Waterfront Restaurant and Banquet
For Sale
$2,200,000
916 County Route 37, Central Square, NY 13036
CommercialSale, Central Square, NY
Property Size10,575 SF
Lot Size3.87 Acres
Price / SF$208.04
Days on Market92
Property Features for 916 County Route 37
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
07
Zoning description
Commercial
Parking
100
Parking features
Driveway
Lot features
Irregular Lot
View
Water
High school
Paul V Moore High
Elementary school district
Central Square
Middle school district
Central Square
High school district
Central Square
Directions
Take I-81 to Brewerton Exit, Turn Right onto Bartell Rd, to Route 11. Turn Right. Cross over the bridge and turn right at the next light. Take the 4th Right in the Parking on your Right. Welcome to 916! Come and enjoy!
Subdivision
Hastings-353289
Standard status
Active
APN
353289-307-011-0004-003-000-0000
Size
10,575 SF
Lot size
3.87 Acres
Taxes and HOA fees
Tax Annual Amount
14489
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
Water source
Public
Water front features
Lake
Water front
1
Building Details
Year built
1970
Floors in Building
1
Flooring type
Linoleum, Hardwood, Vinyl, Varies, Carpet
Building materials
Block, Frame
Roof type
Flat
Listing Agency:
Candy Costa Real Estate LLC
(315) 505-6609
Listed By:
Candy Costa · License #10491209117
(315) 447-0668
Added: Jun 16
Changed: Sep 12
Last Checked: Sep 15 at 12:06AM
MLS# S1687203
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 10,575-square-foot commercial property is configured for restaurant and banquet operations, with a substantial building footprint and a 3.87-acre parcel. The improvements date to 1970 and use block and frame construction beneath a flat roof. Interior finishes include hardwood, carpet, linoleum, and vinyl, with baseboard heating supplied by natural gas.
Located at 916 County Route 37 in Central Square, the property sits along the north shore of the Oneida River and offers a waterfront setting. Access is provided from I-81, with road frontage and dedicated parking via driveway. Public water and public sewer serve the site, while zoning is identified as 07.
Located at 916 County Route 37 in Central Square, the property sits along the north shore of the Oneida River and offers a waterfront setting. Access is provided from I-81, with road frontage and dedicated parking via driveway. Public water and public sewer serve the site, while zoning is identified as 07.
Key Highlights
- 10,575‑square‑foot commercial building on 3.87 acres
- Restaurant and banquet venue configuration
- Waterfront property along the north shore of the Oneida River
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
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
21k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Circle K
Shops & Services
21,401 visits/mo
0.5 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Established commercial venue with public utilities, dedicated parking, and direct access from I-81.
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: 10,575‑square‑foot commercial building on 3.87 acres; Restaurant and banquet venue configuration; Waterfront property along the north shore of the Oneida River
