Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Flex Space Investment Opportunity Title is generated by Realmo AI

    491 Erie St, Lancaster, NY 14086

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,100,000

    Flex space investment property with long-term tenants and zero vacancies.

    Type:Industrial
    Property size:
    31,500 SF
    Lot size:
    3.09 Acres
    Price / SF:
    $66/SF
    Added:
    Mar 23, 2026
    Days on Market:
    59
    Last Refresh:
    Mar 17 at 2:52 am

    Property Features for 491 Erie St

    General Information

    Standard status
    Active
    Size
    31,500 SF
    Lot size
    3.09 Acres
    Property subtype
    Industrial

    Building Details

    Year Built
    2001

    We can help!

    Listing Contact
    Shannon L McNichol
    Shannon L McNichol

    Listing agent Shannon L McNichol

    Listing office Nichol City Realty

    Listing date Mar 23, 2026

    Source Elliman

    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 Nichol City Realty

    HighLights

    • 7% CAP rate with current monthly rents of $16,662.
    • Zero vacancies and long‑term, stable tenancies.
    • Flex space investment property with 5 buildings totaling approximately 31,500 sq ft on 3 acres.
    • Located in a highly desirable area.
    • 18 total tenants across 16 suites, 2 storage containers, and outdoor space.
    • Partially redone blacktop parking area (in 2025).

    Overview

    This flex space investment property, constructed in 2001, is situated on 3 acres in a desirable location. The property includes 5 buildings with a total area of approximately 31,500 square feet. It features 18 tenants, comprising 16 suites, one tenant renting two storage containers, and another renting outdoor space. The tenancies are long-term and stable, with zero vacancies. Monthly rents total $16,662. Several units include offices and bathrooms. All units are equipped with suspended ceiling-mounted unit heaters. The blacktop parking area was partially redone in 2025.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Fitness Fusion Gym & Fitness Center Cindy Seiferts Cleaning ... General Contractor

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Erie
    State
    New York
    Longitude
    -78.6356281
    Latitude
    42.902081

    Nearby Similar for Sale

    • $669,000
      9,856 SF

      Lancaster Mixed-Use Investment Opportunity

      Mixed-use property in Lancaster Village with retail and residential units.
      5476 Broadway Street, Lancaster, NY 14086
      View Details
    • $460,000
      6,103 SF

      Versatile Lancaster Commercial Building

      6,103 sq ft building with showroom, office, and basement.
      3568 Walden Ave, Lancaster, NY 14086
      View Details
    • $439,900

      Mixed-Use Property in High-Traffic Area

      Mixed-use property with commercial space and residential apartments for sale.
      3284 Walden Ave, Lancaster, NY 14043
      View Details
    • $224,899
      1,072 SF

      Renovated Two-Unit Building

      Completely renovated two-unit building near West Main Street.
      17 Saint Marys Street, Lancaster, NY 14086
      View Details
    • $500,000
      12,188 SF

      Renovated Office Building in Lancaster

      Extensively renovated office building with parking in historic village downtown.
      5400 Broadway, Lancaster, NY 14086
      View Details
    • $359,900

      Renovated Lancaster Multi-Family Property

      Completely renovated 2-unit property with strong income potential.
      5869 Broadway St, Lancaster, NY 14086
      View Details
    • $669,000
      1,000 SF

      Mixed-Use Investment Opportunity in Lancaster

      Mixed-use property with retail and residential units in Lancaster Village.
      5476 Broadway St, Lancaster, NY 14086
      View Details
    • $330,000

      Lancaster Village Two-Unit Home

      Two-unit property in Lancaster Village with investment potential.
      74 Vandenberg Ave, Lancaster, NY 14086
      View Details
    • $287,500

      Lancaster Office or Retail Opportunity

      1,600+/- SF office/retail space with high visibility and ample parking.
      5300 Broadway Street, Lancaster, NY 14086
      View Details
    • $415,000

      Updated Duplex with Tenant Leases

      Well-maintained duplex with updated mechanics and tenant leases.
      169 Warner Rd 167, Lancaster, NY 14043
      View Details
    • $4,950,000
      60,000 SF

      Lancaster Office Property on Acres

      Two-story, 59,804 SF LEED Certified office on 119 acres.
      368 Pleasant View, Lancaster, NY 14086
      View Details
    • $500,000
      2,994 SF

      Retail Property in Lancaster, NY

      Retail property available for sale in Lancaster, New York.
      5383 Broadway, Lancaster, NY
      View Details

    FAQs

    What type of property is this?
    Flex space - Flex space investment property with long-term tenants and zero vacancies.
    Where is this flex space located?
    The property is located at 491 Erie St Lancaster, NY.
    What is the asking price?
    The asking price for this property is $2,100,000.
    What are key features of this property?
    This property features: 7% CAP rate with current monthly rents of $16,662.; Zero vacancies and long‑term, stable tenancies.; Flex space investment property with 5 buildings totaling approximately 31,500 sq ft on 3 acres.
    (716) 288-5484
    We can help!
    Listing Contact
    Shannon L McNichol
    Shannon L McNichol
    Learn More
    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.
    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

    Thank You for Inquiry
    491 Erie St, Lancaster, NY 14086
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!