Conventional Restaurant with
For Sale
$1,499,000
37249 State Hwy 23, Grand Gorge, NY 12434
The property combines a dine-in restaurant, commercial kitchen, and upstairs residential space.
Property Size3,720 SF
Price / SF$402.96
Days on Market26
Property Features for 37249 State Hwy 23
General Information
Standard status
Active
Size
3,720 SF
Additional Details
Business Included
Yes
Equipment Included
Yes
Building Details
Year Built
1900
Listing Agency:
Charlotteville Realty
(607) 282-6242
Listed By:
Kevin Lucero · License #10401350558
Source:
Amodiorealestate
Added: Aug 6
Changed: Aug 30
Last Checked: Aug 30 at 7:51PM
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 includes a restaurant operation with a commercial kitchen on the main level, supporting dine-in and takeout service. The upper level contains a three-bedroom, one-bath apartment with an open floor plan and approximately 1,375 square feet of living space. The combined property measures 3,720 square feet and dates to 1900.
Located at 37249 State Hwy 23 in Grand Gorge, the property is within the Roxbury Central School District and serves as a base for both commercial and residential use. Grand Gorge is near Roxbury, Stamford, and Windham, with regional attractions including Plattekill Mountain Ski Resort, Mine Kill State Park, and the Catskill Scenic Trail.
The apartment may support on-site living or rental use, while the restaurant includes a commercial kitchen suited to its existing food-service configuration.
Located at 37249 State Hwy 23 in Grand Gorge, the property is within the Roxbury Central School District and serves as a base for both commercial and residential use. Grand Gorge is near Roxbury, Stamford, and Windham, with regional attractions including Plattekill Mountain Ski Resort, Mine Kill State Park, and the Catskill Scenic Trail.
The apartment may support on-site living or rental use, while the restaurant includes a commercial kitchen suited to its existing food-service configuration.
Key Highlights
- Restaurant business with commercial kitchen on the main level
- Upstairs three‑bedroom, one‑bath apartment with approximately 1,375 square feet
- Combined property size of 3,720 square feet
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 - The property combines a dine-in restaurant, commercial kitchen, and upstairs residential space.
Where is this conventional restaurant located?
The property is located at 37249 State Hwy 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: Restaurant business with commercial kitchen on the main level; Upstairs three‑bedroom, one‑bath apartment with approximately 1,375 square feet; Combined property size of 3,720 square feet
