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    50.4-Acre Development Site I-90 Title is generated by Realmo AI

    I-90, Corfu, NY

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    50.4-acre development site off I-90 in Western New York.

    Type:LAND
    Lot size:
    50.40 Acres
    Added:
    Apr 24, 2025
    Days on Market:
    394
    Last Refresh:
    Apr 5 at 10:59 pm

    Property Features for I-90

    General Information

    Standard status
    Active
    Lot size
    50.40 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Richard J. Schechter

    Listing agent Richard J. Schechter

    Listing office Cushman & Wakefield | Pyramid Brokerage - Buffalo

    Listing date Apr 24, 2025

    Source Moodyscre

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

    All listing content including descriptions, pricing, images are the copyrighted material of Cushman & Wakefield | Pyramid Brokerage - Buffalo

    HighLights

    • Approved development site for travel plaza, gas stations, convenience stores, and warehouse/office.
    • Strategic location immediately off I‑90 (Exit 48‑A) with high traffic count (34,320 AADT).
    • Municipal sewer and water, natural gas, and substantial electric service (1,200 amps, 480/277 volts, 3 phase).
    • Potential property tax abatement through Genesee County Industrial Development Agency.
    • Proximity to Buffalo Niagara International Airport, Downtown Buffalo, Peace Bridge to Canada, and Downtown Rochester.
    • Close to corporate neighbors including Nexgistics HQ and Amazon last‑mile facility.

    Overview

    This 50.4-acre development site is strategically located in Western New York immediately off Exit 48-A of I-90, also known as NYS Thruway, with an AADT traffic count of 34,320. It is a short drive to Buffalo Niagara International Airport and Downtown Buffalo, and 32 miles to the Peace Bridge to Canada. Downtown Rochester is 45 minutes away, and the Buffalo container rail yard is 25 miles away. Planning Board approvals are in hand for a travel plaza. Other permitted uses include gas stations, convenience stores, and warehouse or office spaces. The site has municipal sewer and water, natural gas, and electric service with 1,200 amps, 480/277 volts, 3 phase. Users may qualify for a property tax abatement program through the Genesee County Industrial Development Agency. A larger 210-acre industrial park site is available across the street with approvals for over 1,000,000 square feet of buildings. Corporate neighbors within one mile include Nexgistics corporate HQ (140,000 sq. ft.) and an Amazon last-mile facility (191,000 sq. ft.).
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Corfu
    County
    Genesee
    State
    New York
    Longitude
    -78.4347
    Latitude
    42.9976

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    FAQs

    What type of property is this?
    Land - 50.4-acre development site off I-90 in Western New York.
    Where is this land located?
    The property is located at I-90 Corfu, NY.
    What are key features of this property?
    This property features: Approved development site for travel plaza, gas stations, convenience stores, and warehouse/office.; **Strategic location immediately off I‑90 (Exit 48‑A) with high traffic count (34,320 AADT).**; Municipal sewer and water, natural gas, and substantial electric service (1,200 amps, 480/277 volts, 3 phase).
    (716) 316-4040 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Richard J. Schechter
    Learn More
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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.

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