Banquet and Event
1636 Shore Drive East Ithaca, NY 14850
For Sale
$695,000
Event center with a turnkey commercial kitchen, indoor seating for up to 300, and a back deck for additional outdoor seating.
Property Size6,488 SF
Price / SF$107.12
Days on Market14
Property Features for 1636 Shore Drive East
General Information
- Standard status
- Active
- Size
- 6,488 SF
- Property subtype
- Retail
Listing Agency:
Ithaca Office
(607) 277-2327
Listed By:
David Huckle, SIOR
(607) 277-2327
Source:
Pyramidbrokerage
Added: Jul 10
Changed: Jul 23
Last Checked: Jul 23 at 7:58AM
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 Ithaca Office
Investment Insights
Based on property information with market context.
This banquet and event center features a 6,488 SF building configured for inside seating up to 300. The property includes a turnkey commercial kitchen and a large dance floor, along with a back deck that adds outdoor seating capacity. Well-landscaped grounds are suited to ceremonies and other on-site events.
Set on nearly 12 acres just outside Ithaca, the center offers seasonal views of Cayuga Lake. The listing notes past hosting of weddings, banquets, parties, and outside catering, and highlights convenient access within a short drive of Cornell University, Ithaca College, and area hotels and attractions.
In addition to event operations, excess acreage on the property is described as allowing for development options.
Set on nearly 12 acres just outside Ithaca, the center offers seasonal views of Cayuga Lake. The listing notes past hosting of weddings, banquets, parties, and outside catering, and highlights convenient access within a short drive of Cornell University, Ithaca College, and area hotels and attractions.
In addition to event operations, excess acreage on the property is described as allowing for development options.
Key Highlights
- 6,488 SF banquet & event center building with inside seating for up to 300
- Nearly 12 acres of property with seasonal views of Cayuga Lake
- Turnkey commercial kitchen plus large dance floor
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $61.5k | $9.48 |
| − Vacancy | −$4.2k | −$0.64 |
| EGI | $57.3k | $8.84 |
| − OpEx | −$17.2k | −$2.65 |
| NOI | $40.1k | $6.18 |
6,488 SF · lease $9.48/SF/yr · vacancy 6.80% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$1.20M
$1.05M – $1.40M
NOI $83,909 @ 7.0% cap · market cap 12.07%
Second Best
Industrial
$573.2K
$501.6K – $668.8K
NOI $40,127 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,718 @ 7.0% cap · market cap 20.39%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
LakeWatch Inn
Wedding Service
FAQs
What type of property is this?
Wedding venue - Event center with a turnkey commercial kitchen, indoor seating for up to 300, and a back deck for additional outdoor seating.
Where is this wedding venue located?
The property is located at 1636 Shore Drive East Ithaca, NY.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 6,488 SF banquet & event center building with inside seating for up to 300; Nearly 12 acres of property with seasonal views of Cayuga Lake; Turnkey commercial kitchen plus large dance floor
