Lakeside Restaurant with Hospitality
For Sale
$2,899,000
18835 S Shore Road, Three Mile Bay, NY 13693
COMMERCIAL - Three Mile Bay, NY
Property Size10,488 SF
Lot Size95.66 Acres
Price / SF$276.41
Days on Market68
Property Features for 18835 S Shore Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
421
Zoning description
Commercial
Parking
50
Exterior features
PropaneTankLeased
Lot features
Irregular Lot
Elementary school district
Lyme
Middle school district
Lyme
High school district
Lyme
Subdivision
Lyme-224489
Standard status
Active
APN
70-1-17,70.20-1-1,1-2,1-6
Size
10,488 SF
Lot size
95.66 Acres
Taxes and HOA fees
Tax Annual Amount
21047
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Propane (Heating), Hot Water(Heating)
Water source
Well
Water front features
Lake
Water front
1
Amenities
docks
gazebo
Building Details
Year built
1890
Floors in Building
2
Flooring type
Linoleum, Carpet, Vinyl
Roof type
Metal
Listing Agency:
Lake Ontario Realty, LLC
(315) 649-3434
Listed By:
Amanda J Miller · License #49MI0953024
(315) 649-3434
Added: Jun 16
Changed: Aug 19
Last Checked: Aug 22 at 2:06PM
MLS# S1691326
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This conventional restaurant property combines a lakeside bar and restaurant with multiple hospitality components. The offering includes motel rooms, a trailer park campground, a rental house, a year-round home, and two year-round Airbnb units created from a former Grange Hall. The restaurant and accommodations have received extensive updates, including cement board siding, a concrete-covered porch, a gazebo, shoreline improvements, and docks.
The property encompasses 95.66 acres and approximately 400 feet of lakefront. The restaurant measures 10,488 square feet, with linoleum, carpet, and vinyl flooring. Supporting infrastructure includes a well, septic tank, leased propane tank, electric and propane heating, hot water heat, and a metal roof. Built in 1890, the property is located at 18835 S Shore Road in Three Mile Bay, NY 13693 and carries zoning designation 421.
The property encompasses 95.66 acres and approximately 400 feet of lakefront. The restaurant measures 10,488 square feet, with linoleum, carpet, and vinyl flooring. Supporting infrastructure includes a well, septic tank, leased propane tank, electric and propane heating, hot water heat, and a metal roof. Built in 1890, the property is located at 18835 S Shore Road in Three Mile Bay, NY 13693 and carries zoning designation 421.
Key Highlights
- 95.66‑acre restaurant and hospitality property
- Approximately 400 feet of lakefront
- 10,488‑square‑foot restaurant building
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
$111,759
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
3.86%
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%
$2,235,180
$2.2M
Cap Rate 7%
$1,596,557
$1.6M
Cap Rate 9%
$1,241,767
$1.2M
Market Conditions
NOI Build-Up for 10,488 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
$265.6K $25.32/SF
− Vacancy
−$30.3K −$2.89/SF
EGI
$235.3K $22.43/SF
− OpEx
−$123.5K −$11.78/SF
NOI
$111.8K $10.66/SF
Area
Jefferson County, NY
Vacancy
11.40%
Lease Rate
$25.32 /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%
$2,235,180
Cap Rate 7%
$1,596,557
Cap Rate 9%
$1,241,767
Alternative Uses
Best Use
Hotel Hospitality
$1.60M
$1.40M – $1.86M
NOI $111,759 @ 7.0% cap · market cap 3.86%
Second Best
Specialty Retail
$1.54M
$1.35M – $1.79M
NOI $107,609 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$2.89M
$2.53M – $3.37M
NOI $202,376 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13693, NY
495
Population
1,019
Households
0.5
Avg Household Size
58
Median Age
39%
College-Educated
100%
High-School Grad
20.6 sq mi
ZIP Area
24
Density / Sq Mi
$44,375
Median Household Income
$38,750
Median Earnings
$212,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property with motel, campground, rental accommodations, docks, and lakefront access on a substantial acreage tract.
Where is this conventional restaurant located?
The property is located at 18835 S Shore Road Three Mile Bay, NY.
What is the asking price?
The asking price for this property is $2,899,000.
What are key features of this property?
This property features: 95.66‑acre restaurant and hospitality property; Approximately 400 feet of lakefront; 10,488‑square‑foot restaurant building
