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    Versatile Palmyra Office Building Title is generated by Realmo AI

    628 E Main Street, Palmyra, NY 14522

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    Claim this Listing
    For Lease
    $299,000 SF/Yr $161,086,250/Mo (calc)

    COMMERCIAL - Palmyra, NY

    Property size:
    6,465 SF
    Lot size:
    0.52 Acres
    Added:
    Oct 15, 2025
    Days on Market:
    219
    Last Refresh:
    May 21 at 8:06 pm

    Property Features for 628 E Main Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    C3
    Parking
    25
    Parking features
    Paved or Surfaced
    Standard status
    Active
    APN
    543601-065-111-0009-052-592-0000
    Size
    6,465 SF
    Lot size
    0.52 Acres

    Taxes and HOA fees

    Tax Annual Amount
    10374

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air, Hot Water(Heating)

    Building Details

    Year built
    1980
    Floors in Building
    2
    Flooring type
    Concrete, Linoleum, Carpet, Vinyl
    Roof type
    Asphalt, Metal

    We can help!

    Listing Contact
    Bonnie F Pagano
    Bonnie F Pagano

    Listing agent Bonnie F Pagano License #10301214525

    Listing office Core Agency RE INC 488 Plank Rd, Webster, NY

    Listing date Oct 15, 2025

    MLS# R1644946

    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

    • Versatile Class C office building with potential for conversion to residential apartments.
    • Five office suites plus one residential apartment, each with separate utilities.
    • Fully renovated exterior offering strong curb appeal.
    • Ample parking for 25+ vehicles.
    • Located in a high‑visibility area with excellent signage opportunities.
    • Triple NNN lease available, starting at $8/SF.

    Overview

    This Class C office building in Palmyra, NY, presents a versatile opportunity for investors or owner-occupants, with the potential for conversion to residential apartments. The property includes 5 office suites and 1 residential apartment, each equipped with separate utilities. Suited for medical, professional, or service-based businesses, the building offers buildout options to accommodate specific business needs. The exterior has been fully renovated, enhancing its curb appeal. Ample parking is available for over 25 vehicles. The property is situated in a high-visibility area experiencing ongoing development and offers excellent signage opportunities. The lot size is 0.52 acres. The property has a size of 6,465 square feet. The zoning is C3. A Triple NNN lease is available, starting at $8 per square foot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    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
    Palmyra
    County
    Wayne
    State
    New York
    Longitude
    -77.21802
    Latitude
    43.060858

    Nearby Similar for Lease

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    • $250 SF/Yr
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      Palmyra Office Space For Rent

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    • $3,750/Mo
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      Prime Location Commercial Space

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    FAQs

    What type of property is this?
    Office building - Class C office building with residential conversion potential for lease.
    Where is this office building located?
    The property is located at 628 E Main Street Palmyra, NY.
    What is the lease rate?
    The lease rate is $299,000.
    What are key features of this property?
    This property features: Versatile Class C office building with potential for conversion to residential apartments.; Five office suites plus one residential apartment, each with separate utilities.; **Fully renovated exterior offering strong curb appeal.**
    (585) 739-1200
    We can help!
    Listing Contact
    Bonnie F Pagano
    Bonnie F Pagano
    Real Estate License ID: 10301214525
    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.

    More about this property
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