Restaurant Space with
For Sale
$425,000
923 State Route 32, Highland Mills, NY 10930
COMMERCIAL - Highland Mills, NY
Property Size2,600 SF
Lot Size0.21 Acres
Price / SF$163.46
Days on Market237
Property Features for 923 State Route 32
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CR
Rooms
Basement
Basement
Storage Space, Partial
Appliances
Gas Cooktop, Gas Oven, Gas Range, Gas Water Heater
Standard status
Active
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
Window Unit(s), Wall/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: Aug 4
Last Checked: Aug 16 at 8:06AM
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 restaurant space is currently not operating and will require new C/O from the town. The offering includes a 2,600 SF restaurant interior, a separate banquet area, and an ADA-compliant restroom. An outdoor dining patio provides an additional 1,000 SF of seating.
Operational support items referenced include that the hoods and stovetops have been cleaned, and a fire inspector has completed a most recent inspection. Off-street parking is provided for over 25 vehicles.
The building is frame construction and served by propane for heating, along with window and wall/window unit air conditioning. Water is from a well and the sewer is a septic tank, with a basement included as part of the layout.
Operational support items referenced include that the hoods and stovetops have been cleaned, and a fire inspector has completed a most recent inspection. Off-street parking is provided for over 25 vehicles.
The building is frame construction and served by propane for heating, along with window and wall/window unit air conditioning. Water is from a well and the sewer is a septic tank, with a basement included as part of the layout.
Key Highlights
- 2,600 SF restaurant space not currently operating; new C/O required
- 1,000 SF patio with additional seating
- ADA‑compliant restroom plus separate banquet area
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
Property Profile
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
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 space in CR zoning with off-street parking and a separate banquet area plus ADA-compliant restroom.
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 not currently operating; new C/O required; 1,000 SF patio with additional seating; ADA‑compliant restroom plus separate banquet area
