Listing Agency: Canaan Realty c***@gmail.com Show Phone

Listed By: Allen T. Olmsted · License #37OL0750434 Show Phone

Source: Exprealty

Added: Jul 15, 2024 Changed: Aug 8 Last Checked: Aug 8 at 6:02AM

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Investment Insights

Based on property information with market context.

This property presents an opportunity as a ski resort, featuring lifts, a lodge, and snow-making equipment. Alternatively, the property could serve as a rural event center or wedding venue, offering substantial acreage and a retreat venue spanning over 22,000 square feet, complemented by parking for over 300 vehicles. The solid block, free-span building construction, outbuildings, and scenery support the creation of a four-season destination or a remote hub for various ventures. The property could also be converted into glamping sites with a main lodge for events.

Key Highlights

• Fully available ski resort with lifts, lodge, and snow‑making equipment ready for operation.
• Potential for use as a rural event center or wedding venue with ample acreage and a 22,000+ sq ft retreat venue.
• Parking available for over 300 cars.

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$155,651

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

7.80%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$3,113,020 $3.1M

Cap Rate 7%

$2,223,586 $2.2M

Cap Rate 9%

$1,729,456 $1.7M

Market Conditions

NOI Build-Up for 22,000 SF 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.

Gross rent

$377.5K $17.16/SF

− Vacancy

−$49.8K −$2.27/SF

EGI

$327.7K $14.89/SF

− OpEx

−$172.0K −$7.82/SF

NOI

$155.7K $7.08/SF

Area

Onondaga County, NY

Vacancy

13.20%

Lease Rate

$17.16 /SF/Yr

Expense Ratio

52.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$3,113,020

Cap Rate 7%

$2,223,586

Cap Rate 9%

$1,729,456

Alternative Uses

Best Use

Hotel Hospitality

$2.22M

$1.95M – $2.59M (±1% cap)

NOI $155,651 @ 7.0% cap · market cap 7.80%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.82M

$3.35M – $4.46M (±1% cap)

NOI $267,633 @ 7.0% cap · market cap 13.42%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Skating rinks

Suggested Use

Top Pick Auto Repair Shop Food Market Farmer's Market Department Store Car Rental Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

10

Businesses Nearby

Explore this area Business Placement

Demographics for 13063, NY

1,902

Population

810

Households

2.3

Avg Household Size

43

Median Age

29%

College-Educated

95%

High-School Grad

36.6 sq mi

ZIP Area

52

Density / Sq Mi

$80,250

Median Household Income

$55,391

Median Earnings

$852

Median Rent

$216,000

Median Home Value

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Skating rink - Ski resort, event center, or wedding venue opportunity.

Where is this skating rink located?

The property is located at 1135 Toggenburg Rd Fabius, NY.

What is the asking price?

The asking price for this property is $1,995,000.

What are key features of this property?

This property features: Fully available ski resort with lifts, lodge, and snow‑making equipment ready for operation.; Potential for use as a rural event center or wedding venue with ample acreage and a 22,000+ sq ft retreat venue.; Parking available for over 300 cars.