Restaurant With Upstairs
For Sale
$1,499,000
37249 State Highway 23, Grand Gorge, NY 12434
Grand Gorge restaurant with a commercial kitchen, dine-in and take-out layout, and an apartment on the upper level.
Property Size3,720 SF
Days on Market302
Property Features for 37249 State Highway 23
General Information
Standard status
Active
Size
3,720 SF
Total Parking Spaces
20
Property subtype
Commercial
Zoning
01, Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$5,854
Building Details
Building Size
3,720 SF
Buildings
1
Stories
2
Listing Agency:
Charlotteville Realty
(607) 282-6242
Listed By:
Kevin Lucero · License #10401350558
(607) 282-6242
Source:
Northstarwny
Added: Oct 22, 2025
Changed: Aug 17
Last Checked: Aug 17 at 11:18PM
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 Charlotteville Realty
Investment Insights
Based on property information with market context.
Pizza Plus is a restaurant property at 37249 State Highway 23 in Grand Gorge, New York. The main level combines restaurant space with a fully equipped commercial kitchen and a layout suited to dine-in and take-out service. The property is zoned 01, Commercial.
An open-plan apartment occupies the upper level, providing three bedrooms, one bathroom, and approximately 1,375 square feet of living space. The residence offers the option for on-site occupancy or use as a rental. The property is within the Roxbury Central School District and is located minutes from Roxbury, Stamford, and Windham, with year-round Catskills recreation nearby, including Plattekill Mountain Ski Resort, Mine Kill State Park, and the Catskill Scenic Trail.
An open-plan apartment occupies the upper level, providing three bedrooms, one bathroom, and approximately 1,375 square feet of living space. The residence offers the option for on-site occupancy or use as a rental. The property is within the Roxbury Central School District and is located minutes from Roxbury, Stamford, and Windham, with year-round Catskills recreation nearby, including Plattekill Mountain Ski Resort, Mine Kill State Park, and the Catskill Scenic Trail.
Key Highlights
- Pizza Plus restaurant at 37249 State Highway 23, Grand Gorge, NY 12434
- Main level includes restaurant space and a fully equipped commercial kitchen
- Layout supports dine‑in and take‑out service
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
$57,733
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
3.85%
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%
$1,154,660
$1.2M
Cap Rate 7%
$824,757
$824.8K
Cap Rate 9%
$641,478
$641.5K
Market Conditions
NOI Build-Up for 3,720 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
$80.4K $21.60/SF
− Vacancy
−$3.4K −$0.91/SF
EGI
$77.0K $20.69/SF
− OpEx
−$19.2K −$5.17/SF
NOI
$57.7K $15.52/SF
Area
Delaware County, NY
Vacancy
4.20%
Lease Rate
$21.60 /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%
$1,154,660
Cap Rate 7%
$824,757
Cap Rate 9%
$641,478
Alternative Uses
Best Use
Specialty Retail
$824.8K
$721.7K – $962.2K
NOI $57,733 @ 7.0% cap · market cap 3.85%
Second Best
Mixed Use
$513.4K
$449.2K – $598.9K
NOI $35,935 @ 7.0% cap · market cap 2.40%
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $127,760 @ 7.0% cap · market cap 8.52%
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
56
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12434, NY
622
Population
550
Households
1.1
Avg Household Size
52
Median Age
15%
College-Educated
93%
High-School Grad
10.9 sq mi
ZIP Area
57
Density / Sq Mi
$48,558
Median Household Income
$55,366
Median Earnings
$920
Median Rent
$167,500
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 - Grand Gorge restaurant with a commercial kitchen, dine-in and take-out layout, and an apartment on the upper level.
Where is this conventional restaurant located?
The property is located at 37249 State Highway 23 Grand Gorge, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Pizza Plus restaurant at 37249 State Highway 23, Grand Gorge, NY 12434; Main level includes restaurant space and a fully equipped commercial kitchen; Layout supports dine‑in and take‑out service
