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    218 N Applegate Road Ithaca, NY 14850

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    Claim this Listing
    For Sale
    $4,500,000

    COMMERCIAL - Ithaca, NY

    Property size:
    13,969 SF
    Lot size:
    141.00 Acres
    Added:
    Jul 21, 2025
    Days on Market:
    272
    Last Refresh:
    Apr 18 at 2:06 pm

    Property Features for 218 N Applegate Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    50
    Parking features
    Paved or Surfaced, Driveway
    Exterior features
    PropaneTankLeased
    Standard status
    Active
    APN
    2.-3-10, 3.-1-6.3,3.-1-10, 3.-1-8.21
    Size
    13,969 SF
    Lot size
    141.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    23384

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Propane (Heating), Forced Air
    Cooling system
    Central Air
    Water source
    Well

    Building Details

    Year built
    1985
    Floors in Building
    2
    Flooring type
    Linoleum, Carpet, Vinyl
    Roof type
    Metal

    We can help!

    Listing Contact
    Chelsey Smith
    Chelsey Smith

    Listing agent Chelsey Smith License #10401325229

    Listing office RE/MAX In Motion 412 E Upland Rd, Ithaca, NY

    Listing date Jul 21, 2025

    MLS# R1620000

    Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Hillendale Golf Course Estate Retreat

    Located in the Finger Lakes region, near waterfalls and wineries, the Hillendale Golf Course is a 141-acre property. This estate includes an 18-hole, par-70 golf course. Amenities include a fully-equipped Pro Shop, putting greens, a driving range, and a turnkey restaurant with a full commercial kitchen. There is also a "Party Barn" with a second commercial kitchen and bar. The property features a private owner's suite with two beds and two baths, as well as an Airbnb rental unit with three beds, one and a half baths, and laundry. Additional building lots are available for future expansion or custom homesites. The property is located 20 minutes from Cornell University and Ithaca College. The property has potential for development into a boutique resort, private estate compound, golf-centric enclave, wellness retreat, or residential community.
    Location Intelligence

    Current Use by Public Records

    Hillendale Golf Course Golf Course

    Suggested Use

    Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Auto Parts Store Storage Facility Garden Center Veterinary Clinic Travel Agency

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ithaca
    County
    Tompkins
    State
    New York
    Longitude
    -76.6119674
    Latitude
    42.4673035

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    FAQs

    What type of property is this?
    Golf course & driving range - 141-acre golf course estate near Ithaca with development potential.
    Where is this golf course & driving range located?
    The property is located at 218 N Applegate Road Ithaca, NY.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: 141‑acre estate featuring an award‑winning 18‑hole golf course in the Finger Lakes region.; Turnkey operation with multiple income streams from the golf course, restaurant, bar, and Airbnb rental.; Limitless development potential for a resort, residential community, or wellness retreat.
    (607) 592-8553
    We can help!
    Listing Contact
    Chelsey Smith
    Chelsey Smith
    Real Estate License ID: 10401325229
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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