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    64476 NY-415 Wayland, NY 14572

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    Highly visible 6.44 acres ready for development off Interstate 390.

    Type:Retail, Land
    Property size:
    2,200 SF
    Lot size:
    6.44 Acres
    Added:
    Aug 30, 2022
    Days on Market:
    1331
    Last Refresh:
    Mar 17 at 1:23 pm

    Property Features for 64476 NY-415

    General Information

    Standard status
    Active
    Size
    2,200 SF
    Lot size
    6.44 Acres
    Property subtype
    Retail, Land

    Building Details

    Year Built
    1993

    We can help!

    Listing Contact
    Samantha Testani

    Listing agent Samantha Testani License #NY 10401349608

    Listing office Cushman & Wakefield Pyramid Brokerage Company - Corning, New York

    Listing date Aug 30, 2022

    Source Crexi

    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 Company - Corning, New York

    Overview

    Prime Development Land I-390 Access

    This 6.44-acre property is available for sale. The site is located with easy access off Interstate 390 in Wayland, NY. The existing building, constructed in 1993, previously operated as a flower shop, nursery, and landscaping business. The property features Phase 2 electric service, a private well and sewer system with a new pump installed in May 2022, a delivery door at the rear of the building, two upstairs offices, and two bathrooms. A fully operational walk-in cooler and a working irrigation system with four valves are also present. Municipal water and sewer connections are available within 1300 ft from the road. The property has 460 ft of road frontage and extends 585 ft from Reigelsperger Road, offering the potential for two access points. The boundaries are lined with trees and foliage. The location is suitable for development or establishing a business. The owner is willing to sell an adjoining property separately, potentially increasing the total land area to approximately 10 acres. The location is positioned for development off I-390 and is suitable for a hotel/motel, restaurant/fast food establishment, or a large gas station with food preparation. The property is highly visible, with no comparable services available off I-390 between the Bath and Dansville exits.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Big Box & Wholesale Store Auto Repair Shop Storage Facility Bar & Pub

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

    Location Insight

    • Map
    • Local Demand
    City
    Wayland
    County
    Steuben
    State
    New York
    Longitude
    -77.5736
    Latitude
    42.567

    Nearby Similar for Sale

    • $29,900

      Residential Land in Wayland, NY

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      Helen Place, Wayland, NY 14572
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    • $49,900

      Wayland Land in Finger Lakes

      4-acre property in the Finger Lakes region, ideal for building.
      Rt-21 N, Wayland, NY 14572
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    • $599,000
      2,200 SF

      Visible Warehouse on High-Traffic Road

      Warehouse on 6.44 acres, highly visible from Interstate 390.
      64476 NY-415, Wayland, NY
      View Details

    FAQs

    What type of property is this?
    Commercial land - Highly visible 6.44 acres ready for development off Interstate 390.
    Where is this commercial land located?
    The property is located at 64476 NY-415 Wayland, NY.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Prime development location with high visibility and easy access off Interstate 390.; 6.44 acres of land ready for development, with the option to purchase an additional adjoining property for a total of approximately 10 acres.; Existing building on site (built in 1993) suitable for immediate occupancy or redevelopment.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Samantha Testani
    Real Estate License ID: NY 10401349608
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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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