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    5301 E Lake Rd, Unit 18 Dewittville, NY 14728

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    For Sale
    $249,900

    Charming first-floor condo with lake views and modern upgrades.

    Lot size:
    0.02 Acres

    Property Features for 5301 E Lake Rd

    General Information

    Standard status
    Active
    Lot size
    0.02 Acres
    Exterior features
    Deck, Water Front, Electricity Connected, Sewer Connected, Water Connected, Asphalt
    Interior features
    Fireplace, Electric, Baseboard, Dryer, Dishwasher, Exhaust Fan, Electric Oven, Electric Range, Electric Water Heater, Refrigerator, Range Hood, Washer

    Building Details

    Year built
    1977

    We can help!

    Listing Contact
    Richard Benedetto
    Richard Benedetto
    Source: Kw

    Listing Agency: Real Estate Advantage Listing Agent: Richard Benedetto

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Bay Berry Landing Condo

    Located in the Bay Berry Landing community, this first-floor condo offers 2 bedrooms and 1.5 bathrooms within 1062 square feet. The living room features a wood-burning fireplace. One of six first-floor units, it is accessible from two decks via glass doors, offering lake views. A dedicated laundry room accommodates a full-size washer and dryer, along with additional storage space. One bedroom has a 6x6 foot closet, while the other has an 8x2 foot closet with shelves. An 11x4 foot storage closet houses the electrical panel and a 40-gallon hot water tank. There are no steps or stairs inside the unit. The living room's sliding doors were replaced within the last 5 years. The flooring has been upgraded to waterproof high-grade vinyl planking in both bedrooms, the back hallway, and the kitchen. A stainless steel refrigerator was purchased 5 years ago. Both bathrooms feature upgraded vanities, faucets, and lighting, along with extra storage and shelving. The kitchen faucet was replaced in 2024, and all water shut-off valves at every sink and toilet, including the washing machine in the laundry room, have been updated. Modern louvered bi-fold wooden doors have replaced all closet doors. The heater in the living room was replaced 4 years ago. The personal deck beside the living space was renovated and improved by the association in 2024, including leveling, post replacement, and painting. The common deck in front of the unit was repainted in 2023. The condo is being sold partially furnished.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bayberry Landing Condominium Complex

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Bar & Pub Bakery Bed & Breakfast

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Dewittville
    County
    Chautauqua
    State
    New York
    Longitude
    -79.439584
    Latitude
    42.228905

    FAQs

    What type of property is this?
    Apartment building - Charming first-floor condo with lake views and modern upgrades.
    Where is this apartment building located?
    The property is located at 5301 E Lake Rd, Unit 18 Dewittville, NY.
    What is the asking price?
    The asking price for this property is $249,900.
    What are key features of this property?
    This property features: - Stunning lake views accessible from two decks via glass doors.; - First-floor unit with no interior steps, ensuring easy accessibility.; - Dedicated laundry room with full-size washer/dryer hookups and extra storage.
    (716) 665-9403
    Request Owner's contact information
    5301 E Lake Rd, Unit 18 Dewittville, NY 14728
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    Dewittville, NY 14728
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    5301 E Lake Rd, Unit 18 Dewittville, NY 14728
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    We can help!
    Listing Contact
    Richard Benedetto
    Richard Benedetto
    Real Estate License ID: 31BE0882362
    (716) 665-9403 (716) 484-2020 (716) 249-6034
    Learn more
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