Historic Restaurant with Live Music
For Sale
$829,999
28 Upper Main Street, Callicoon, NY 12723
Includes a commercial kitchen, bar, apartment, rentable rooms, and additional commercial space.
Property Size8,764 SF
Days on Market69
Property Features for 28 Upper Main Street
General Information
Standard status
Active
Size
8,764 SF
Property subtype
Commercial
Zoning
06
Additional Details
Business Included
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$7,717
Amenities
live music venue
manager's/owner's apartment
additional rentable rooms
additional commercial space
Building Details
Building Size
8,764 SF
Year Built
1885
Listing Agency:
BERKSHIRE HATHAWAY
(516) 526-7775
Listed By:
Gregory A. Berkowitz
(516) 526-7775
Source:
Mahlerrealty
Added: Jun 23
Changed: Aug 28
Last Checked: Aug 28 at 11:31AM
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 BERKSHIRE HATHAWAY
Investment Insights
Based on property information with market context.
This conventional restaurant property dates to 1885 and includes a commercial kitchen, bar, and dedicated space for live performances. The building also contains a manager’s or owner’s apartment, additional rooms available for rent, and a separate commercial area that can accommodate retail or another complementary business.
Located at 28 Upper Main Street in Callicoon, the property sits in the town center. Heating and cooling include propane service upstairs, forced-air and central AC, and electric heating and cooling units downstairs. The property is identified with zoning designation 06.
Located at 28 Upper Main Street in Callicoon, the property sits in the town center. Heating and cooling include propane service upstairs, forced-air and central AC, and electric heating and cooling units downstairs. The property is identified with zoning designation 06.
Key Highlights
- Restaurant property in a building constructed in 1885
- Commercial kitchen, bar, and live performance space
- Manager’s or owner’s apartment included
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
$73,414
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
8.85%
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%
$1,468,280
$1.5M
Cap Rate 7%
$1,048,771
$1.0M
Cap Rate 9%
$815,711
$815.7K
Market Conditions
NOI Build-Up for 8,764 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
$112.5K $12.84/SF
− Vacancy
−$7.7K −$0.87/SF
EGI
$104.9K $11.97/SF
− OpEx
−$31.5K −$3.59/SF
NOI
$73.4K $8.38/SF
Area
Sullivan County, NY
Vacancy
6.80%
Lease Rate
$12.84 /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%
$1,468,280
Cap Rate 7%
$1,048,771
Cap Rate 9%
$815,711
Alternative Uses
Best Use
Specialty Retail
$1.62M
$1.42M – $1.89M
NOI $113,345 @ 7.0% cap · market cap 13.66%
Second Best
Industrial
$1.05M
$917.7K – $1.22M
NOI $73,414 @ 7.0% cap · market cap 8.85%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,269 @ 7.0% cap · market cap 20.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
6k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 60%
Home Improvements & Furnishings 40%
Peck's Market of Callicoon
Groceries
3,431 visits/mo
0.2 miles
Delaware Valley Farm & Garden Center Inc
Home Improvements & Furnishings
2,252 visits/mo
0.5 miles
Demographics for 12723, NY
1,687
Population
1,212
Households
1.4
Avg Household Size
47
Median Age
41%
College-Educated
96%
High-School Grad
33.5 sq mi
ZIP Area
50
Density / Sq Mi
$94,940
Median Household Income
$54,082
Median Earnings
$232,800
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?
Conventional restaurant - Includes a commercial kitchen, bar, apartment, rentable rooms, and additional commercial space.
Where is this conventional restaurant located?
The property is located at 28 Upper Main Street Callicoon, NY.
What is the asking price?
The asking price for this property is $829,999.
What are key features of this property?
This property features: Restaurant property in a building constructed in 1885; Commercial kitchen, bar, and live performance space; Manager’s or owner’s apartment included
