219 Tompkins St Cortland, NY 13045
- Turn key restaurants
- 3,378 SF
- 0.38 lot acres
Current Use by Public Records
- Turn key restaurants
Property Details for 219 Tompkins St
- Year built
- 1974
- Lot size
- 0.38 lot acres
- Property size
- 3,378 SF
- Zone code
- 05 - COMMERCIAL
- Property type
- Turn key restaurants
- APN
- 110200 96.31-01-17.000
- APU
- 11020096310117000
Description
This exceptional 3,378 square foot commercial building, situated on a 0.73-acre lot at 219 1/2 Tompkins Street in Cortland, NY, presents a unique investment opportunity. Originally designed in 1974 by renowned architect Conrad Arnold as his office, it later gained prominence as the beloved Red Dragon restaurant, establishing itself as a local landmark. The building boasts an open floor plan, ideal for a variety of commercial uses, making it perfect for a restaurant or other enterprise. Its prime location is just a short distance from SUNY Cortland, offering significant potential for student-oriented businesses. Recent upgrades include a new roof (2022), central air conditioning, and radiant floor heating in the banquet room. The property also features a working fireplace, fully compliant restrooms, and handicap accessibility, ensuring compliance with all relevant codes. An optional purchase includes the adjacent 4-bedroom, 1.5-bathroom single-family home at 221 Tompkins Street for an additional $150,000, providing the possibility of owner-occupied living or a lucrative student rental property. This expansive commercially zoned property offers immense potential and is priced at $450,000. Don't miss this chance to own a piece of Cortland's history and capitalize on its vibrant commercial landscape.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $285,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $335,000
- 6.5%
- $345,000
- 7%
- $310,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $295,000
- Geo Method
- $305,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $305,000
- Retail
- $390,000
- Mixed-Use
- $305,000
- Hospitality
- $370,000
- Educational
- $295,000
- Residential Income
- $325,000
- Energy
- $280,000
- Income-Based Land
- $375,000
- Food Service
- $290,000
Location Insight
- Map
- Local Demand
- City
- Cortland
- County
- Cortland
- State
- New York
- Longitude
- -76.1965
- Latitude
- 42.5873
- CBSA code
- 18660
- CBSA name
- CORTLAND, NY MICROPOLITAN STATISTICAL AREA
