Turnkey Restaurant in Dutchess
For Sale
$1,450,000
34 Old State Route 22, Wingdale, NY 12594
Fully renovated restaurant with seating for 100 in thriving Hudson Valley.
Property Size3,236 SF
Lot Size1.70 Acres
Price / SF$448.08
Days on Market164
Property Features for 34 Old State Route 22
General Information
Standard status
Active
Size
3,236 SF
Lot size
1.70 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,880
Building Details
Building Size
3,236 SF
Year Built
1937
Stories
1
Units
1
Listing Agency:
MCGRATH REALTY INC
(914) 447-3761
Listed By:
Claudia Jiskra · License #REB.0791807
(914) 447-3761
Source:
Elliman
Added: Mar 10
Changed: Aug 11
Last Checked: Aug 20 at 7:42AM
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 MCGRATH REALTY INC
Investment Insights
Based on property information with market context.
This is a fully renovated, free-standing restaurant in Dutchess County. The 3,236-square-foot single-level building has seating for 100 guests across multiple dining spaces, a bar area, and outdoor seating on a covered patio. The main dining room features a double-door entry, a bar, and access to the covered patio. A second dining room offers flexibility for larger parties, and a private dining room is suited for special events. A long hallway connects three restrooms and provides secondary access to the patio. The state-of-the-art kitchen is ready to be customized and includes top-of-the-line restaurant equipment. Supporting spaces include a staff bathroom, pantry, and mechanical rooms. The full basement houses multi-zoned HVAC systems, a water filtration system, and dry storage. Multiple parking lots provide ample spaces for patrons and staff. The property is located on Old State Route 22, near Route 22 and Route 55, and less than a mile from the Wingdale Metro North train station. The restaurant is positioned at the crossroads of Dover, Pawling, Millbrook, Amenia, and Millerton to the north, south and west, and New Milford, Kent, Gaylordsville, and Sherman to the east. This move-in-ready property is suitable for an upscale farm-to-table destination, a craft-beer gastropub, or an event venue.
Key Highlights
- Prime location on well‑traveled Old State Route 22 with high visibility and accessibility, near major routes (22 and 55) and the Wingdale Metro North train station.
- Turnkey, fully renovated 3,236‑square‑foot free‑standing restaurant with seating for 100 guests, including indoor and outdoor dining spaces.
- Includes a complete professional build‑out with top‑of‑the‑line restaurant equipment, ready for customization.
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
$58,592
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
4.04%
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%
$1,171,840
$1.2M
Cap Rate 7%
$837,029
$837.0K
Cap Rate 9%
$651,022
$651.0K
Market Conditions
NOI Build-Up for 3,236 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
$81.5K $25.20/SF
− Vacancy
−$3.4K −$1.06/SF
EGI
$78.1K $24.14/SF
− OpEx
−$19.5K −$6.04/SF
NOI
$58.6K $18.11/SF
Area
Dutchess County, NY
Vacancy
4.20%
Lease Rate
$25.20 /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%
$1,171,840
Cap Rate 7%
$837,029
Cap Rate 9%
$651,022
Alternative Uses
Best Use
Specialty Retail
$837.0K
$732.4K – $976.5K
NOI $58,592 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$974.1K
$852.3K – $1.14M
NOI $68,187 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 12594, NY
4,018
Population
1,605
Households
2.5
Avg Household Size
42
Median Age
32%
College-Educated
92%
High-School Grad
23.1 sq mi
ZIP Area
174
Density / Sq Mi
$130,206
Median Household Income
$48,664
Median Earnings
$1,173
Median Rent
$363,600
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 - Fully renovated restaurant with seating for 100 in thriving Hudson Valley.
Where is this conventional restaurant located?
The property is located at 34 Old State Route 22 Wingdale, NY.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Prime location on well‑traveled Old State Route 22 with high visibility and accessibility, near major routes (22 and 55) and the Wingdale Metro North train station.; Turnkey, fully renovated 3,236‑square‑foot free‑standing restaurant with seating for 100 guests, including indoor and outdoor dining spaces.; Includes a complete professional build‑out with top‑of‑the‑line restaurant equipment, ready for customization.
