Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Cortland Commercial Building For Sale Title is generated by Realmo AI

    219 1/2 Tompkins St, Cortland, NY 13045

    View on Map
    Claim this Listing
    For Sale
    $385,000

    Commercial building near SUNY Cortland, suitable for various enterprises.

    Property size:
    3,378 SF
    Price / SF:
    $113/SF
    Added:
    Jan 1, 2024
    Days on Market:
    884
    Last Refresh:
    May 12 at 9:00 pm

    Property Features for 219 1/2 Tompkins St

    General Information

    Standard status
    Active
    Size
    3,378 SF
    Property subtype
    Other

    Building Details

    Year Built
    1974

    We can help!

    Listing Contact
    Yaman Real Estate

    Listing agent Yaman Real Estate

    Listing office

    Listing date Jan 1, 2024

    Source Xome

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Yaman Real Estate

    HighLights

    • PRIME Location near SUNY Cortland.
    • Owner‑financing available.
    • Suitable for restaurant or other commercial enterprise.
    • New roof installed in 2022.
    • Handicap accessible and up‑to‑code restrooms.
    • Optional purchase of adjacent 4‑bedroom house for living or rental.

    Overview

    This commercial building, designed in 1974 by architect Conrad Arnold, is located a short distance from SUNY Cortland. Previously home to The Red Dragon restaurant, the property is suitable for a restaurant or other commercial enterprise. The building features an open floor plan, central air conditioning, radiant floor heat in the banquet room, a working fireplace, and operable restrooms. Handicap accessibility is up to code. A new roof was installed in 2022. Owner-financing is available. An adjacent 4-bedroom, 1.5-bath single-family home at 221 Tompkins Street is optionally available for purchase, presenting an opportunity for residential use or student rental, given the commercially zoned land.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Cortland
    County
    Cortland
    State
    New York
    Longitude
    -76.1960427
    Latitude
    42.5876187

    Nearby Similar for Sale

    • $399,900
      4,540 SF

      Versatile Commercial Property Near Cortland

      Well-maintained commercial building with high ceilings and vehicle repair designation.
      1134 State Route 13, Cortland, NY 13045
      View Details
    • $2,950,000
      11,520 SF

      14-Unit Student Housing Investment

      Professionally managed 14-unit portfolio near SUNY Cortland with three-bedroom layouts, parking, and common laundry.
      112 Groton Avenue, Cortland, NY 13045
      View Details
    • $900,000
      6,560 SF

      Profitable Virgil Property with Multiple Streams

      Turn-key investment property with welding business, storage, and U-Haul.
      1234 State Route 392, Cortland, NY 13045
      View Details
    • $350,000
      4,560 SF

      ADA Compliant Medical Office Building

      Turnkey two-story facility with an elevator, multiple exam rooms, offices, and accessibility-ready design for healthcare or wellness users.
      97-103 N Main Street, Cortland, NY 13045
      View Details
    • $229,500
      1,938 SF

      Distinctive Multi-Family Property in Cortland

      Two homes joined by breezeway, ideal for owner-occupancy or investment.
      20 Scammell Street, Cortland, NY 13045
      View Details
    • $299,900
      3,610 SF

      Turn-Key Office Building with Retail

      3,610 sq ft turn-key office building with retail potential.
      997 Mclean Road, Cortland, NY 13045
      View Details
    • $159,000
      1,610 SF

      Charming Cortland City Duplex

      Two-unit property near downtown Cortland, convertible to single-family.
      30 Squires Street, Cortland, NY 13045
      View Details
    • $165,000
      2,336 SF

      Cortland Duplex: Investment or Owner-Occupancy

      Side-by-side duplex in Cortland, ideal for investors or owner-occupants.
      105 Pendleton Street, Cortland, NY 13045
      View Details
    • $185,000
      3,456 SF

      Cortland Triplex with Extra Lot

      Three-unit property in Cortland, NY with additional parking space.
      2 South Avenue, Cortland, NY 13045
      View Details
    • $95,000
      2,126 SF

      Two-Unit Home with Large Yard

      Two-unit home with investment potential in a residential neighborhood.
      55 Hubbard Street, Cortland, NY 13045
      View Details
    • $159,900
      1,828 SF

      Well-Maintained Duplex in Cortland, NY

      Duplex with recent updates, parking, and garage, ideal for investors.
      17 Frank Street, Cortland, NY 13045
      View Details
    • $189,900
      2,164 SF

      Well-Maintained Duplex on Quiet Street

      Comfortable duplex with income potential in a prime location.
      13 Pine Street, Cortland, NY 13045
      View Details

    FAQs

    What type of property is this?
    Restaurant - Commercial building near SUNY Cortland, suitable for various enterprises.
    Where is this restaurant located?
    The property is located at 219 1/2 Tompkins St Cortland, NY.
    What is the asking price?
    The asking price for this property is $385,000.
    What are key features of this property?
    This property features: PRIME Location near SUNY Cortland.; Owner‑financing available.; Suitable for restaurant or other commercial enterprise.
    (607) 753-9644
    We can help!
    Listing Contact
    Yaman Real Estate
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    219 1/2 Tompkins St, Cortland, NY 13045
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!