Leased Restaurant
For Sale
$899,000
500 Broadway, Monticello, NY 12701
Well-maintained building with recent interior, roof, and mini-split heating and air conditioning improvements.
Property Size6,450 SF
Days on Market11
Property Features for 500 Broadway
General Information
Standard status
Active
Size
6,450 SF
Property subtype
Commercial
Site & Location
Traffic Count
12,000 vehicles/day
Highway Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$7,874
Building Details
Building Size
6,450 SF
Buildings
7
Stories
1
Listing Agency:
Curasi Realty, Inc.
(914) 562-1292
Listed By:
Marie Savage · License #10401302009
(914) 562-1292
Source:
Elliman
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 9 at 6:29AM
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 Curasi Realty, Inc.
Investment Insights
Based on property information with market context.
500 Broadway is a well-maintained restaurant property in the Village of Monticello’s downtown business district. The building is fully leased to a restaurant operating under a long-term lease. Recent capital improvements include updated high-efficiency mini-split heating and air conditioning systems, interior renovations, and roof work. Municipal water and sewer support the property’s ongoing operations.
The property is located on Broadway, identified as Monticello’s primary commercial corridor, with an estimated 8,000 to 12,000 vehicles per day and consistent pedestrian activity. Access to NYS Route 17 / Interstate 86 connects the property with the greater Hudson Valley and Catskills region. The site has a Walk Score of 72, rated Very Walkable, and a bike score of 44, rated Somewhat Bikeable.
The property is located on Broadway, identified as Monticello’s primary commercial corridor, with an estimated 8,000 to 12,000 vehicles per day and consistent pedestrian activity. Access to NYS Route 17 / Interstate 86 connects the property with the greater Hudson Valley and Catskills region. The site has a Walk Score of 72, rated Very Walkable, and a bike score of 44, rated Somewhat Bikeable.
Key Highlights
- Fully leased restaurant property operating under a long‑term lease
- Updated high‑efficiency mini‑split heating and air conditioning systems
- Recent interior renovations and roof improvements
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
$77,857
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
8.66%
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%
$1,557,140
$1.6M
Cap Rate 7%
$1,112,243
$1.1M
Cap Rate 9%
$865,078
$865.1K
Market Conditions
NOI Build-Up for 6,450 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
$116.1K $18.00/SF
− Vacancy
−$4.9K −$0.76/SF
EGI
$111.2K $17.24/SF
− OpEx
−$33.4K −$5.17/SF
NOI
$77.9K $12.07/SF
Area
Sullivan County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,557,140
Cap Rate 7%
$1,112,243
Cap Rate 9%
$865,078
Alternative Uses
Best Use
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,418 @ 7.0% cap · market cap 9.28%
Second Best
Retail
$1.11M
$973.2K – $1.30M
NOI $77,857 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,840 @ 7.0% cap · market cap 13.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12,000 VPD
Traffic count
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
796
Businesses Nearby
35k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Chase Bank
Shops & Services
9,819 visits/mo
0.4 miles
Dollar General
Shops & Services
6,966 visits/mo
0.3 miles
Gulf Oil
Shops & Services
5,852 visits/mo
0.1 miles
TD Bank
Shops & Services
4,723 visits/mo
0.2 miles
Citgo
Shops & Services
2,548 visits/mo
0.3 miles
Demographics for 12701, NY
12,360
Population
7,188
Households
1.7
Avg Household Size
38
Median Age
23%
College-Educated
78%
High-School Grad
61.0 sq mi
ZIP Area
203
Density / Sq Mi
$56,601
Median Household Income
$35,918
Median Earnings
$989
Median Rent
$178,300
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 - Well-maintained building with recent interior, roof, and mini-split heating and air conditioning improvements.
Where is this conventional restaurant located?
The property is located at 500 Broadway Monticello, NY.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Fully leased restaurant property operating under a long‑term lease; Updated high‑efficiency mini‑split heating and air conditioning systems; Recent interior renovations and roof improvements
