Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1140 State Route 222 Cortland, NY 13045

    • Investment properties
    • 1,344 SF
    • 0.50 lot acres
    For Sale
    View listing
    $179,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1160919
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Investment properties

    Property Details for 1140 State Route 222

    Year built
    1950
    Lot size
    0.50 lot acres
    Property size
    1,344 SF
    Zone code
    05 - COMMERCIAL
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    112289 86.13-01-61.000
    APU
    11228986130161000

    Description

    This exceptional 1,344 square foot commercial property, situated on a half-acre lot at 1140 State Route 222 in Cortland, NY, presents a unique investment opportunity. Its prime corner location offers high visibility and easy access, adjacent to a thriving shopping center ensuring consistent foot traffic. Previously used as an auto repair shop, the building boasts two spacious service bays equipped with overhead doors, perfect for various uses. A comfortable waiting room caters to customers, while dedicated office space and two bathrooms provide essential amenities. Ample parking is available in the large, on-site lot, ensuring convenience for both employees and clients. A secure, fenced-in area offers additional storage or outdoor workspace. The property's versatility makes it suitable for a wide range of businesses, including but not limited to auto repair, drive-thru restaurants, beauty salons, retail stores, or creative ventures. This highly sought-after location offers endless possibilities for entrepreneurs seeking a thriving commercial space. The asking price is $179,900. Don't miss this chance to secure a property with exceptional potential in a bustling commercial area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cortland
    County
    Cortland
    State
    New York
    Longitude
    -76.2001
    Latitude
    42.5991
    CBSA code
    18660
    CBSA name
    CORTLAND, NY MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,443
    $50,000
    $58,600
    $108,600
    -
    $71,429
    $83,714
    $155,143

    Comparable in this City

    • Value Estimation by Request
      200 SF

      160-164 Prt Watson St

      STORE/OFFICE (MIXED USE) • 200 SF
      160-164 Prt Watson St, Cortland, NY 13045
      View Details
    • Value Estimation
      $5,380,000
      113,174 SF

      3642-3666 Rte 281

      STORE/OFFICE (MIXED USE) • 113,174 SF
      3642-3666 Rte 281, Cortland, NY 13045
      View Details
    • Value Estimation by Request
      2,400 SF

      37-39 Franklin St

      STORE/OFFICE (MIXED USE) • 2,400 SF
      37-39 Franklin St, Cortland, NY 13045
      View Details
    • Value Estimation
      $515,000
      8,526 SF

      99-101 Main St

      STORE/OFFICE (MIXED USE) • 8,526 SF
      99-101 Main St, Cortland, NY 13045
      View Details
    • Value Estimation by Request
      1,980 SF

      73 Main St

      STORE/OFFICE (MIXED USE) • 1,980 SF
      73 Main St, Cortland, NY 13045-2147
      View Details
    • Value Estimation by Request
      7,304 SF

      79 Pomeroy St

      STORE/OFFICE (MIXED USE) • 7,304 SF
      79 Pomeroy St, Cortland, NY 13045
      View Details

    Similar Nearby for Sale

    • $154,900
      Pending

      Fully Rented Cortland Duplex

      Two-unit property generating steady income in Cortland, NY.
      51 South Ave, Cortland, NY 13045
      View Details
    • $350,000

      Mixed-Use Building in Downtown Cortland

      Two-story mixed-use building with frontage on a busy commercial corridor.
      31-33 Clinton Ave, Cortland, NY 13045
      View Details
    • $1,400,000
      9,120 SF

      Historic Mixed-Use Building in Cortland

      Renovated mixed-use building with apartments in downtown Cortland, NY.
      77 Main St, Cortland, NY 13045
      View Details
    • $179,900
      1,344 SF

      Cortland Commercial Property - High Visibility

      Versatile commercial building, prime location, high traffic.
      1140 State Route 222, Cortland, NY 13045
      View Details
    • $3,481,885
      11,324 SF

      Walgreens Net Lease Investment

      Dryden, NY Pharmacy - High-Yield Investment
      79 North St, Cortland, NY 13045
      View Details
    • $74,900
      2,118 SF

      Cortland Commercial Property on Route 13

      B3-zoned commercial property with high visibility and redevelopment potential.
      805 State Route 13, Cortland, NY 13045
      View Details

    Similar Nearby for Lease

    • $247 SF/Yr
      100 SF

      Cortland Office Space For Rent

      Office space available in premier Cortland office building.
      1 N Main St, Cortland, NY 13045
      View Details
    • Contact for pricing
      5,433 SF

      Cortland Retail Space Available

      Prime Cortland location, 5,433 sq ft, ample parking.
      64 Main St, Cortland, NY 13045
      View Details
    • Contact for pricing
      12,750 SF

      Cortlandville Plaza Retail Space

      High-traffic retail space available.
      3662 Ny-281, Cortland, NY 13045
      View Details
    • $800,000

      Established Furnishings Business Opportunity

      Affordable home furnishings business for sale with existing rental agreements.
      3548 West Rd, Munsons Corners, NY 13045
      View Details
    • $795 /Mo
      23,520 SF

      Renovated Storefront on Main Street

      Recently renovated 1,300 SF storefront in high-traffic area.
      130 Main St, Cortland, NY 13045
      View Details
    • New
      $15 SF/Yr
      12,096 SF

      Professional Office Building For Lease

      Well-maintained office building in accessible commercial corridor with flexible layout.
      1-5 Clayton Ave, Cortland, NY 13045
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1140 State Route 222
    Cortland, NY 13045
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.