Conventional Restaurant with Event
For Sale
$1,500,000
302 Barringer rd, Ilion, NY 13357
CommercialSale, Ilion, NY
Property Size8,910 SF
Price / SF$168.35
Days on Market108
Property Features for 302 Barringer rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R1
Zoning description
Commercial
Parking
80
Lot features
Rectangular, Rectangular Lot
Elementary school district
Central Valley
Middle school district
Central Valley
High school district
Central Valley
Subdivision
Ilion Village-German Flatts-212801
Standard status
Active
APN
119.51-1-34
Size
8,910 SF
Taxes and HOA fees
Tax Annual Amount
10734
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Floors in Building
1
Roof type
Membrane, Shingle, Rubber
Listing Agency:
Keller-Williams Mohawk Valley · Keller Williams Realty
(315) 701-6900
Listed By:
Delbert Ball · License #10401246417
(315) 868-3933
Added: May 9
Changed: Aug 19
Last Checked: Aug 24 at 6:06PM
MLS# S1680418
Copyright © 2026 New York State Alliance of MLSs, LLC. 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 8,910-square-foot restaurant property combines a banquet and event facility with pizzeria and sports bar tavern spaces. The sale includes the business, building, and equipment, along with dining and gathering areas designed for events serving up to 200 guests. A covered outdoor area adds seasonal seating or event capacity, while three bathrooms support the overall layout. Building systems include central air conditioning, baseboard and forced-air heating, natural gas service, public water, and public sewer.
The property is located in Ilion near Ilion Park, Central Valley Academy, and everyday conveniences. The site includes a generous lot and ample parking, with a mix of membrane, shingle, and rubber roofing. Built in 1930 and identified with R1 zoning, the property offers an established restaurant and entertainment setting with existing equipment in place.
The property is located in Ilion near Ilion Park, Central Valley Academy, and everyday conveniences. The site includes a generous lot and ample parking, with a mix of membrane, shingle, and rubber roofing. Built in 1930 and identified with R1 zoning, the property offers an established restaurant and entertainment setting with existing equipment in place.
Key Highlights
- 8,910‑square‑foot restaurant, banquet, and entertainment property
- Business, building, and equipment included
- Event layout accommodates up to 200 guests
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
$115,233
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
7.68%
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%
$2,304,660
$2.3M
Cap Rate 7%
$1,646,186
$1.6M
Cap Rate 9%
$1,280,367
$1.3M
Market Conditions
NOI Build-Up for 8,910 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
$160.4K $18.00/SF
− Vacancy
−$6.7K −$0.76/SF
EGI
$153.6K $17.24/SF
− OpEx
−$38.4K −$4.31/SF
NOI
$115.2K $12.93/SF
Area
Herkimer County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,304,660
Cap Rate 7%
$1,646,186
Cap Rate 9%
$1,280,367
Alternative Uses
Best Use
Specialty Retail
$1.65M
$1.44M – $1.92M
NOI $115,233 @ 7.0% cap · market cap 7.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.65M
$2.32M – $3.09M
NOI $185,643 @ 7.0% cap · market cap 12.38%
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
52
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13357, NY
10,330
Population
5,101
Households
2
Avg Household Size
43
Median Age
22%
College-Educated
93%
High-School Grad
29.6 sq mi
ZIP Area
349
Density / Sq Mi
$62,500
Median Household Income
$46,064
Median Earnings
$751
Median Rent
$105,200
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 - Restaurant property includes banquet areas, a tavern, pizzeria operations, and a covered outdoor area.
Where is this conventional restaurant located?
The property is located at 302 Barringer rd Ilion, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 8,910‑square‑foot restaurant, banquet, and entertainment property; Business, building, and equipment included; Event layout accommodates up to 200 guests
