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    450 Wood Rd Freeville, NY 13068

    View on Map
    Sponsored
    For Sale
    Under Contract
    $875,000

    COMMERCIAL - Other - Freeville, NY

    Property size:
    2,920 SF
    Lot size:
    23.76 Acres
    Days on Market:
    52
    Last Refresh:
    Mar 27 at 11:06 pm

    Property Features for 450 Wood Rd

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Sale
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active Under Contract
    Rooms
    Bathroom 2, Bathroom 1, Bedroom 1, Dining Room, Bedroom 2, Basement
    Bedrooms
    2
    Bathrooms
    2
    APN
    502489-032-000-0001-021-000-0000
    Parking features
    Driveway, Garage
    Patio and Porch features
    Porch, Deck
    Interior features
    BreakfastBar, CathedralCeilings, SeparateFormalDiningRoom, GuestAccommodations, HomeOffice, SlidingGlassDoors, SecondKitchen
    Exterior features
    Balcony, DirtDriveway, Deck, Fence, PropaneTankLeased
    Fencing
    Fenced
    Appliances
    BuiltInRange, BuiltInOven, Dryer, Dishwasher, Refrigerator, Washer
    Size
    2,920 SF
    Lot size
    23.76 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Propane (Heating), Baseboard, Hot Water(Heating)
    Water source
    Well
    Water front features
    Pond

    Building Details

    Year built
    1987
    Floors in Building
    2
    Flooring type
    Varies, Hardwood, Tile
    Building materials
    Log, LogSiding
    Roof type
    Metal
    Architectural style
    Other
    Additional Structures
    Arena

    We can help!

    Listing Contact
    Linda Hirvonen
    Linda Hirvonen

    Warren Real Estate

    Listing agent Linda Hirvonen License #30HI0646949

    Listing date Feb 4, 2026

    MLS# R1653684 Listing URL

    Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Equine Center Near Cornell University

    This is an opportunity to own a fully operational equine center located near the Cornell University Large Animal Hospital. The property includes a log home suitable for an owner, farm manager, or rental income. There are two barns with a total of 26 stalls, along with two indoor riding rings and two outdoor riding rings. The facilities also feature eight paddocks, five pastures, a machinery garage, a hay barn, and multiple run-in sheds. The barns are equipped with a heated viewing room, a wash stall, and an automatic watering system for the stalls. Additional amenities include several tack rooms, a heated full bath, a heated laundry room, and a large attic for storage. The large riding ring is illuminated with cost-saving LED lights. The farm, situated on 23.76 acres, has a history of hosting horse shows, clinics, lessons, and summer and mid-winter camps. Both Cornell and Ithaca College equestrian teams utilize the facilities. The property includes 2920 square feet of space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    If Only Farm ... Training Center William S. Lowe ... General Contractor William Lowe General ... Construction Company

    Suggested Use

    Auto Repair Shop Arcade & Gaming Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Freeville
    County
    Tompkins
    State
    New York
    Longitude
    -76.396357
    Latitude
    42.516285

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    FAQs

    What type of property is this?
    Horse & equestrian property - Fully operational equine center with extensive facilities near Cornell.
    Where is this horse & equestrian property located?
    The property is located at 450 Wood Rd Freeville, NY.
    What is the asking price?
    The asking price for this property is $875,000.
    What are key features of this property?
    This property features: - Fully operational equine center with established income potential.; - Prime location: just 10 minutes from Cornell University Large Animal Hospital.; - Extensive equestrian facilities: **2 barns with 26 stalls, 2 indoor and 2 outdoor riding rings, 8 paddocks, and 5 pastures.**
    (607) 592-3665
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    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
    450 Wood Rd Freeville, NY 13068
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    We can help!
    Listing Contact
    Linda Hirvonen
    Linda Hirvonen
    Real Estate License ID: 30HI0646949
    Learn More
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