Mixed-Use Restaurant and
For Sale
$999,999
135-139 Union Street, Montgomery, NY 12549
COMMERCIAL - Montgomery, NY
Property Size4,010 SF
Lot Size0.28 Acres
Price / SF$249.38
Days on Market159
Property Features for 135-139 Union Street
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
10492
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1954
Floors in Building
2
Listing Agency:
KELLER WILLIAMS REALTY
(845) 344-2800
Listed By:
Richard Baxter · License #10401254733
(845) 344-2800
Added: Mar 14
Changed: Aug 4
Last Checked: Aug 19 at 10:06PM
MLS# 11673237
Copyright © 2026 My State 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 mixed-use property includes two separate buildings at 135-139 Union Street. Building #135 is currently used as a deli/pizzeria storefront and includes a kitchen, office, and a half bathroom. The upper level provides a separate apartment with three bedrooms and one bathroom. An additional neighboring single-family home at #139 is also included, with two bedrooms and one bathroom. The property also notes ample parking for 20+ vehicles, supporting convenient customer and resident access.
The buildings are positioned in the Historic District of the Village of Montgomery, described as being about half a mile from the village center. The property is surrounded by local eateries, village boutiques and shops, and community and civic uses including banking and postal services. The remarks also reference proximity to community resources such as the Montgomery Senior Center and Veterans Memorial Park, as well as nearby recreational and scenic features.
For tenants and owners, the configuration offers flexibility by combining food service space with on-site residential use. Building #135’s storefront layout can support a restaurant or deli/pizzeria concept, while the apartment above provides a built-in residential component. With an additional single-family home included on the same offering, the overall setup may appeal to buyers seeking a property with both commercial and residential income streams under one roof.
The buildings are positioned in the Historic District of the Village of Montgomery, described as being about half a mile from the village center. The property is surrounded by local eateries, village boutiques and shops, and community and civic uses including banking and postal services. The remarks also reference proximity to community resources such as the Montgomery Senior Center and Veterans Memorial Park, as well as nearby recreational and scenic features.
For tenants and owners, the configuration offers flexibility by combining food service space with on-site residential use. Building #135’s storefront layout can support a restaurant or deli/pizzeria concept, while the apartment above provides a built-in residential component. With an additional single-family home included on the same offering, the overall setup may appeal to buyers seeking a property with both commercial and residential income streams under one roof.
Key Highlights
- Two separate buildings at 135 and 139 Union St in the Village of Montgomery Historic District
- Building #135 includes a deli/pizzeria storefront plus a 2nd‑floor apartment; deli/pizzeria is approx. 2,104 SF
- #135 storefront features kitchen, office, half bathroom, and ample parking for 20+ vehicles
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
$48,808
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
4.88%
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%
$976,160
$976.2K
Cap Rate 7%
$697,257
$697.3K
Cap Rate 9%
$542,311
$542.3K
Market Conditions
NOI Build-Up for 4,010 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
$72.2K $18.00/SF
− Vacancy
−$2.5K −$0.61/SF
EGI
$69.7K $17.39/SF
− OpEx
−$20.9K −$5.22/SF
NOI
$48.8K $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%
$976,160
Cap Rate 7%
$697,257
Cap Rate 9%
$542,311
Alternative Uses
Best Use
Retail
$697.3K
$610.1K – $813.5K
NOI $48,808 @ 7.0% cap · market cap 4.88%
Second Best
Mixed Use
$498.8K
$436.5K – $582.0K
NOI $34,917 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$1.36M
$1.19M – $1.58M
NOI $95,070 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
285
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-building property includes a deli/pizzeria storefront with office and kitchen, plus an apartment above and an adjacent home.
Where is this mixed-use property located?
The property is located at 135-139 Union Street Montgomery, NY.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Two separate buildings at 135 and 139 Union St in the Village of Montgomery Historic District; Building #135 includes a deli/pizzeria storefront plus a 2nd‑floor apartment; deli/pizzeria is approx. 2,104 SF; #135 storefront features kitchen, office, half bathroom, and ample parking for 20+ vehicles
