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    212 Airport Rd, Unit & State Rt. 59 Lewis Run, PA 16738

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    For Lease
    Contact for pricing

    82 acres of commercial land for lease near Bradford.

    Property Features for 212 Airport Rd

    General Information

    Zoning
    Industrial / Commercial

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    Listing Contact
    Rick Recckio
    Source: Recckio

    Listing Agent: Rick Recckio

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

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    Property Insight Report

    Overview

    82 Acres at Airport Industrial

    Located in the Airport Industrial Park, this property offers 82 acres of land for lease. The park is owned and managed by the Bradford Regional Airport Authority. Situated south of the airport in McKean County, PA, the area is designated as a Keystone Opportunity Zone (KOZ) site. All utilities are available along the site, including public water, sewer, gas, electric, and fiber optic cables. Infrastructure, land improvements, roads, and utilities are in place for the first 13 acres, allowing for immediate development. The property is located between the two largest cities in McKean County, just south of downtown Bradford and west of downtown Smethport. Airport amenities include a 150' wide runway capable of landing 737s and DC9s, an on-site restaurant, conference room and meeting space, Hertz rental car services, and commercial air service offered by United Airlines. A newly built 30,000 SF warehouse is present, with 14,000 SF available for lease. The location is next to the Allegheny National Forest, 3.5 miles to rail service, 2 miles to State Route 219, and in close proximity to interstate I-86. The property has industrial/commercial zoning and offers tax and tenant incentives through the KOZ program.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Runway Bar & Grill Bar & Pub Bradford Regional Airport Car Rental Facility ACE Rent A Car Car Rental Facility TSR Inc IT Consulting Firm

    Map

    City
    Lewis Run
    County
    McKean
    State
    Pennsylvania
    Longitude
    -78.6868
    Latitude
    41.8163

    FAQs

    What type of property is this?
    Commercial land - 82 acres of commercial land for lease near Bradford.
    Where is this commercial land located?
    The property is located at 212 Airport Rd, Unit & State Rt. 59 Lewis Run, PA.
    What are key features of this property?
    This property features: - Keystone Opportunity Zone (KOZ) Site: Offers significant tax and tenant incentives; - Immediate Development Potential: Infrastructure, land improvements, roads, and utilities are in place for the first 13 acres; - Full Utility Access: Public water, sewer, gas, electric, and fiber optic cables are all located on site
    (716) 631-5555
    Request Owner's contact information
    212 Airport Rd, Unit & State Rt. 59 Lewis Run, PA 16738
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    Lewis Run, PA 16738
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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
    212 Airport Rd, Unit & State Rt. 59 Lewis Run, PA 16738
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    We can help!
    Listing Contact
    Rick Recckio
    Real Estate License ID: #31RE0821429
    (716) 631-5555 (716) 998-4422 (716) 834-7777
    Learn more
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