1346 Elmira RdNewfield, NY 14867

Property Details for 1346 Elmira Rd

Year built

2005

Lot size

2.67 AC

Property size (Sq ft)

3,816 SF

Property type

Retail properties

Property subtype

Turn key restaurants

APN

503400 4.-1-53.24

APU

503400415324

Description

This exceptional 4,550-square-foot warehouse, situated on a 3-acre lot in Tompkins County, presents a remarkable opportunity for a variety of businesses. Built in 2003, the single-story structure boasts a recently remodeled and renovated interior, featuring a functional open space ideal for diverse uses. The property includes a full bar, a large, fully equipped kitchen, and a private backroom with a bathroom – perfect for events or hospitality businesses. A separate side entrance caters to delivery and catering services, enhancing operational efficiency. The expansive covered outdoor area provides additional space for customer enjoyment or special events. Ample on-site surfaced parking accommodates 25 vehicles. The property benefits from a highly visible location, offering excellent accessibility and exposure. Two convenient entrance/exit points ensure smooth traffic flow. The zoning is commercial, and the property consists of two buildings. This turnkey space is ready for immediate occupancy. The property is conveniently located just 10 minutes from Ithaca, offering easy access to a thriving community. This is a rare opportunity to acquire a versatile and well-equipped commercial property in a desirable location. The vacant 4,550 square feet offers significant potential for customization and expansion. The cross street is 134.

• CAP approach

  CAP return

  Valuation

  6%

  $905,844

  6.5%

  $836,163

  7%

  $776,437

• Comparable approach

  Method

  Valuation

  Relative Method

  $878,530

  Geo Method

  $1,256,468

• Alternative Use

  Use

  Valuation

  Residential

  $705,335

  Hospitality

  $646,083

  Educational

  $537,534

  Medical

  $556,020

  Retail

  $836,163

Location Insight

City

Newfield

County

Tompkins

State

New York

Latitude

42.3827

Longitude

-76.5719

CBSA code

27060

CBSA name

ITHACA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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