apartments.
Where is this mixed-use property located?
The property is located at 631 State Route 17K Montgomery, NY.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Fully leased restaurant provides immediate and consistent rental income.; Includes four income‑producing apartments, featuring two 2‑bedroom, one 1‑bedroom, and a spacious 4‑bedroom with sunroom, for diversified revenue streams.; Prime, high‑visibility location enhances business potential and property value.
