Building Details

Year Built 1830

Listing Agency: Co d***@pyramidbrokerage.com Show Phone

Listed By: Pyramid Brokerage Company

Source: Xome

Added: Dec 18, 2019 Changed: Aug 8 Last Checked: Aug 11 at 4:49AM

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Investment Insights

Based on property information with market context.

This for-sale package features a historic inn and bed & breakfast operation with multiple income streams, supported by two commercial buildings totaling 11,808 SF and 1,440 SF on 1.13 acres. The operating bed & breakfast includes 9 rooms. In addition, there is a pub/restaurant under lease to a third party with seating for 90 inside and outside, and the space is fully fixtured and equipped.

The offering also includes additional commercial space for lease in both the main building and a smaller outbuilding. The property is situated on the Cayuga Wine Trail. Financial information for the bed & breakfast is available with signing of an NDA, and a sales flyer accompanies the listing.

Key Highlights

• Historic inn and bed & breakfast on 1.13 acres, located on the Cayuga Wine Trail
• Includes 2 commercial buildings totaling 13,248 SF (11,808 SF and 1,440 SF)
• Operating B&B with 9 rooms

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

6.70%

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 (±1% cap)

NOI $171,336 @ 7.0% cap · market cap 14.90%

Second Best

Hotel Hospitality

$1.10M

$962.8K – $1.28M (±1% cap)

NOI $77,024 @ 7.0% cap · market cap 6.70%

Theoretical Best

Office A

$4.13M

$3.62M – $4.82M (±1% cap)

NOI $289,377 @ 7.0% cap · market cap 25.16%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

The Whimsy Mercantile (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Parking Lot & Garage Big Box & Wholesale Store Storage Facility Law Firm Building Supply HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this bed & breakfasts located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

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 - Historic inn on 1.13 acres with a 9-room bed and breakfast and a fully equipped pub/restaurant under lease.

Where is this bed & breakfast located?

The property is located at 2075 Shore Dr Lansing, NY.

What is the asking price?

The asking price for this property is $1,150,000.

What are key features of this property?

This property features: Historic inn and bed & breakfast on 1.13 acres, located on the Cayuga Wine Trail; Includes 2 commercial buildings totaling 13,248 SF (11,808 SF and 1,440 SF); Operating B&B with 9 rooms