Lakefront Resort With
For Sale
$4,500,000
179 S Rainbow Shores Road, Pulaski, NY 13142
Historic hospitality property with guest cabins, event capacity, and Lake Ontario frontage.
Property Size11,716 SF
Lot Size3.83 Acres
Days on Market776
Property Features for 179 S Rainbow Shores Road
General Information
Standard status
Active
Size
11,716 SF
Total Parking Spaces
100
Lot size
3.83 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$24,000
Amenities
lakeside
cabins
wedding venue
parking for 50-100 cars
Building Details
Building Size
11,716 SF
Year Built
1920
Buildings
8
Units
16
Listing Agency:
Payne Team LLC
(845) 649-1720
Listed By:
Dawn M. Payne · License #10491209069
(845) 649-1720
Source:
Professionalchoicerealty
Added: Jul 16, 2024
Changed: Aug 29
Last Checked: Aug 25 at 9:29AM
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 Payne Team LLC
Investment Insights
Based on property information with market context.
Built in 1920, Rainbow Shores is a lakefront hospitality property on 3.83 acres along Lake Ontario. The improvements include 15 cabins, many updated, along with an established restaurant facility and grounds suited to guest accommodations and events. A total of 11,716 square feet is reported for the property.
The site includes 500 feet of lakefront and parking for 50 to 100 cars. Its setting near private state land provides a natural backdrop for weddings, corporate functions, and other gatherings. The property also offers outdoor areas connected to the shoreline environment. Above-ground oil heating is reported.
The site includes 500 feet of lakefront and parking for 50 to 100 cars. Its setting near private state land provides a natural backdrop for weddings, corporate functions, and other gatherings. The property also offers outdoor areas connected to the shoreline environment. Above-ground oil heating is reported.
Key Highlights
- 3.83‑acre resort property on Lake Ontario
- 500 feet of lakefront
- 15 cabins, many of which have been updated
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
$151,523
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
3.37%
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%
$3,030,460
$3.0M
Cap Rate 7%
$2,164,614
$2.2M
Cap Rate 9%
$1,683,589
$1.7M
Market Conditions
NOI Build-Up for 11,716 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
$210.9K $18.00/SF
− Vacancy
−$8.9K −$0.76/SF
EGI
$202.0K $17.24/SF
− OpEx
−$50.5K −$4.31/SF
NOI
$151.5K $12.93/SF
Area
Oswego County, NY
Vacancy
4.20%
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%
$3,030,460
Cap Rate 7%
$2,164,614
Cap Rate 9%
$1,683,589
Alternative Uses
Best Use
Specialty Retail
$2.16M
$1.89M – $2.53M
NOI $151,523 @ 7.0% cap · market cap 3.37%
Second Best
Hotel Hospitality
$1.07M
$939.1K – $1.25M
NOI $75,129 @ 7.0% cap · market cap 1.67%
Theoretical Best
Office A
$2.34M
$2.04M – $2.73M
NOI $163,582 @ 7.0% cap · market cap 3.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 13142, NY
6,323
Population
3,465
Households
1.8
Avg Household Size
43
Median Age
23%
College-Educated
92%
High-School Grad
72.2 sq mi
ZIP Area
88
Density / Sq Mi
$85,000
Median Household Income
$41,152
Median Earnings
$852
Median Rent
$157,500
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 - Historic hospitality property with guest cabins, event capacity, and Lake Ontario frontage.
Where is this resort located?
The property is located at 179 S Rainbow Shores Road Pulaski, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 3.83‑acre resort property on Lake Ontario; 500 feet of lakefront; 15 cabins, many of which have been updated
