Millhouse Restaurant and
For Sale
$950,000
3849 STATE ROUTE 13, Pulaski, NY 13142
Mixed food-service and retail operation with a commercial kitchen, specialty merchandise areas, and on-site lodging.
Property Size6,756 SF
Price / SF$140.62
Days on Market174
Property Features for 3849 STATE ROUTE 13
General Information
Standard status
Active
Size
6,756 SF
Property subtype
Office
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,834
Amenities
Gas
3
Shingle
Commercial
35 Parking Spaces. On Site.
Rectangular
167X312
Rectangular.
Building Details
Year Built
1800
Year Renovated
2022
Tenancy
Multi
Listing Agency:
Payne Team, LLC
(845) 649-1720
Listed By:
Dawn Payne · License #10491209069
Source:
Xome
Added: Mar 10
Changed: Aug 29
Last Checked: Aug 29 at 3:24PM
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 Payne Team, LLC
Investment Insights
Based on property information with market context.
The Millhouse is a 6,756-square-foot conventional restaurant property at 3849 State Route 13 in Pulaski, NY. The operation combines a gourmet food market, pizzeria, bakery, wine and cocktail shop, and gift retail in a distinctive commercial setting with hardwood flooring and dedicated display areas. Kitchen improvements include a bread maker and brick pizza oven, with gas service noted among the interior features.
Four apartments were renovated in 2022 and are located on the premises, adding residential accommodations to the restaurant and retail components. The property includes 35 on-site parking spaces and occupies a rectangular parcel measuring 167X312. Built in 1800, the commercial building has shingle exterior construction and is situated in a fishing town setting.
Four apartments were renovated in 2022 and are located on the premises, adding residential accommodations to the restaurant and retail components. The property includes 35 on-site parking spaces and occupies a rectangular parcel measuring 167X312. Built in 1800, the commercial building has shingle exterior construction and is situated in a fishing town setting.
Key Highlights
- 6,756‑square‑foot conventional restaurant property at 3849 State Route 13, Pulaski, NY 13142
- Includes gourmet food market, pizzeria, bakery, wine and cocktail shop, and gift shop
- Commercial kitchen with bread maker and brick pizza oven
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
$87,375
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
9.20%
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%
$1,747,500
$1.7M
Cap Rate 7%
$1,248,214
$1.2M
Cap Rate 9%
$970,833
$970.8K
Market Conditions
NOI Build-Up for 6,756 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
$121.6K $18.00/SF
− Vacancy
−$5.1K −$0.76/SF
EGI
$116.5K $17.24/SF
− OpEx
−$29.1K −$4.31/SF
NOI
$87.4K $12.93/SF
Area
Oswego 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%
$1,747,500
Cap Rate 7%
$1,248,214
Cap Rate 9%
$970,833
Alternative Uses
Best Use
Specialty Retail
$1.25M
$1.09M – $1.46M
NOI $87,375 @ 7.0% cap · market cap 9.20%
Second Best
Retail
$932.0K
$815.5K – $1.09M
NOI $65,240 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,329 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 13142, NY
6,323
Population
3,465
Households
1.8
Avg Household Size
43
Median Age
23%
College-Educated
92%
High-School Grad
72.2 sq mi
ZIP Area
88
Density / Sq Mi
$85,000
Median Household Income
$41,152
Median Earnings
$852
Median Rent
$157,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Mixed food-service and retail operation with a commercial kitchen, specialty merchandise areas, and on-site lodging.
Where is this conventional restaurant located?
The property is located at 3849 STATE ROUTE 13 Pulaski, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 6,756‑square‑foot conventional restaurant property at 3849 State Route 13, Pulaski, NY 13142; Includes gourmet food market, pizzeria, bakery, wine and cocktail shop, and gift shop; Commercial kitchen with bread maker and brick pizza oven
