Waterfront Restaurant and Banquet
For Sale
$2,200,000
916 County Route 37, Central Square, NY 13036
Operating commercial property with restaurant and banquet functions, dedicated parking, and a waterfront setting along the Oneida River.
Property Size10,575 SF
Price / SF$208.04
Days on Market68
Property Features for 916 County Route 37
General Information
Standard status
Active
Size
10,575 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$14,489
Listing Agency:
Candy Costa Real Estate LLC
(315) 447-0668
Listed By:
Candy Costa · License #10491209117
(315) 447-0668
Source:
Exprealty
Added: Jun 16
Changed: Aug 21
Last Checked: Aug 21 at 6:01AM
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 Candy Costa Real Estate LLC
Investment Insights
Based on property information with market context.
This commercial property at 916 County Route 37 includes an operating restaurant and banquet venue within a substantial commercial structure. The existing setup supports both dining and event functions, while dedicated parking serves the site.
The property is positioned along the north shore of the Oneida River in Central Square, with road frontage and direct access near I-81. Waterfront surroundings add a distinct physical setting for the existing restaurant and banquet use. The reported property size is 10575.
The property is positioned along the north shore of the Oneida River in Central Square, with road frontage and direct access near I-81. Waterfront surroundings add a distinct physical setting for the existing restaurant and banquet use. The reported property size is 10575.
Key Highlights
- Operating restaurant and banquet venue
- Waterfront setting along the north shore of the Oneida River
- Road frontage near I‑81
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
$136,766
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
6.22%
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%
$2,735,320
$2.7M
Cap Rate 7%
$1,953,800
$2.0M
Cap Rate 9%
$1,519,622
$1.5M
Market Conditions
NOI Build-Up for 10,575 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
$190.4K $18.00/SF
− Vacancy
−$8.0K −$0.76/SF
EGI
$182.4K $17.24/SF
− OpEx
−$45.6K −$4.31/SF
NOI
$136.8K $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%
$2,735,320
Cap Rate 7%
$1,953,800
Cap Rate 9%
$1,519,622
Alternative Uses
Best Use
Specialty Retail
$1.95M
$1.71M – $2.28M
NOI $136,766 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,651 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
37k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 84%
Dining 8%
Home Improvements & Furnishings 7%
Circle K
Shops & Services
21,401 visits/mo
0.5 miles
Dollar General
Shops & Services
9,606 visits/mo
0.5 miles
Little Caesars Pizza
Dining
3,032 visits/mo
0.5 miles
Brewerton Ace Hardware
Home Improvements & Furnishings
2,673 visits/mo
0.4 miles
Demographics for 13036, NY
8,601
Population
3,959
Households
2.2
Avg Household Size
45
Median Age
22%
College-Educated
94%
High-School Grad
46.1 sq mi
ZIP Area
187
Density / Sq Mi
$87,610
Median Household Income
$45,448
Median Earnings
$960
Median Rent
$173,900
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 - Operating commercial property with restaurant and banquet functions, dedicated parking, and a waterfront setting along the Oneida River.
Where is this conventional restaurant located?
The property is located at 916 County Route 37 Central Square, NY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Operating restaurant and banquet venue; Waterfront setting along the north shore of the Oneida River; Road frontage near I‑81
