7304 Main StLima, NY 14485

Property Details for 7304 Main St

Year built

1965

Lot size

0.24 AC

Property size (Sq ft)

9,630 SF

Zone code

05 - COMMERCIAL

Property type

Hotels

APN

243201 37.14-1-77

APU

2432013714177

Description

A rare opportunity awaits with the acquisition of the American Hotel of Lima, a historic landmark boasting over 230 years of rich history. Situated at a high-traffic, highly visible gateway to the Finger Lakes Region, this 13,032 square foot property, built in 1840, sits on a 0.23-acre lot. Currently operating as a thriving full-service bar, hotel, and event venue, the American Hotel offers numerous income streams. Many second-floor rooms are available for rent, complemented by a spacious event area ideal for larger gatherings. Recently honored with a preservation award from New York State and The Landmark Society of Western New York for the restoration of its front portico, the building is in excellent condition. The property's versatility presents endless possibilities. Its prime location makes it perfectly suited for a tasting room showcasing the abundance of local wineries, breweries, and distilleries, with ample space for outdoor dining or a beer garden. Alternative uses could include a test kitchen, a boutique hotel, or numerous other ventures. Priced at $499,000, this turnkey business presents a unique investment opportunity with significant upside potential in a desirable location. The American Hotel of Lima is poised for its next chapter, and awaits a visionary owner to guide it into the future.

• CAP approach

  CAP return

  Valuation

  6%

  $1,766,316

  6.5%

  $1,630,446

  7%

  $1,513,985

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,067,481

  Geo Method

  $1,423,685

• Alternative Use

  Use

  Valuation

  Residential

  $1,779,973

  Hospitality

  $1,630,446

  Educational

  $1,356,512

  Medical

  $1,403,164

  Retail

  $2,110,129

Location Insight

City

Lima

County

Livingston

State

New York

Latitude

42.9044

Longitude

-77.6114

CBSA code

40380

CBSA name

ROCHESTER, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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