18-Hole Golf Course
218 N Applegate Road Ithaca, NY 14850
218 N Applegate Road, Ithaca, NY, 14850
$4,200,000
For Sale
$4,200,000
COMMERCIAL - Ithaca, NY
Property Size13,969 SF
Lot Size141.00 Acres
Price / SF$300.67
Days on Market363
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, Vinyl, Carpet
- Roof type
- Metal
Listing Agency
RE/MAX In Motion
(607) 277-1500
412 E Upland Rd, Ithaca, NY
Listed by
Chelsey Smith · License #10401325229
(607) 592-8553
Added: Jul 21, 2025 Checked: Jul 18 at 3:06 pm
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.
Investment Insights
Based on property information with market context.
Hillendale Golf Course is a fully operating 18-hole, par-70 golf course situated on approximately 141 acres, presented as a turnkey estate opportunity. The property includes a fully equipped Pro Shop, pristine putting greens, and a driving range.
Amenities also include a turnkey restaurant with a full commercial kitchen, plus a "Party Barn" offering a second commercial kitchen and a bar. Residential space includes a private owner’s suite with 2 beds and 2 baths, and a separate Airbnb rental with 3 beds, 1.5 baths, and laundry.
Additional building lots are included for future expansion or custom homesites. The setting is described as part of the Finger Lakes region, and the property is noted as being about 20 minutes from Cornell University and Ithaca College.
Amenities also include a turnkey restaurant with a full commercial kitchen, plus a "Party Barn" offering a second commercial kitchen and a bar. Residential space includes a private owner’s suite with 2 beds and 2 baths, and a separate Airbnb rental with 3 beds, 1.5 baths, and laundry.
Additional building lots are included for future expansion or custom homesites. The setting is described as part of the Finger Lakes region, and the property is noted as being about 20 minutes from Cornell University and Ithaca College.
Key Highlights
- 141‑acre Hillendale Golf Course featuring an 18‑hole, par‑70 layout
- On‑site amenities include a fully equipped pro shop, pristine putting greens, and a driving range
- Food and event options include a restaurant with full commercial kitchen and a “party barn” with a second commercial kitchen and bar
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $251.4k | $18.00 |
| − Vacancy | −$10.6k | −$0.76 |
| EGI | $240.9k | $17.24 |
| − OpEx | −$60.2k | −$4.31 |
| NOI | $180.7k | $12.93 |
13,969 SF · lease $18.00/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$2.58M
$2.26M – $3.01M
NOI $180,661 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.36M
$3.81M – $5.09M
NOI $305,126 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Hillendale Golf Course
Golf Course
Similar For Sale Nearby
FAQs
What type of property is this?
Golf course & driving range - Turnkey 18-hole, par-70 golf course with pro shop, driving range, putting greens, and restaurant operations on 141 acres.
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 $4,200,000.
What are key features of this property?
This property features: 141‑acre Hillendale Golf Course featuring an 18‑hole, par‑70 layout; On‑site amenities include a fully equipped pro shop, pristine putting greens, and a driving range; Food and event options include a restaurant with full commercial kitchen and a “party barn” with a second commercial kitchen and bar
