1636 Shore DrIthaca, NY 14850

Property Details for 1636 Shore Dr

Year built

1990

Lot size

1.96 AC

Property size (Sq ft)

6,488 SF

Property type

Bars

APN

503201 42.1-1-28.2

APU

5032014211282

Description

This exceptional 6,488 square foot banquet and event center presents a unique investment opportunity in Ithaca, New York. Situated on nearly 12 acres of beautifully landscaped grounds, the property boasts stunning views of Cayuga Lake. The building comfortably accommodates up to 300 guests inside, featuring a large dance floor and a fully equipped, turnkey commercial kitchen. A spacious back deck expands seating capacity, while the extensive grounds provide an idyllic setting for outdoor ceremonies and events. The center currently operates as a successful venue hosting weddings, banquets, and parties, and also offers outside catering services. Its convenient location offers easy access to Cornell University, Ithaca College, numerous hotels, and the vibrant downtown Ithaca business district. Adding to its potential, an additional 10 acres of adjoining land overlooking Cayuga Lake presents significant development opportunities for expansion or future projects. This turnkey operation offers a rare combination of established revenue streams and substantial growth potential in a highly desirable location. The property's size, amenities, and picturesque setting make it an exceptional choice for a discerning investor seeking a profitable and established business in the thriving Ithaca market.

• CAP approach

  CAP return

  Valuation

  6%

  $1,540,124

  6.5%

  $1,421,653

  7%

  $1,320,106

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,493,684

  Geo Method

  $2,136,260

• Alternative Use

  Use

  Valuation

  Residential

  $1,199,217

  Hospitality

  $1,098,477

  Educational

  $913,920

  Medical

  $945,351

  Retail

  $1,421,653

Location Insight

City

Ithaca

County

Tompkins

State

New York

Latitude

42.5107

Longitude

-76.5097

CBSA code

27060

CBSA name

ITHACA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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