Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1307 Lk Rd Cortland, NY 13045-8911

    • Turn key restaurants
    • 5,500 SF
    • 0.50 lot acres
    OFF-MARKET
    Last Sale
    Nov 21, 2023
    $336,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-6141754
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • The Watering Hole / Bar & Pub / Restaurant

    Property Details for 1307 Lk Rd

    Year built
    1980
    Lot size
    0.50 lot acres
    Property size
    5,500 SF
    Zone code
    200
    Property type
    Turn key restaurants
    APN
    055800 223.20-1-23.2
    APU
    55800223201232

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cortland
    County
    Cayuga
    State
    New York
    Longitude
    -76.3035
    Latitude
    42.6809
    CBSA code
    12180
    CBSA name
    AUBURN, NY MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,047
    $96,700
    $264,300
    $361,000
    -
    $96,700
    $264,300
    $361,000

    Comparable in this City

    • Value Estimation by Request
      3,378 SF

      219 12th Tompkins St

      RESTAURANT • 3,378 SF
      219 12th Tompkins St, Cortland, NY 13045-3327
      View Details
    • Value Estimation by Request
      1,250 SF

      105 Main St

      RESTAURANT • 1,250 SF
      105 Main St, Cortland, NY 13045-2610
      View Details
    • Value Estimation by Request
      4,040 SF

      25-27 Groton Ave

      RESTAURANT • 4,040 SF
      25-27 Groton Ave, Cortland, NY 13045
      View Details
    • Value Estimation
      $610,000
      10,219 SF

      21 Locust Ave

      RESTAURANT • 10,219 SF
      21 Locust Ave, Cortland, NY 13045-1411
      View Details
    • Value Estimation by Request
      5,396 SF

      1 Main St

      RESTAURANT • 5,396 SF
      1 Main St, Cortland, NY 13045-2605
      View Details
    • Value Estimation by Request
      3,324 SF

      206 Main St

      RESTAURANT • 3,324 SF
      206 Main St, Cortland, NY 13045-3207
      View Details

    Similar Nearby for Sale

    • $385,000
      Pending

      Cortland Commercial Building with Restaurant Potential

      Commercial building near SUNY Cortland, ideal for restaurant or other ventures.
      219-1/2 Tompkins Street Ext, Cortland, NY 13045
      View Details
    • Contact for pricing
      Pending

      Cortland Commercial Building For Sale

      Commercial building near SUNY Cortland, suitable for various enterprises.
      219-1/2 Tompkins St, Cortland, NY 13045
      View Details
    • Contact for pricing
      7,920 SF

      Historic Inn with Banquet Halls

      Historic inn with bar/restaurant, banquet halls, and apartment.
      2 Mclean Rd, Cortland, NY 13045
      View Details
    • $385,000

      Restaurant Opportunity Near SUNY Cortland

      Restaurant-ready building near SUNY Cortland with owner financing available.
      219 Tompkins St, Cortland, NY 13045
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      39,500 SF

      Prime Commercial Space in Cortland

      Premier commercial space in revitalized Downtown Cortland landmark building.
      110 Main St, Cortland, NY 13045
      View Details
    • Contact for pricing

      Restaurant Space Near Greek Peak

      Restaurant space with outdoor seating near a ski resort.
      1208 Church St, Cortland, NY 13045
      View Details
    • Contact for pricing

      Retail Space Available For Lease

      Retail space available for lease at 79 North St.
      79 North St, Dryden, NY 13045
      View Details
    • Contact for pricing

      Prime Retail/Office Space in Cortland

      High-visibility retail/office space in Cortland's Central Business District.
      11 Clinton Ave, Cortland, NY 13045
      View Details
    • $795 /Mo
      23,520 SF

      Renovated Storefront on Main Street

      Recently renovated 1,300 SF storefront in high-traffic area.
      130 Main St, Cortland, NY 13045
      View Details
    • Contact for pricing

      Retail Space in Commercial District

      Retail space in a bustling commercial and cultural hub.
      64 N Main St, Cortland, NY 13045
      View Details

    Property Visit Statistics

    • Visits by month
      1.5k
    • Visitors by month
      944
    • Avg Time on site
      98 min
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1307 Lk Rd
    Cortland, NY 13045-8911
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!