Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3231 Seneca Tpke Canastota, NY 13032

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,390,000

    Turn-key restaurant and event venue with high visibility.

    Lot size:
    3.19 Acres

    Property Features for 3231 Seneca Tpke

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    3.19 Acres

    Building Details

    Year built
    1948

    We can help!

    Listing Contact
    Maria P Rautins
    Source: Elliman

    Listing Agent: Maria P Rautins

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Iconic Restaurant & Event Venue

    This fully operational property, currently home to Theodore’s Restaurant, is available at a reduced price. Located on Seneca Turnpike (Route 5) between Canastota and Syracuse, NY, this property offers a high-visibility location. The site features over 17,000 square feet of interior space and parking for over 250 vehicles. It is suited for various uses, including an event center, banquet facility, catering operation, or entertainment venue. The existing layout includes multiple dining areas, a bar/lounge, and two large banquet halls with staging and modern lighting. These features are ideal for hosting weddings, performances, and corporate events. With over 45 years of community presence, the property is turn-key ready for continued restaurant use or expanded operations. Its flexible zoning and infrastructure also support future redevelopment as a brewery, distillery, or multi-use commercial center.
    Location Intelligence

    Current Use by Public Records

    Theodore's Restaurant Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Canastota
    County
    Madison
    State
    New York
    Longitude
    -75.7634596
    Latitude
    43.0691685

    Nearby Similar for Sale

    • $175,000
      1,943 SF

      Two-Unit Multifamily Property on Acreage

      Two-unit property with lake views, garage, and convenient location.
      3006 State Route 31, Canastota, NY 13032
      View Details
    • $100,000
      Pending

      Canastota Duplex with Income Potential

      Duplex with separate utilities, great for rental or owner-occupancy.
      144 Canal St N, Canastota, NY 13032
      View Details
    • $499,000

      Automotive Sales & Service Building

      Masonry building suitable for automotive sales and service.
      3328 Seneca Tpke Hwy, Canastota, NY 13032
      View Details
    • $179,900
      Pending

      Multifamily Property in Canastota Village

      Two-unit multifamily property with income potential in Canastota, New York.
      112 Prospect St, Canastota, NY 13032
      View Details
    • $100,000
      Pending

      Corner Lot Duplex For Sale

      Duplex with rental income potential, convenient village location.
      144 Canal St N, Canastota, NY 13032
      View Details
    • $179,900
      Pending

      Multifamily Property in Canastota Village

      Two-unit multifamily property with updated kitchen and ample parking.
      112 Prospect St, Canastota, NY 13032
      View Details
    • Contact for pricing
      4,861 SF

      Retail Property in Canastota, NY

      Retail property with 4861 square feet of space.
      3177 Seneca Tpke, Canastota, NY 13032
      View Details
    • $600,000
      5,240 SF

      Prime Canastota Commercial Building

      High-traffic location, versatile space, great visibility.
      3328 Seneca Tpke, Canastota, NY 13032
      View Details
    • $499,000

      Automotive Sales & Service Building

      Masonry building suitable for automotive, retail, or office use.
      3328 Seneca Tpke Hwy, Canastota, NY 13032
      View Details
    • $150,000

      Canastota Mixed-Use Investment Opportunity

      High-Occupancy Corner Shop, Value-Add Potential
      103 Peterboro St, Canastota, NY 13032
      View Details
    • $349,900
      15,999 SF

      Canastota Entertainment Complex

      Thriving Bowling Alley & More!
      3314 Seneca Tpke, Canastota, NY 13032
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Turn-key restaurant and event venue with high visibility.
    Where is this conventional restaurant located?
    The property is located at 3231 Seneca Tpke Canastota, NY.
    What is the asking price?
    The asking price for this property is $1,390,000.
    What are key features of this property?
    This property features: - High-visibility location on Seneca Turnpike (Route 5) between Canastota and Syracuse, NY.; - Over 17,000 square feet of interior space and parking for 250+ vehicles.; - Turn-key ready for continued restaurant use or expanded operations with existing dining areas, bar/lounge, and two large banquet halls with staging and modern lighting.
    (315) 446-4681
    Request Owner's contact information
    3231 Seneca Tpke Canastota, NY 13032
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3231 Seneca Tpke
    Canastota, NY 13032
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    3231 Seneca Tpke Canastota, NY 13032
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Maria P Rautins
    (315) 446-4681 (315) 682-7197
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!