219 Tompkins StCortland, NY 13045

Property Details for 219 Tompkins St

Year built

1974

Lot size

0.38 AC

Property size (Sq ft)

3,378 SF

Zone code

05 - COMMERCIAL

Property type

Turn key restaurants

APN

110200 96.31-01-17.000

APU

11020096310117000

Description

This exceptional 3,378 square foot commercial building, situated on a 0.73-acre lot at 219 1/2 Tompkins Street in Cortland, NY, presents a unique investment opportunity. Originally designed in 1974 by renowned architect Conrad Arnold as his office, it later gained prominence as the beloved Red Dragon restaurant, establishing itself as a local landmark. The building boasts an open floor plan, ideal for a variety of commercial uses, making it perfect for a restaurant or other enterprise. Its prime location is just a short distance from SUNY Cortland, offering significant potential for student-oriented businesses. Recent upgrades include a new roof (2022), central air conditioning, and radiant floor heating in the banquet room. The property also features a working fireplace, fully compliant restrooms, and handicap accessibility, ensuring compliance with all relevant codes. An optional purchase includes the adjacent 4-bedroom, 1.5-bathroom single-family home at 221 Tompkins Street for an additional $150,000, providing the possibility of owner-occupied living or a lucrative student rental property. This expansive commercially zoned property offers immense potential and is priced at $450,000. Don't miss this chance to own a piece of Cortland's history and capitalize on its vibrant commercial landscape.

• CAP approach

  CAP return

  Valuation

  6%

  $801,871

  6.5%

  $740,189

  7%

  $687,318

• Comparable approach

  Method

  Valuation

  Relative Method

  $777,692

  Geo Method

  $1,112,251

• Alternative Use

  Use

  Valuation

  Residential

  $624,377

  Hospitality

  $571,926

  Educational

  $475,836

  Medical

  $492,200

  Retail

  $740,189

Location Insight

City

Cortland

County

Cortland

State

New York

Latitude

42.5873

Longitude

-76.1965

CBSA code

18660

CBSA name

CORTLAND, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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