Farm and Warehouse
For Sale
$1,399,000
41 Bierstine Ln, Pine Island, NY 10969
31+ acres with multiple buildings, including a steel warehouse and insulated office building.
Property Size11,014 SF
Lot Size31.00 Acres
Price / SF$127.02
Days on Market132
Property Features for 41 Bierstine Ln
General Information
Standard status
Active
Size
11,014 SF
Lot size
31.00 Acres
Property subtype
Commercial
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
4
Additional Details
Multifamily Units
7
Amenities
pond
Building Details
Year Built
1970
Listing Agency:
Century 21 Geba Realty
Listed By:
Donna M Geba · License #9482496
(845) 856-6629
Source:
Elliman
Added: Apr 28
Changed: Jul 22
Last Checked: Sep 5 at 11:41AM
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 Century 21 Geba Realty
Investment Insights
Based on property information with market context.
This versatile farm and warehouse property includes 31+ acres of agricultural land in Pine Island, NY, with a total of approximately 11,014 SF across three buildings. A large steel warehouse built in 1970 features 4 overhead garage doors and an 18’ ceiling height, along with 2 wells and newer electric. Also on site is a 1,008 SF office building from 1960 with insulation and electric baseboard heat, providing three rooms and a full bathroom. The third building is a 4,800 SF farm worker residential structure with multiple outfitted units, plus additional units that are partially done or need renovation, for a total of up to 7 units.
The property is level and includes a pond that may support irrigation or aquatic farming, along with approximately 20 acres described as black dirt. Improvements noted include a newer metal roof, newer siding, and newer windows.
With on-site water sources and a functional mix of warehouse, office, and residential space, the site is configured to support a wide range of multi-use operations within the parcel.
The property is level and includes a pond that may support irrigation or aquatic farming, along with approximately 20 acres described as black dirt. Improvements noted include a newer metal roof, newer siding, and newer windows.
With on-site water sources and a functional mix of warehouse, office, and residential space, the site is configured to support a wide range of multi-use operations within the parcel.
Key Highlights
- 31+ acres of agricultural land in Pine Island, Black Dirt County (approx. 20 acres of black dirt) with level terrain
- Total 11,014 SF across 3 buildings, including a 5,206 SF large steel warehouse (1970) with 4 overhead garage doors and 18' ceiling height
- Warehouse includes 2 wells and new electric; newer metal roof, newer siding, and newer windows
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$109,096
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,181,920
$2.2M
Cap Rate 7%
$1,558,514
$1.6M
Cap Rate 9%
$1,212,178
$1.2M
Market Conditions
NOI Build-Up for 11,014 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$154.6K $14.04/SF
− Vacancy
−$26.3K −$2.39/SF
EGI
$128.3K $11.65/SF
− OpEx
−$19.3K −$1.75/SF
NOI
$109.1K $9.91/SF
Area
Orange County, NY
Vacancy
17.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,181,920
Cap Rate 7%
$1,558,514
Cap Rate 9%
$1,212,178
Alternative Uses
Best Use
Warehouse
$1.56M
$1.36M – $1.82M
NOI $109,096 @ 7.0% cap · market cap 7.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.73M
$3.26M – $4.35M
NOI $261,122 @ 7.0% cap · market cap 18.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
4
Drive-in doors
7
Residential units
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 10969, NY
1,282
Population
478
Households
2.7
Avg Household Size
43
Median Age
28%
College-Educated
95%
High-School Grad
10.9 sq mi
ZIP Area
118
Density / Sq Mi
$154,127
Median Household Income
$62,008
Median Earnings
$397,700
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Agricultural land / Farmland - 31+ acres with multiple buildings, including a steel warehouse and insulated office building.
Where is this agricultural land / farmland located?
The property is located at 41 Bierstine Ln Pine Island, NY.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 31+ acres of agricultural land in Pine Island, Black Dirt County (approx. 20 acres of black dirt) with level terrain; Total 11,014 SF across 3 buildings, including a 5,206 SF large steel warehouse (1970) with 4 overhead garage doors and 18' ceiling height; Warehouse includes 2 wells and new electric; newer metal roof, newer siding, and newer windows
