Restaurant Property with Tap
For Sale
$1,295,000
38 Bellvale Lakes Road, Warwick, NY 10990
Restored 1760 inn with multiple dining rooms, commercial kitchen, outdoor patio, and second-floor rooms.
Property Size5,406 SF
Lot Size2.40 Acres
Days on Market228
Property Features for 38 Bellvale Lakes Road
General Information
Standard status
Active
Size
5,406 SF
Class
B
Total Parking Spaces
35
Lot size
2.40 Acres
Property subtype
Commercial
Zoning
RU
Additional Details
Patio
Yes
Taxes and HOA fees
Annual Taxes
$16,321
Amenities
original hearth fireplace
enclosed hilltop gazebo
panoramic valley views
Building Details
Building Size
5,406 SF
Year Built
1760
Buildings
1
Stories
2
Listing Agency:
Rand Commercial
(201) 522-1912
Listed By:
Charles Benjamin Emanuel
(201) 522-1912
Source:
Mahlerrealty
Added: Jan 13
Changed: Aug 28
Last Checked: Aug 25 at 9:23AM
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 Rand Commercial
Investment Insights
Based on property information with market context.
This restaurant property occupies a restored 1760 inn with five separate dining rooms, a tap room anchored by an original hearth fireplace, and a modern commercial kitchen. Outdoor improvements include a stone garden patio and an enclosed hilltop gazebo with valley views. Additional rooms are located on the second floor, and FF&E is available with the property.
The property spans 2.4 acres at the foot of Mount Peter in Bellvale, within the Town of Warwick. It carries RU zoning and is located at 38 Bellvale Lakes Road, Warwick, NY 10990. The inn has operated as a restaurant destination for more than 70 years, with a customer base that includes local and destination diners.
The property spans 2.4 acres at the foot of Mount Peter in Bellvale, within the Town of Warwick. It carries RU zoning and is located at 38 Bellvale Lakes Road, Warwick, NY 10990. The inn has operated as a restaurant destination for more than 70 years, with a customer base that includes local and destination diners.
Key Highlights
- Restored 1760 inn configured with five intimate dining rooms
- Modern commercial kitchen and tap room with original hearth fireplace
- Stone garden patio and enclosed hilltop gazebo with panoramic valley views
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
$47,000
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
3.63%
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%
$940,000
$940.0K
Cap Rate 7%
$671,429
$671.4K
Cap Rate 9%
$522,222
$522.2K
Market Conditions
NOI Build-Up for 5,406 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
$64.9K $12.00/SF
− Vacancy
−$2.2K −$0.41/SF
EGI
$62.7K $11.59/SF
− OpEx
−$15.7K −$2.90/SF
NOI
$47.0K $8.69/SF
Area
Orange County, NY
Vacancy
3.40%
Lease Rate
$12.00 /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%
$940,000
Cap Rate 7%
$671,429
Cap Rate 9%
$522,222
Alternative Uses
Best Use
Specialty Retail
$671.4K
$587.5K – $783.3K
NOI $47,000 @ 7.0% cap · market cap 3.63%
Second Best
Industrial
$630.0K
$551.2K – $735.0K
NOI $44,098 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,166 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10990, NY
19,877
Population
8,394
Households
2.4
Avg Household Size
46
Median Age
50%
College-Educated
95%
High-School Grad
61.4 sq mi
ZIP Area
324
Density / Sq Mi
$123,199
Median Household Income
$64,723
Median Earnings
$1,387
Median Rent
$462,100
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 - Restored 1760 inn with multiple dining rooms, commercial kitchen, outdoor patio, and second-floor rooms.
Where is this conventional restaurant located?
The property is located at 38 Bellvale Lakes Road Warwick, NY.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Restored 1760 inn configured with five intimate dining rooms; Modern commercial kitchen and tap room with original hearth fireplace; Stone garden patio and enclosed hilltop gazebo with panoramic valley views
