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    311 & I-84 Rte Patterson, NY 12563

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    311 & I-84 Rte Patterson, NY 12563

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    • Neighborhood centers
    • 400,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 311 & I-84 Rte

    Property size
    400,000 SF
    Property type
    Neighborhood centers
    Property subtype
    Community centers

    Description

    Patterson Crossing, a new regional shopping center in Putnam County, NY, presents an exceptional opportunity for retail businesses. Strategically located at the intersection of Route 311 and I-84, this development boasts over 400,000 square feet of total building space, offering significant visibility and accessibility to a large consumer base. A major anchor tenant, Costco, is already signed, ensuring a strong draw for shoppers. The high-traffic location sees over 66,000 vehicles per day on I-84, providing unparalleled exposure for your business. Currently, there are 11 available spaces ranging from a minimum of 75 square feet to a maximum contiguous space of 159,600 square feet, catering to a wide variety of retail needs. With 380,175 square feet of vacant space, this is a unique chance to establish a presence in a thriving retail environment. Site work is complete, with the center projected to open in Q3 2023. The property's location in Patterson, NY, zip code 12563, offers easy access for both local residents and commuters. This is a prime opportunity to capitalize on the significant growth potential of this new development. Contact us today to learn more about the available spaces and secure your place in this dynamic retail center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Patterson
    County
    Putnam
    State
    New York
    Longitude
    -73.6249
    Latitude
    41.4916

    Comparable in this City

    • Value Estimation by Request
      87,571 SF

      3101 Ny-22

      Neighborhood centers • 87,571 SF
      3101 Ny-22, Patterson, NY 12563
      View Details
    • Value Estimation
      $5,560,000
      22,670 SF

      1253 Rte 311

      MINI-MALL • 22,670 SF
      1253 Rte 311, Patterson, NY 12563-2802
      View Details
    • Value Estimation
      $1,700,000
      84,651 SF

      3101 Rte 22nd, Unit 3115

      SHOPPING CENTER, STRIP CENTER • 84,651 SF
      3101 Rte 22nd, Patterson, NY 12563-2342
      View Details
    • Value Estimation by Request
      2,800 SF

      2122 Ny-22

      Automotive properties • 2,800 SF
      2122 Ny-22, Patterson, NY 12563
      View Details
    • Value Estimation by Request
      2,028 SF

      1292 Ny-311

      Individual retail properties • 2,028 SF
      1292 Ny-311, Patterson, NY 12563
      View Details
    • Value Estimation by Request
      200 SF

      741 Br Rd

      NURSERY, GREENHOUSE, FLORIST • 200 SF
      741 Br Rd, Patterson, NY 12563
      View Details

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      Patterson Land For Sale

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      2096 Route 22, Patterson, NY 12563
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    • $1,200,000

      44 Acres Mixed-Use Land

      44 acres with multi-family, rentals, garage, and warehouse.
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    Similar Nearby for Lease

    • Contact for pricing

      New Regional Shopping Center Development

      Regional shopping center development with signed lease with Costco.
      311 & I-84 Rte, Patterson, NY 12563
      View Details
    • Contact for pricing
      6,050 SF

      Grocery Anchored Retail Space Available

      Retail space and pad sites for lease in Patterson, NY.
      3089 Route 22, Patterson, NY 12563
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      New Regional Shopping Center Development

      Regional shopping center development with signed lease and high traffic.
      311 & I-84 Rte, Patterson, NY 12563
      View Details
    • Contact for pricing

      Retail Pad Site For Lease

      2,250-6,050 SF pad site available for ground lease or build-to-suit.
      3101 Ny-22, Patterson, NY 12563
      View Details
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    Patterson, NY 12563
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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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