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    Penfield Commercial Greenhouse and Cultivation Title is generated by Realmo AI

    1345 Penfield Center Rd, Penfield, NY 14526

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    12.88-acre site with greenhouse, commercial space, and apartments.

    Type:Land
    Property size:
    25,000 SF
    Lot size:
    12.88 Acres
    Price / SF:
    $32/SF
    Added:
    Feb 29, 2024
    Days on Market:
    827
    Last Refresh:
    May 12 at 9:51 pm

    Property Features for 1345 Penfield Center Rd

    General Information

    Standard status
    Active
    Size
    25,000 SF
    Lot size
    12.88 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Evan Schaefer
    Evan Schaefer

    Listing agent Evan Schaefer License #NY 10301221499

    Listing office Benchmark Realty Advisors, LLC

    Listing date Feb 29, 2024

    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 Benchmark Realty Advisors, LLC

    HighLights

    • Large Greenhouse and Cultivation Site: 12.88 acres with +/-25,000 SF of Greenhouse space, including a 3,600 SF hydroponic greenhouse.
    • Income‑Generating Potential: Includes two apartments (2 & 3 bedroom) with one currently rented at $1,000/month, plus a commercial tenant paying $700/month.
    • Updated and Substantial Electrical Capacity: Features an updated 800amp, three‑phase electrical service.
    • RA‑2 Zoning: Allows for continued agricultural use within the Town of Penfield.
    • Commercial Amenities: Includes 2,150 SF of commercial space and (3) walk‑in coolers.
    • Ample Parking: Features 30+ newly paved asphalt parking spots.

    Overview

    This 12.88-acre commercial greenhouse and cultivation site is located in Penfield, NY. The property includes approximately 25,000 SF of greenhouse space, including a 3,600 SF hydroponic greenhouse, a 2,150 SF commercial space, and two apartments totaling approximately 2,000 SF. The property has updated electric with an 800 amp, three-phase service. There are over 30 newly paved asphalt parking spots on the side and front of the property. The commercial space includes three walk-in coolers. The neighboring living quarters offer two apartments, a two-bedroom and a three-bedroom unit, with one currently occupied at $1,000 per month. A small commercial tenant occupies approximately 1,500 SF of the garage space at $700 per month. All tenancy is on flexible lease arrangements. Replacement greenhouse plastic for roofs is included in the sale. Additional personal property like grow lights and tractors on site can also be included in the sale. The property is located in a RA-2 Zoning district within the Town of Penfield, allowing for continued agricultural use of the land. The property benefits from its strategic location with easy access to major transportation routes. Proximity to local markets and urban centers ensures seamless distribution and market access. The property may be available for re-zoning for those looking to build a single family home, or develop the parcel. Seller financing for your business use of the site is available at request.
    Property Profile Location Intelligence

    Current Use by Public Records

    Cannabis Properties

    Suggested Use

    Building Supply Dental Office Kitchen & Bath Showroom Garden Center Electrical Service Electronics & Wireless Store Veterinary Clinic Home Appliance Store Plumbing Service Pet Store & Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Penfield
    County
    Monroe
    State
    New York
    Longitude
    -77.4256005
    Latitude
    43.1665186

    Nearby Similar for Sale

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    • $3,083,000
      3,500 SF

      Fairport Retail Property For Sale

      Retail property with a new 20-year lease in Penfield, NY.
      2146 Fairport Nine Mile Pt Rd, Penfield, NY
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    FAQs

    What type of property is this?
    Farm - 12.88-acre site with greenhouse, commercial space, and apartments.
    Where is this farm located?
    The property is located at 1345 Penfield Center Rd Penfield, NY.
    What is the asking price?
    The asking price for this property is $824,999.
    What are key features of this property?
    This property features: Large Greenhouse and Cultivation Site: 12.88 acres with +/-25,000 SF of Greenhouse space, including a 3,600 SF hydroponic greenhouse.; Income‑Generating Potential: Includes two apartments (2 & 3 bedroom) with one currently rented at $1,000/month, plus a commercial tenant paying $700/month.; Updated and Substantial Electrical Capacity: Features an updated 800amp, three‑phase electrical service.
    (585) 337-1764 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Evan Schaefer
    Evan Schaefer
    Real Estate License ID: NY 10301221499
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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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