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    219 Tompkins St Cortland, NY 13045

    Sponsored
    For Sale
    $450,000

    Historic Restaurant Building, Huge Potential

    Property size:
    3,378 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    341
    This exceptional 3,378 square foot commercial building, situated on a 0.73-acre lot at 219 1/2 Tompkins Street in Cortland, NY, presents a unique investment opportunity. Originally designed in 1974 by renowned architect Conrad Arnold as his office, it later gained prominence as the beloved Red Dragon restaurant, establishing itself as a local landmark. The building boasts an open floor plan, ideal for a variety of commercial uses, making it perfect for a restaurant or other enterprise. Its prime location is just a short distance from SUNY Cortland, offering significant potential for student-oriented businesses. Recent upgrades include a new roof (2022), central air conditioning, and radiant floor heating in the banquet room. The property also features a working fireplace, fully compliant restrooms, and handicap accessibility, ensuring compliance with all relevant codes. An optional purchase includes the adjacent 4-bedroom, 1.5-bathroom single-family home at 221 Tompkins Street for an additional $150,000, providing the possibility of owner-occupied living or a lucrative student rental property. This expansive commercially zoned property offers immense potential and is priced at $450,000. Don't miss this chance to own a piece of Cortland's history and capitalize on its vibrant commercial landscape.

    Property Features for 219 Tompkins St

    General Information

    Property type
    Other commercial real estate
    Square Feet
    3,378 SF
    Lot Size
    31,799 SF

    Building Details

    Year Built
    1974
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Cortland
    County
    Cortland
    State
    New York
    Longitude
    -76.19656
    Latitude
    42.58741

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    FAQs

    What type of property is this?
    Commercial real estate - Historic Restaurant Building, Huge Potential
    Where is this commercial real estate located?
    The property is located at 219 Tompkins St Cortland, NY.
    What is the asking price?
    The asking price for this property is $450,000.
    (607) 753-9644
    Request Owner's contact information
    219 Tompkins St Cortland, NY 13045
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    Cortland, NY 13045
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    Realmo Value Estimation

    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.

    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.

    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
    219 Tompkins St Cortland, NY 13045
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