Landmark Tavern Restaurant
For Sale
$639,999
76 State Route 214, Phoenicia, NY 12464
Restaurant property with updated bar, commercial kitchen, covered porch dining, and equipment included, plus upstairs guest rooms.
Property Size2,000 SF
Price / SF$319
Days on Market1390
Property Features for 76 State Route 214
General Information
Standard status
Active
Size
2,000 SF
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$6,086
Listing Agency:
Win Morrison Realty-K
(845) 339-9999
Listed By:
Kathy Ann Shumway · License #10301223076
(845) 901-6555
Source:
Exprealty
Added: Nov 15, 2022
Changed: Aug 20
Last Checked: Sep 5 at 10:20AM
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 Win Morrison Realty-K
Investment Insights
Based on property information with market context.
Located at 76 State Route 214 in Phoenicia, this landmark tavern-style restaurant property is offered for sale with equipment included. The main level features a 1,000 sq. ft. dining room with a beautiful updated bar, along with an additional 1,000 sq. ft. floor area for flexible use. An expansive covered porch supports outdoor dining.
The upstairs area is described as “the upstairs,” with four large rooms and additional renovate-able space, with the current marketing positioned toward reviving the space for a bed & breakfast. The property also includes a commercial kitchen and a loading area, plus a concrete block garage and a full basement.
A garage is currently rented to Graham and Co., providing an occupied component of the overall offering.
The upstairs area is described as “the upstairs,” with four large rooms and additional renovate-able space, with the current marketing positioned toward reviving the space for a bed & breakfast. The property also includes a commercial kitchen and a loading area, plus a concrete block garage and a full basement.
A garage is currently rented to Graham and Co., providing an occupied component of the overall offering.
Key Highlights
- Landmark restaurant property in Phoenicia, NY with prime restaurant space and 1,000 SF dining room with an updated bar
- Additional 1,000 SF floor space for flexible use, plus stellar outdoor dining on an expansive covered porch
- Includes all equipment, along with a commercial kitchen, loading area, concrete block garage, and a full basement
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
$25,866
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
4.04%
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%
$517,320
$517.3K
Cap Rate 7%
$369,514
$369.5K
Cap Rate 9%
$287,400
$287.4K
Market Conditions
NOI Build-Up for 2,000 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
$36.0K $18.00/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$34.5K $17.24/SF
− OpEx
−$8.6K −$4.31/SF
NOI
$25.9K $12.93/SF
Area
Ulster 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%
$517,320
Cap Rate 7%
$369,514
Cap Rate 9%
$287,400
Alternative Uses
Best Use
Specialty Retail
$369.5K
$323.3K – $431.1K
NOI $25,866 @ 7.0% cap · market cap 4.04%
Second Best
Hotel Hospitality
$152.7K
$133.6K – $178.1K
NOI $10,688 @ 7.0% cap · market cap 1.67%
Theoretical Best
Multifamily LT 5
$18.70M
$16.37M – $21.82M
NOI $1,309,247 @ 7.0% cap · market cap 204.57%
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
157
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12464, NY
955
Population
972
Households
1
Avg Household Size
55
Median Age
46%
College-Educated
97%
High-School Grad
45.3 sq mi
ZIP Area
21
Density / Sq Mi
$75,291
Median Household Income
$955
Median Rent
$368,400
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 - Restaurant property with updated bar, commercial kitchen, covered porch dining, and equipment included, plus upstairs guest rooms.
Where is this conventional restaurant located?
The property is located at 76 State Route 214 Phoenicia, NY.
What is the asking price?
The asking price for this property is $639,999.
What are key features of this property?
This property features: Landmark restaurant property in Phoenicia, NY with prime restaurant space and 1,000 SF dining room with an updated bar; Additional 1,000 SF floor space for flexible use, plus stellar outdoor dining on an expansive covered porch; Includes all equipment, along with a commercial kitchen, loading area, concrete block garage, and a full basement
