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    Commercial Land Parcel with Driveway Access Title is generated by Realmo AI

    3981 Route 281, Cortland, NY 13045

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    Claim this Listing
    New
    For Sale
    $125,000

    COMMERCIAL - Cortland, NY

    Property size:
    17,300 SF
    Lot size:
    49.00 Acres
    Price / SF:
    $7/SF
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 7:06 am

    Property Features for 3981 Route 281

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    330
    Parking
    20
    Parking features
    Driveway
    Standard status
    Active
    APN
    112289-086-013-0001-012-000-0000
    Size
    17,300 SF
    Lot size
    49.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2380

    Utilities

    Heating system
    Natural Gas
    Water front features
    Stream, River Access

    We can help!

    Listing Contact
    Timothy Alger

    Listing agent Timothy Alger License #30AL0927181

    Listing office Yaman Real Estate 185 Clinton Ave., Cortland, NY

    Listing date Jun 4, 2026

    MLS# S1687637

    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.

    HighLights

    • Natural gas heating available
    • Driveway access on County‑owned road, Kinney Gulf, with no need for state approval for curb cuts (per remarks)
    • Traffic light directly at the site with a trip feature for access and exit (per remarks)
    • Utilities available for development (per remarks)
    • Waterfront features include stream and river access
    • Listing notes the parcel may accommodate an approximately 1,000 SF building with parking, subject to Town zoning approval

    Overview

    This commercial land parcel offers utilities available and a wide driveway on a county-owned road (Kinney Gulf). The site is described as able to support development of a small commercial building, with the potential for a building on the order of roughly 1,000 square feet, along with a parking area, subject to Town zoning approval for new construction.

    The property is positioned along a Route 281 corridor with access to Interstate 81. The public remarks also note immediate traffic-signal access at the frontage with a turn feature intended to support smoother customer/client entry and exit.

    For buyers or operators seeking a flexible site for an office, professional use, or a small business, this parcel’s utility availability and driveway approach are practical starting points for planning. Any new development will require Town zoning approval, and the curb-cut process is described as streamlined due to the driveway being on the county-owned road. Interested parties should confirm final site plan requirements, zoning conditions, and any permitting steps prior to design and construction planning.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Cortland
    County
    Cortland
    State
    New York
    Longitude
    -76.203952
    Latitude
    42.599705

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    FAQs

    What type of property is this?
    Commercial land - 49-acre commercial parcel with utilities available and wide driveway access via a county-owned road.
    Where is this commercial land located?
    The property is located at 3981 Route 281 Cortland, NY.
    What is the asking price?
    The asking price for this property is $125,000.
    What are key features of this property?
    This property features: Natural gas heating available; Driveway access on County‑owned road, Kinney Gulf, with no need for state approval for curb cuts (per remarks); Traffic light directly at the site with a trip feature for access and exit (per remarks)
    (607) 423-6174
    We can help!
    Listing Contact
    Timothy Alger
    Real Estate License ID: 30AL0927181
    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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