Unique Ski Resort
For Sale
$3,500,000
1493 Thornton Rd, Cherry Creek, NY 14723
Ski resort with campground, lodge, and potential for expansion.
Property Size10,000 SF
Lot Size462.00 Acres
Price / SF$350
Days on Market1123
Property Features for 1493 Thornton Rd
General Information
Standard status
Active
Size
10,000 SF
Lot size
462.00 Acres
Taxes and HOA fees
Annual Taxes
$21,023
Listing Agency:
Howard Hanna Professionals - Olean
(716) 353-3222
Listed By:
Kelly Patrone · License #30PA0967867
(716) 353-3222
Source:
Exprealty
Added: Jul 17, 2023
Changed: Aug 8
Last Checked: Aug 8 at 5:59AM
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 Howard Hanna Professionals - Olean
Investment Insights
Based on property information with market context.
This property presents an opportunity to own a ski resort or explore alternative business ventures. The site currently features a campground with 13 electric-equipped sites, with potential for expansion to include yurts and tent sites. The location benefits from numerous snowmobile, horseback riding, and hiking trails. The property also lends itself to establishing a brewery with an outdoor entertainment stage. Constructed in 2019, the main lodge offers 10,000 square feet of space and can accommodate 300 guests, making it suitable for events such as weddings. It includes a bar area with seating. The former ski patrol area at the back of the building could be converted into apartments for additional income. A unique feature of this resort is its private airstrip. With some maintenance, the airstrip could be restored to accommodate private pilots. Alternatively, it could serve as a landing area for guests interested in hunting on the acreage, which is bordered by state land. The property offers a range of possibilities for development.
Key Highlights
- 10,000 sq ft Main Lodge built in 2019, featuring a bar area and a capacity for 300 guests.
- Campground infrastructure with 13 electric sites and expansion potential.
- Private airstrip offering unique access.
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
$131,490
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
3.76%
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%
$2,629,800
$2.6M
Cap Rate 7%
$1,878,429
$1.9M
Cap Rate 9%
$1,461,000
$1.5M
Market Conditions
NOI Build-Up for 10,000 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
$180.0K $18.00/SF
− Vacancy
−$4.7K −$0.47/SF
EGI
$175.3K $17.53/SF
− OpEx
−$43.8K −$4.38/SF
NOI
$131.5K $13.15/SF
Area
Chautauqua County, NY
Vacancy
2.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,629,800
Cap Rate 7%
$1,878,429
Cap Rate 9%
$1,461,000
Alternative Uses
Best Use
Specialty Retail
$1.88M
$1.64M – $2.19M
NOI $131,490 @ 7.0% cap · market cap 3.76%
Second Best
Hotel Hospitality
$792.5K
$693.5K – $924.6K
NOI $55,477 @ 7.0% cap · market cap 1.59%
Theoretical Best
Office A
$2.99M
$2.62M – $3.49M
NOI $209,520 @ 7.0% cap · market cap 5.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 14723, NY
1,222
Population
559
Households
2.2
Avg Household Size
41
Median Age
14%
College-Educated
84%
High-School Grad
45.4 sq mi
ZIP Area
27
Density / Sq Mi
$63,611
Median Household Income
$43,056
Median Earnings
$842
Median Rent
$101,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Resort - Ski resort with campground, lodge, and potential for expansion.
Where is this resort located?
The property is located at 1493 Thornton Rd Cherry Creek, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 10,000 sq ft Main Lodge built in 2019, featuring a bar area and a capacity for 300 guests.; Campground infrastructure with 13 electric sites and expansion potential.; Private airstrip offering unique access.
