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    845 Main Rd Irving, NY 14081

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    845 Main Rd Irving, NY 14081

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    • Office properties & Spaces
    • 172,381 SF
    • 30.80 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office properties & Spaces

    Property Details for 845 Main Rd

    Lot size
    30.80 lot acres
    Property size
    172,381 SF
    Property type
    Office properties & Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional 172,381-square-foot medical office building presents a unique development opportunity. Situated on a sprawling 30.8-acre lot in Irving, New York, this Class B property boasts a prime location at the intersection of Routes 5 and 20, offering convenient access to the NYS Thruway I-90 Silver Creek exit. Currently vacant, the property is zoned C and offers significant potential for redevelopment. The expansive site previously housed a hospital, medical offices, and a skilled nursing facility, providing a solid foundation for various projects. Its strategic location near local amenities, including bars, restaurants, and fast-food establishments, adds to its appeal. This property is ideally suited for multifamily development, affordable housing initiatives, or workforce housing projects, presenting a compelling investment opportunity in a vibrant community. The substantial square footage and ample land provide considerable flexibility for a wide range of development plans. This is a rare chance to acquire a large-scale property with significant upside potential in a desirable location. The property's history as a medical facility could also lend itself to continued use in the healthcare sector, depending on the buyer's vision. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Irving
    County
    Chautauqua
    State
    New York
    Longitude
    -79.1263
    Latitude
    42.5586

    Comparable in this City

    • Value Estimation
      $2,365,000
      43,000 SF

      Rt 5th 20

      MEDICAL CLINIC • 43,000 SF
      Rt 5th 20, Irving, NY 14081
      View Details
    • Value Estimation
      $2,050,000
      14,000 SF

      12644 Seneca Rd

      MEDICAL CLINIC • 14,000 SF
      12644 Seneca Rd, Irving, NY 14081-9714
      View Details
    • Value Estimation
      $2,200,000
      48,600 SF

      Rt 5th 20

      MEDICAL CLINIC • 48,600 SF
      Rt 5th 20, Irving, NY 14081
      View Details
    • Value Estimation
      $2,075,000
      14,000 SF

      Rt 5th 20

      MEDICAL CLINIC • 14,000 SF
      Rt 5th 20, Irving, NY 14081
      View Details
    • Value Estimation by Request
      1,984 SF

      10900 Erie Rd

      OFFICE BUILDING • 1,984 SF
      10900 Erie Rd, Irving, NY 14081-9563
      View Details
    • Value Estimation
      $1,030,000
      7,553 SF

      879 Rte 5th And 20

      PROFESSIONAL BUILDING • 7,553 SF
      879 Rte 5th And 20, Irving, NY 14081
      View Details

    Similar Nearby for Sale

    • New
      $351,000
      3,228 SF

      Turnkey Medical Office Building

      Versatile commercial building on 1.4 acres, ideal for healthcare.
      12655 Seneca Rd, Irving, NY 14081
      View Details
    • $199,999

      5.89 Acres Retail Development Land

      5.89 acres of land for retail development.
      10982 Southwestern Blvd, Irving, NY 14081
      View Details
    • Contact for pricing

      5.89 Acres on Southwestern Boulevard

      5.89 acres of land available for retail development.
      10982 Southwestern Blvd, Irving, NY 14081
      View Details
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    Irving, NY 14081
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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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    845 Main Rd, Irving, NY, 14081

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