Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    3948 State Route 281 Cortland, NY 13045

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $4,750,000

    Retail property in Cortland, NY with long-term tenant.

    Property size:
    14,490 SF
    Lot size:
    1.40 Acres

    Property Features for 3948 State Route 281

    General Information

    Size
    14,490 SF
    Lot size
    1.40 Acres

    Source: SRS Real Estate Partners | New York Agent Kyle Fant

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Cortland Retail Property for Sale

    This retail property is tenanted by Walgreens, who have 7 years remaining on their original 25-year lease. The tenant has 10 options to extend for 5 years each, demonstrating their commitment to the location. The lease specifies no rental increases during the initial term or at the beginning of each option period. The tenant has a termination option every 5 years beginning on 02/29/2032 and every 5 years thereafter. The property has a size of 14490 square feet and is located at 3948 State Rte 281, Cortland, NY.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Drug stores

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Cortland
    County
    Cortland
    State
    New York
    Longitude
    -76.206175
    Latitude
    42.596492

    Nearby Similar for Sale

    • $249,000
      Pending

      Victorian Home on East Main

      Turnkey Victorian home perfect for homeowners or investors.
      12 E Main St, Cortland, NY 13045
      View Details
    • $159,900
      1,932 SF

      Cortland Two-Family Home with Upside

      Two-unit property in Cortland, NY, with investment potential.
      132 Central Ave, Cortland, NY 13045
      View Details
    • $119,900
      2,306 SF

      Cortland Two-Family Investment Property

      Two-unit property on a corner lot with mature landscaping.
      31 Garfield St, Cortland, NY 13045
      View Details
    • $199,900
      1,840 SF

      Versatile Commercial Property in Cortland

      Adaptable commercial space in Cortland's West End, ideal for various ventures.
      74 Hamlin St, Cortland, NY 13045
      View Details
    • $399,000
      4,560 SF

      Cortland Commercial Building For Sale

      Two-story, 4,560 SF commercial building in downtown Cortland, NY.
      97-103 N Main St, Cortland, NY 13045
      View Details
    • $299,900
      3,610 SF

      Turn-Key Office Building with Retail

      3,610 sq ft turn-key office building with retail potential.
      997 Mclean Rd, Cortland, NY 13045
      View Details

    FAQs

    What type of property is this?
    Drug store - Retail property in Cortland, NY with long-term tenant.
    Where is this drug store located?
    The property is located at 3948 State Route 281 Cortland, NY.
    What is the asking price?
    The asking price for this property is $4,750,000.
    What are key features of this property?
    This property features: - Long-term tenant (Walgreens) with 7 years remaining on the original 25-year lease.; - Tenant has 10 (5-year) options to extend, indicating a strong commitment to the location.; - Tenant has termination options every 5 years beginning 2/29/2032.
    (973) 632-1386
    Request Owner's contact information
    3948 State Route 281 Cortland, NY 13045
    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.
    3948 State Route 281
    Cortland, NY 13045
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    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.

    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.

    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
    3948 State Route 281 Cortland, NY 13045
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.