Historic Bed & Breakfast
For Sale
$949,000
2075-79 East Shore Drive, Lansing, NY 14882
CommercialSale, Lansing, NY
Property Size13,248 SF
Lot Size1.13 Acres
Price / SF$71.63
Days on Market472
Property Features for 2075-79 East Shore Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking
50
Lot features
Irregular Lot
Elementary school
Raymond C Buckley Elementary
Elementary school district
Lansing
Middle school district
Lansing
High school district
Lansing
Directions
Corner of East Shore Drive & Rte. 34 in Lansing
Subdivision
Lansing-503289
Standard status
Active
APN
503289-037-001-0002-002-000-0000
Size
13,248 SF
Lot size
1.13 Acres
Taxes and HOA fees
Tax Annual Amount
24246
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Building Details
Year built
1830
Floors in Building
3
Flooring type
Concrete, Carpet, Varies, Hardwood
Roof type
Asphalt, Metal
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Garrett Venuto · License #10401360100
(607) 592-1762
Added: Jun 12, 2025
Changed: Sep 16
Last Checked: Sep 26 at 6:06PM
MLS# R1614569
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.
Built in 1830, this three-story brick property contains 13,248 square feet on 1.13 acres and operates as a nine-room bed and breakfast with commercial food-and-beverage space. Guest accommodations include private baths, air conditioning, Wi-Fi, and a period-oriented interior. A third-floor ballroom serves as a breakfast area and event venue, while the ground floor includes a bar and restaurant with a commercial kitchen, rustic oak bar, exposed brick, and seating for meals and larger gatherings.
The property is located at 2075-79 East Shore Drive in Lansing, NY, approximately 10 minutes from downtown Ithaca, Cornell University, and the Cayuga Wine Trail. Commercial zoning, public water, septic service, hot-water heating, and asphalt and metal roofing are in place. Flooring includes hardwood, carpet, concrete, and varied finishes.
The property is located at 2075-79 East Shore Drive in Lansing, NY, approximately 10 minutes from downtown Ithaca, Cornell University, and the Cayuga Wine Trail. Commercial zoning, public water, septic service, hot-water heating, and asphalt and metal roofing are in place. Flooring includes hardwood, carpet, concrete, and varied finishes.
Key Highlights
- Nine‑room bed and breakfast with private baths, air conditioning, and Wi‑Fi
- 13,248 square feet on 1.13 acres
- Three‑story brick building constructed in 1830
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
$77,024
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
8.12%
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%
$1,540,480
$1.5M
Cap Rate 7%
$1,100,343
$1.1M
Cap Rate 9%
$855,822
$855.8K
Market Conditions
NOI Build-Up for 13,248 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
$190.8K $14.40/SF
− Vacancy
−$28.6K −$2.16/SF
EGI
$162.2K $12.24/SF
− OpEx
−$85.1K −$6.43/SF
NOI
$77.0K $5.81/SF
Area
Tompkins County, NY
Vacancy
15.00%
Lease Rate
$14.40 /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%
$1,540,480
Cap Rate 7%
$1,100,343
Cap Rate 9%
$855,822
Alternative Uses
Best Use
Specialty Retail
$2.45M
$2.14M – $2.86M
NOI $171,336 @ 7.0% cap · market cap 18.05%
Second Best
Hotel Hospitality
$1.10M
$962.8K – $1.28M
NOI $77,024 @ 7.0% cap · market cap 8.12%
Theoretical Best
Office A
$4.13M
$3.62M – $4.82M
NOI $289,377 @ 7.0% cap · market cap 30.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
96
Businesses Nearby
5k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
5,474 visits/mo
0.3 miles
Demographics for 14882, NY
3,890
Population
1,619
Households
2.4
Avg Household Size
43
Median Age
49%
College-Educated
98%
High-School Grad
32.5 sq mi
ZIP Area
120
Density / Sq Mi
$94,886
Median Household Income
$42,288
Median Earnings
$1,348
Median Rent
$274,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Similar Off Market Nearby
- Rogues Harbor Inn 1830 LLC — 2079 E Shore Dr, Lansing, NY 14882
Frequently Asked Questions
What type of property is this?
Bed & breakfast - Three-story brick lodging property includes guest rooms, event space, and an operating bar and restaurant.
Where is this bed & breakfast located?
The property is located at 2075-79 East Shore Drive Lansing, NY.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Nine‑room bed and breakfast with private baths, air conditioning, and Wi‑Fi; 13,248 square feet on 1.13 acres; Three‑story brick building constructed in 1830
