363 Lake Shore DrDunkirk, NY 14048

Property Details for 363 Lake Shore Dr

Year built

1954

Lot size

2.90 AC

Property size (Sq ft)

4,545 SF

Zone code

R1

Property type

Motels

APN

060300 78.20-1-24.1

APU

6030078201241

Description

This exceptional investment opportunity presents a partially renovated motel at 363 Lake Shore Drive West in Dunkirk, New York. Boasting 4,618 square feet on a 1.8-acre lot, this property offers significant upside potential. The existing structure has undergone substantial renovations, including a new roof, siding, windows, doors, electrical panel and service, plumbing, and PTAC heating and air conditioning units. Four rooms are fully renovated and ready for immediate rental income generation. The property's layout allows for expansion to a total of sixteen rentable rooms, significantly increasing revenue potential. Its prime location near Point Gratiot Beach, Dunkirk Pier, and SUNY Fredonia ensures high occupancy rates and strong demand. The property is being offered at $399,900. The seller is open to a package deal including the adjacent property at 365 Lake Shore Drive West, presenting an even more compelling investment opportunity for a buyer seeking to acquire a larger portfolio. This is a rare chance to acquire a well-located motel with significant renovation already completed, poised for immediate income generation and future expansion. The property's strong location and potential for growth make it an attractive investment for both seasoned investors and new business owners seeking to enter the hospitality industry. This is a turnkey opportunity to establish a thriving lodging business in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $990,105

  6.5%

  $913,943

  7%

  $848,661

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,044,888

  Geo Method

  $2,135,509

• Alternative Use

  Use

  Valuation

  Residential

  $997,760

  Hospitality

  $913,943

  Educational

  $760,390

  Medical

  $786,541

  Retail

  $1,182,828

Location Insight

City

Dunkirk

County

Chautauqua

State

New York

Latitude

42.4817

Longitude

-79.3549

CBSA code

27460

CBSA name

JAMESTOWN-DUNKIRK-FREDONIA, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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