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    64476 Ny-415 Wayland, NY 14572

    Sponsored
    For Sale
    $599,000

    6.44 Acres, Prime I-390 Location

    Property size:
    2,200 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional 6.44-acre commercial land parcel in Wayland, New York, presents a remarkable redevelopment opportunity. Ideally situated just off Interstate 390, this highly visible property boasts 460 feet of road frontage and an additional 585 feet of access from Reigelsperger Road, offering potential for dual access points. The existing 2,200 square foot building, constructed in 1993, features a walk-in cooler, a functional irrigation system with four valves, two upstairs offices, and two bathrooms (one upstairs, one downstairs). The property includes a private well and sewer system (pump replaced May 2022), and Phase 2 electric service. Municipal water and sewer are available within 1,300 feet. The site's zoning permits commercial development, making it suitable for a variety of uses, including hotels, restaurants, or gas stations. The seller is also willing to sell an adjacent parcel of over 6.4 acres, potentially expanding the total acreage to approximately 10 acres for larger-scale projects. This property's prime location and significant acreage make it an exceptional investment for developers seeking high visibility and convenient access to Interstate 390. The property is vacant and ready for immediate development. The asking price is $599,000.

    Property Features for 64476 Ny-415

    General Information

    Property type
    Land
    Square Feet
    2,200 SF
    Lot Size
    280,526 SF

    Building Details

    Year Built
    1993
    Buildings
    1

    We can help!

    Listing Contact
    Samantha Testani
    Samantha Testani

    Learn more

    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis Gift Shop Party City Party Store Skunk Funk Wholesaler Carl's Trading Co Hat Shop Bushka's Kitchen LLC Outdoor Clothing And Equipment Shop

    Suggested Use

    Restaurant Wholesale Shop 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
    -77.586089440289
    Latitude
    42.542452223228

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    Nearby Similar for Sale

    • $199,900

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      Mixed-Use Buildings on Large Lot

      Office and storage buildings on 2.79 acres for sale.
      119 Main St Pfeiffer Ln, Wayland, NY
      View Details
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      16,372 SF

      Retail Property For Sale/Lease

      Retail property available for sale or lease with flexible terms.
      303 Lackawanna St North, Wayland, NY 14572
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    FAQs

    What type of property is this?
    Land - 6.44 Acres, Prime I-390 Location
    Where is this 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.
    (607) 937-9720
    Request Owner's contact information
    64476 Ny-415 Wayland, NY 14572
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    Wayland, NY 14572
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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
    64476 Ny-415 Wayland, NY 14572
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    We can help!
    Listing Contact
    Samantha Testani
    Samantha Testani
    Real Estate License ID: NY 10401349608
    (607) 937-9720
    Learn more
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