NEW PALTZ NY - ID: 20203164
On the Market
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  • Price: $1,800,000
  • Bedrooms: 5
  • Bathrooms: 1 (full)
  • Sq. Feet: 7,891
  • Acreage: 0.16
  • Year Built: 1967
  • School District: NEW PALTZ
    Vetere Real Estate
    (845) 338-0571
Property Type: Restaurant

Description: Rare opportunity to purchase the finest restaurant location in New Paltz. Sales price includes the Murphy's building and all restaurant fixtures and equipment. Turn-key opportunity! 7, 891 square foot building includes large restaurant with full commercial kitchen and outdoor seating, leased four-bedroom upstairs apartment, full basement for restaurant storage and equipment, and attic for additional storage. Strategically located on a bend on Main Street in the center of the Village of New Paltz dining/shopping/nightlife district - unmatched visibility and foot traffic. Restaurant buyer can achieve lower net operating costs than renting, while accumulating equity and participating in asset appreciation. SBA loans available at below 3% interest, with just 10% down. Leased upstairs apartment generates $2, 800 per month, covering building operating costs. Significant recent upgrades include new main roof, four large restaurant AC units, and an upgraded POS system. New rear roof being installed now. There are only five bars in New Paltz (including Murphy's) with a "grandfathered" 4:00 AM liquor license - significant revenue generated by the late night bar crowd. Daytime occupancy of 95 and nighttime occupancy of 178 delivers the scale necessary for a profitable restaurant/bar operation. Stand-alone building has superior sunlight and Main Street views vs. competing Main Street restaurants, creating an exceptionally pleasant dining and drinking environment. Kitchen equipment, sound system, flat screen TVs, plates, glasses, cutlery, furniture, and all other restaurant equipment (other than food and alcohol) included in the purchase.


Listing courtesy of: New Paltz Properties / Listing Agent: Matthew Eyler
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