Established Marina with
For Sale
$1,400,000
9170 Horseshoe Island Road, Clay, NY 13041
Operating marina with 100 docks, restaurant, and apartment.
Property Size5,589 SF
Days on Market419
Property Features for 9170 Horseshoe Island Road
General Information
Standard status
Active
Size
5,589 SF
Total Parking Spaces
50
Property subtype
Commercial
Zoning
Rec-1, Business
Taxes and HOA fees
Annual Taxes
$24,418
Building Details
Building Size
5,589 SF
Year Built
1958
Buildings
6
Stories
2
Listing Agency:
World United Realty Inc.
(315) 699-2676
Listed By:
Kurt Wossner
(315) 699-2676
Source:
Northstarwny
Added: Jul 3, 2025
Changed: Aug 23
Last Checked: Aug 24 at 2:41PM
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 operational establishment located along the Oneida River. The marina features dockage for 100 boats and four full-service campsites. An office building includes retail space, service areas, public restrooms and showers, laundry facilities, and a three-bedroom apartment. The property also includes an 80-seat restaurant with a party deck, an inground pool, picnic and play areas, and four metal boat storage buildings. Additional amenities include a launch ramp, a 25-ton Marine Travel Lift, a 12,000-gallon above-ground fuel tank, 50 parking spaces, outside storage, and a parking area for trailers. Situated at the geographic center of New York State waterways, the Oneida River provides boaters with access to Lake Ontario, Oneida Lake, and other major waterways. The marina is utilized by boaters from various locations, including Australia and New Zealand.
Key Highlights
- Fully operational marina with 100 boat dockage and established business.
- Prime location at the geographic center of NYS waterways, providing access to major lakes and waterways.
- Enjoy on‑site amenities including an 80‑seat restaurant, inground pool, campsites, and picnic/play areas.
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
$52,769
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
3.77%
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%
$1,055,380
$1.1M
Cap Rate 7%
$753,843
$753.8K
Cap Rate 9%
$586,322
$586.3K
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
$102.6K $18.36/SF
− Vacancy
−$6.7K −$1.19/SF
EGI
$95.9K $17.17/SF
− OpEx
−$43.2K −$7.72/SF
NOI
$52.8K $9.44/SF
Area
Onondaga County, NY
Vacancy
6.50%
Lease Rate
$18.36 /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%
$1,055,380
Cap Rate 7%
$753,843
Cap Rate 9%
$586,322
Alternative Uses
Best Use
Apartment 5plus
$753.8K
$659.6K – $879.5K
NOI $52,769 @ 7.0% cap · market cap 3.77%
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Marina - Operating marina with 100 docks, restaurant, and apartment.
Where is this marina located?
The property is located at 9170 Horseshoe Island Road 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: Fully operational marina with 100 boat dockage and established business.; Prime location at the geographic center of NYS waterways, providing access to major lakes and waterways.; Enjoy on‑site amenities including an 80‑seat restaurant, inground pool, campsites, and picnic/play areas.
