Conventional Restaurant with
For Sale
$425,000
Pending
923 State Route 32, Highland Mills, NY 10930
Commercial Sale, Highland Mills, NY
Property Size2,600 SF
Lot Size0.21 Acres
Days on Market271
Property Features for 923 State Route 32
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CR
Rooms
Basement
Basement
Partial, Storage Space
Appliances
Gas Cooktop, Gas Oven, Gas Range, Gas Water Heater
Standard status
Pending
APN
335809-203-000-0001-007.100-0000
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12195
Utilities
Utilities
Propane
Sewer type
Septic Tank
Heating system
Propane (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Well
Amenities
ADA compliant restroom
separate banquet area
Building Details
Building materials
Frame
Listing Agency:
Keller Williams Realty
(845) 928-8000
Listed By:
Craig Pelsue
(845) 527-5572
Added: Dec 22, 2025
Changed: Sep 15
Last Checked: Sep 19 at 10:06AM
MLS# 945796
Copyright © 2026 OneKey MLS. 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 2,600-square-foot conventional restaurant space is not currently operating and will require a new certificate of occupancy from the town. The layout includes a separate banquet area, an ADA-compliant restroom, and a 1,000-square-foot patio that expands seating options. Existing kitchen components include hoods and stovetops, which have been cleaned, along with gas cooking equipment.
The property provides off-street parking for more than 25 vehicles and is located at 923 State Route 32 in Highland Mills, Orange County. A Fire Inspector completed the most recent inspection. The site uses well water, a septic tank, and propane service, with wall or window unit cooling. The property is situated on 0.2116 acres and is zoned CR.
The property provides off-street parking for more than 25 vehicles and is located at 923 State Route 32 in Highland Mills, Orange County. A Fire Inspector completed the most recent inspection. The site uses well water, a septic tank, and propane service, with wall or window unit cooling. The property is situated on 0.2116 acres and is zoned CR.
Key Highlights
- 2,600 SF restaurant space on 0.2116 acres
- 1,000 SF patio area for additional seating
- Off‑street parking for over 25 vehicles
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
$22,604
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
5.32%
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%
$452,080
$452.1K
Cap Rate 7%
$322,914
$322.9K
Cap Rate 9%
$251,156
$251.2K
Market Conditions
NOI Build-Up for 2,600 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
$31.2K $12.00/SF
− Vacancy
−$1.1K −$0.41/SF
EGI
$30.1K $11.59/SF
− OpEx
−$7.5K −$2.90/SF
NOI
$22.6K $8.69/SF
Area
Orange County, NY
Vacancy
3.40%
Lease Rate
$12.00 /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%
$452,080
Cap Rate 7%
$322,914
Cap Rate 9%
$251,156
Alternative Uses
Best Use
Specialty Retail
$322.9K
$282.6K – $376.7K
NOI $22,604 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$880.6K
$770.5K – $1.03M
NOI $61,641 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10930, NY
9,331
Population
3,647
Households
2.6
Avg Household Size
39
Median Age
48%
College-Educated
95%
High-School Grad
16.0 sq mi
ZIP Area
583
Density / Sq Mi
$141,893
Median Household Income
$62,878
Median Earnings
$1,890
Median Rent
$399,700
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant space includes kitchen equipment, off-street parking, and outdoor seating.
Where is this conventional restaurant located?
The property is located at 923 State Route 32 Highland Mills, NY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,600 SF restaurant space on 0.2116 acres; 1,000 SF patio area for additional seating; Off‑street parking for over 25 vehicles
