7434 Fair Haven RdHomer, NY 13077

Property Details for 7434 Fair Haven Rd

Year built

1940

Lot size

5.80 AC

Property size (Sq ft)

3,634 SF

Property type

Turn key restaurants

APN

113800 14.00-01-05.000

APU

11380014000105000

Description

This exceptional 4,788 square foot commercial property, situated on a desirable 5.8-acre lot directly on Skaneateles Lake in Homer, NY, presents a rare investment opportunity. The sale includes an established, currently leased, turn-key restaurant business and a thriving marina operation, complete with all associated equipment. The marina currently boasts 29 slips generating income between $1850 and $1950 each, and 10 pontoon lifts at $2350 each, with significant potential for expansion. Recent improvements have significantly enhanced the property's value and operational efficiency. These include a complete marina dredging, a new seawall, tree removal, new docks, and the installation of 10 new pontoon lifts. The main building has also undergone substantial renovations. This includes a new roof on half the building, replacement windows and insulation on the second floor, a complete renovation of a second-floor suite, and a new well and water treatment system. The restaurant itself has also benefited from upgrades, including a new dishwasher, a new fryer, an upgraded Ansul system and exhaust hood, and new flooring. A new second-floor exit with a covered stairwell has also been added. This property offers substantial income potential from the existing marina, restaurant, and lodging opportunities, with significant room for future expansion and development. Priced at $1,750,000, this is a truly unique opportunity to acquire a profitable and highly desirable commercial property on the shores of Skaneateles Lake.

• CAP approach

  CAP return

  Valuation

  6%

  $862,640

  6.5%

  $796,283

  7%

  $739,406

• Comparable approach

  Method

  Valuation

  Relative Method

  $836,629

  Geo Method

  $1,196,542

• Alternative Use

  Use

  Valuation

  Residential

  $671,695

  Hospitality

  $615,269

  Educational

  $511,896

  Medical

  $529,501

  Retail

  $796,283

Location Insight

City

Homer

County

Cortland

State

New York

Latitude

42.766

Longitude

-76.2673

CBSA code

18660

CBSA name

CORTLAND, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at support@paperhouses.co and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at support@paperhouses.co.