Pirates Cove Marina For
For Sale
$1,400,000
9170 Horseshoe Island Rd, Clay, NY 13041
Established marina with restaurant, campsites, and boat storage.
Property Size5,589 SF
Lot Size6.30 Acres
Days on Market267
Property Features for 9170 Horseshoe Island Rd
General Information
Standard status
Active
Size
5,589 SF
Lot size
6.30 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$24,418
Building Details
Building Size
5,589 SF
Year Built
1958
Stories
2
Listing Agency:
World United Realty Inc.
(315) 699-2676
Listed By:
Kurt Wossner
(315) 699-2676
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:37AM
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 World United Realty Inc.
Investment Insights
Based on property information with market context.
Pirates Cove Marina is a fully operating marina located along the Oneida River. The property features dockage for 100 boats and 4 full-service campsites. The site includes an office/retail/service building with public restrooms/showers, laundry facilities, and a 3-bedroom apartment. An 80-seat restaurant with a party deck is also located on the premises. Recreational amenities include an in-ground pool, picnic areas, and play areas. Boat storage is provided by 4 metal buildings. The marina is equipped with a launch ramp, a 25-ton Marine Travel Lift, and a 12,000-gallon above-ground fuel tank. There are 50 parking spaces, outside storage, and a parking area for trailers. Situated at the geographic center of NYS waterways, the Oneida River allows boaters easy access to Lake Ontario, Oneida Lake and other major waterways and is used by boaters from as far away as Australia and New Zealand.
Key Highlights
- Dockage for 100 boats on the Oneida River
- Fully operating marina with established reputation
- 80‑seat restaurant with party deck
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
$67,464
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
4.82%
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%
$1,349,280
$1.3M
Cap Rate 7%
$963,771
$963.8K
Cap Rate 9%
$749,600
$749.6K
Market Conditions
NOI Build-Up for 5,589 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
$100.6K $18.00/SF
− Vacancy
−$4.2K −$0.76/SF
EGI
$96.4K $17.24/SF
− OpEx
−$28.9K −$5.17/SF
NOI
$67.5K $12.07/SF
Area
Onondaga County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,349,280
Cap Rate 7%
$963,771
Cap Rate 9%
$749,600
Alternative Uses
Best Use
Retail
$963.8K
$843.3K – $1.12M
NOI $67,464 @ 7.0% cap · market cap 4.82%
Second Best
Specialty Retail
$247.8K
$216.9K – $289.1K
NOI $17,348 @ 7.0% cap · market cap 1.24%
Theoretical Best
Office A
$971.3K
$849.9K – $1.13M
NOI $67,991 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 13041, NY
11,724
Population
4,686
Households
2.5
Avg Household Size
41
Median Age
36%
College-Educated
93%
High-School Grad
18.1 sq mi
ZIP Area
648
Density / Sq Mi
$108,491
Median Household Income
$56,609
Median Earnings
$1,479
Median Rent
$199,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Marina - Established marina with restaurant, campsites, and boat storage.
Where is this marina located?
The property is located at 9170 Horseshoe Island Rd Clay, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Dockage for 100 boats on the Oneida River; Fully operating marina with established reputation; 80‑seat restaurant with party deck
