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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    116 Business Park Dr Utica, NY 13502-6313

    • Office buildings
    • 23,356 SF
    • 3.49 lot acres
    OFF-MARKET
    Value Estimations
    $2,465,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2712911
    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

    • Harvey Allen / Gastroenterologist / Practitioner Service Location
    • Mohawk Valley Endoscopy Center / Medical Clinic
    • Digestive Disease Medicine of Central New York / Medical Clinic / Doctor
    • Mr. David Zaffino / Nurse Practitioner
    • Mrs. Susan Kolb / Nurse Practitioner

    Property Details for 116 Business Park Dr

    Year built
    1990
    Lot size
    3.49 lot acres
    Property size
    23,356 SF
    Property type
    Office buildings
    APN
    301600 317.19-1-14
    APU
    30160031719114

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,023,000
      Market price range: $695k - $3.50M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,355,000
      Current use
      RESTAURANT
      $3,055,000
      Change: +30% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Utica
    County
    Oneida
    State
    New York
    Longitude
    -75.2849
    Latitude
    43.0904
    CBSA code
    46540
    CBSA name
    UTICA-ROME, NY METROPOLITAN 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
    0
    $0.00
    $314,100
    $1,200,900
    $1,515,000
    -
    $730,465
    $2,792,791
    $3,523,256

    Comparable in this City

    • Value Estimation
      $2,450,000
      80,000 SF

      Ct St

      OFFICE BUILDING • 80,000 SF
      Ct St, Utica, NY 13502
      View Details
    • Value Estimation by Request
      10,168 SF

      404408 Ct St

      OFFICE BUILDING • 10,168 SF
      404408 Ct St, Utica, NY 13502
      View Details
    • Value Estimation
      $3,490,000
      41,760 SF

      Rear Rhoades Dr Dr

      PROFESSIONAL BUILDING • 41,760 SF
      Rear Rhoades Dr Dr, Utica, NY 13502
      View Details
    • Value Estimation
      $3,020,000
      32,388 SF

      430 Ct St

      OFFICE BUILDING • 32,388 SF
      430 Ct St, Utica, NY 13502-4289
      View Details
    • Value Estimation
      $565,000
      11,991 SF

      2090 State Rte 5th 5

      OFFICE BUILDING • 11,991 SF
      2090 State Rte 5th 5, Utica, NY 13502-7405
      View Details
    • Value Estimation by Request
      3,200 SF

      55 Wurz Ave

      OFFICE BUILDING • 3,200 SF
      55 Wurz Ave, Utica, NY 13502
      View Details

    Similar Nearby for Sale

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      Utica Office Building For Sale

      17,500 SF office building available in Utica, NY.
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    • $269,000
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      Renovated Mixed-Use Property Available

      Recently renovated mixed-use property with on-site parking and security.
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      Mixed-Use Corner Opportunity in Utica

      Mixed-use property with high traffic and visibility in Utica.
      1900 Genesee St, Utica, NY 13502
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    • New
      $289,900
      2,236 SF

      Remodeled Utica Mixed-Use Property

      Recently remodeled mixed-use property in a high-visibility commercial area.
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      Downtown Utica mixed-use opportunity
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    Similar Nearby for Lease

    • $22 SF/Yr
      39,025 SF

      Utica Business Park Office Building

      Office building in Utica Business Park with vacant space.
      126 Business Park Dr, Utica, NY 13502
      View Details
    • $399,999
      3,292 SF

      Remodeled Office Building in Utica

      Remodeled office building in high-traffic area, suitable for various uses.
      320 Herkimer Rd, Utica, NY 13502
      View Details
    • $17 SF/Yr
      3,988 SF

      Downtown Utica Retail/Office/Restaurant Space

      Remodeled downtown space ideal for retail, office, or restaurant.
      119-137 Hotel St, Utica, NY 13502
      View Details
    • $899,900
      2,136 SF

      Office Space Available For Rent

      Office space available for rent in Utica, NY.
      2208 Genesee St, Utica, NY 13502
      View Details
    • Contact for pricing
      3,500 SF

      Retail Space in North Utica

      Neighborhood shopping center anchored by Price Chopper, Dollar Tree, Walgreens.
      50 Auert Ave, Utica, NY 13502
      View Details
    • $15 SF/Yr
      10,926 SF

      Office Space Near Government Buildings

      Office space for rent near city, county, and state offices.
      268 Genesee St, Utica, NY 13502
      View Details
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    116 Business Park Dr
    Utica, NY 13502-6313
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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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