Cannon's Lodge Hotel
For Sale
$799,000
614 County Route 48, Altmar, NY 13302
Includes guest rooms, a fully occupied RV park, and furnished residential space.
Property Size4,368 SF
Days on Market437
Property Features for 614 County Route 48
General Information
Standard status
Active
Size
4,368 SF
Total Parking Spaces
25
Property subtype
Commercial
Zoning
COM-1/Res1, Commercial
Units
Unit Mix
1 x 2BR/2BA residence, 1 x 2BR/2BA apartment
Multifamily Units
2
Additional Details
Business Included
Yes
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$16,117
Amenities
showers
bathrooms
laundry
recreation room
kitchen
ice machine
backup generator
TV
heat
A/C
cable
Building Details
Building Size
4,368 SF
Year Built
2000
Buildings
5
Stories
2
Listing Agency:
CNY Select Realty.com
(315) 676-3948
Listed By:
Robert Foster · License #10371200926
(315) 676-3948
Source:
Wcirealty
Added: Jun 19, 2025
Changed: Aug 28
Last Checked: Aug 28 at 11:32AM
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 CNY Select Realty.com
Investment Insights
Based on property information with market context.
Cannon's Lodge is a hospitality property with 15 guest rooms, each with a private bathroom, television, heat, air conditioning, and cable. The property also includes a 32-unit RV park with showers, bathrooms, and laundry facilities, plus room for additional park development. Lodge improvements include a recreation room, kitchen, bathroom, housekeeping laundry, ice machine, linens, laundry equipment, and a backup generator sized to power the entire lodge.
Additional improvements include a 30-by-56-foot pole barn, a fully furnished 2,008-square-foot residence with two bedrooms, two bathrooms, and an attached two-stall garage, along with a separate furnished two-bedroom, two-bathroom apartment. The property consists of two parcels at 614 County Route 48 and 620 County Route 48. It is located near I-81, Syracuse Airport, and salmon and trout fishing areas. The lodge has reportedly maintained bookings a year in advance for many years.
Additional improvements include a 30-by-56-foot pole barn, a fully furnished 2,008-square-foot residence with two bedrooms, two bathrooms, and an attached two-stall garage, along with a separate furnished two-bedroom, two-bathroom apartment. The property consists of two parcels at 614 County Route 48 and 620 County Route 48. It is located near I-81, Syracuse Airport, and salmon and trout fishing areas. The lodge has reportedly maintained bookings a year in advance for many years.
Key Highlights
- 15 lodge rooms, each with a private bath, TV, heat, A/C, and cable
- 32‑unit RV park with showers, bathrooms, and laundry facilities
- 2,008‑square‑foot furnished residence with 2 bedrooms, 2 bathrooms, and attached 2‑stall garage
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
$33,509
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
4.19%
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%
$670,180
$670.2K
Cap Rate 7%
$478,700
$478.7K
Cap Rate 9%
$372,322
$372.3K
Market Conditions
NOI Build-Up for 4,368 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
$64.5K $14.76/SF
− Vacancy
−$3.5K −$0.81/SF
EGI
$60.9K $13.95/SF
− OpEx
−$27.4K −$6.28/SF
NOI
$33.5K $7.67/SF
Area
Oswego County, NY
Vacancy
5.50%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$670,180
Cap Rate 7%
$478,700
Cap Rate 9%
$372,322
Alternative Uses
Best Use
Apartment 5plus
$478.7K
$418.9K – $558.5K
NOI $33,509 @ 7.0% cap · market cap 4.19%
Second Best
Hotel Hospitality
$400.1K
$350.1K – $466.8K
NOI $28,010 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$871.2K
$762.3K – $1.02M
NOI $60,987 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 13302, NY
1,594
Population
986
Households
1.6
Avg Household Size
42
Median Age
11%
College-Educated
84%
High-School Grad
45.3 sq mi
ZIP Area
35
Density / Sq Mi
$55,156
Median Household Income
$37,599
Median Earnings
$1,032
Median Rent
$123,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Includes guest rooms, a fully occupied RV park, and furnished residential space.
Where is this hotel located?
The property is located at 614 County Route 48 Altmar, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 15 lodge rooms, each with a private bath, TV, heat, A/C, and cable; 32‑unit RV park with showers, bathrooms, and laundry facilities; 2,008‑square‑foot furnished residence with 2 bedrooms, 2 bathrooms, and attached 2‑stall garage
