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    State Route 414 Burdett, NY 14818

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    For Sale
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    Luxury Estate, Multiple Income Streams

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 112-acre estate in Burdett, New York, offers a unique blend of commercial and residential opportunities. Situated on the prestigious Seneca Lake Wine Trail, this Class A property boasts breathtaking lake views and multiple income-generating components. Six buildings are included, featuring two Airbnbs (one with 7 bedrooms, 3.5 baths, and another with 6 bedrooms, 2.5 baths), a charming treetop cottage, and a 4,500 square-foot art gallery showcasing local and regional art, complete with a café/tasting room and ample parking. Additional structures include a bank barn suitable for equestrian use or events, equipment sheds, and a 6,500 square-foot warehouse, previously a grape juice plant, ideal for various commercial ventures. The expansive property includes 57 acres of agricultural land, 30 acres of wooded areas, and a bass-stocked pond. Modern amenities include city water, septic, and high-speed fiber internet. Conveniently located near Ithaca, Corning, and Watkins Glen, this property presents an unparalleled investment opportunity with significant potential for growth and diverse income streams. The property is zoned for Airbnbs, an art gallery, a tree cottage, and equestrian activities. The location offers a microclimate that moderates seasonal temperatures. This owner-user investment is situated on a coveted 4-mile stretch of Seneca Lake, surrounded by wineries, breweries, distilleries, restaurants, and marinas. The property also includes two parking lots for the art gallery and additional event parking for over 200 vehicles.

    Property Features for 0 State Route 414

    General Information

    Property type
    Distribution properties
    Class
    A
    Lot Size
    4,878,720 SF

    Building Details

    Buildings
    6
    Stories
    2

    HighLights

    • 112‑acre estate on Seneca Lake Wine Trail with six buildings, including two Airbnbs (7 & 6 bedrooms), an art gallery with café/tasting room, treetop cottage, bank barn, equipment sheds, and a 6,500 sq ft warehouse.
    • 15 acres with 1⁄4 mile of road frontage containing primary structures.
    • 57 acres of agricultural land ideal for grape and fruit growing.
    • 30 acres of wooded land with wildlife viewing stands.
    • 10 acres of walnut trees planted for future timber harvest.
    Property Profile Location Intelligence

    Current Use by Public Records

    Distribution centers

    Map

    City
    Burdett
    County
    Schuyler
    State
    New York
    Longitude
    -75.39081072
    Latitude
    38.45637001

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    FAQs

    What type of property is this?
    Distribution property - Luxury Estate, Multiple Income Streams
    Where is this distribution property located?
    The property is located at State Route 414 Burdett, NY.
    What are key features of this property?
    This property features: 112-acre estate on Seneca Lake Wine Trail with six buildings, including two Airbnbs (7 & 6 bedrooms), an art gallery with café/tasting room, treetop cottage, bank barn, equipment sheds, and a 6,500 sq ft warehouse.; 15 acres with 1⁄4 mile of road frontage containing primary structures.; 57 acres of agricultural land ideal for grape and fruit growing.
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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.

    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
    State Route 414 Burdett, NY 14818
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