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    Property profile & analytics

    248 Otis St Rome, NY 13441

    • Distribution properties
    • 46,588 SF
    • 11.12 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5211498
    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

    • Distribution properties

    Property Details for 248 Otis St

    Year built
    1970
    Lot size
    11.12 lot acres
    Property size
    46,588 SF
    Zone code
    GB
    Property type
    Distribution properties
    APN
    301301 243.000-0001-001.053
    APU
    9223372036854775807

    Description

    This exceptional Class A industrial property, located at 248 Otis St in Rome, NY's Griffiss Business and Technology Park, offers 58,535 square feet of versatile space across three buildings situated on a 10.84-acre lot. The main building, encompassing over 48,975 square feet, features stacked offices, conference rooms, a training room, a dispatch center, and a full garage equipped with nine grade-level doors, bus lifts, a paint booth, and a parts department. A separate 4,600-square-foot body shop includes eight drive-through doors and offices. Additional storage is provided in a 4,960-square-foot building with one grade-level door. The property boasts ample parking, accommodating approximately 300 buses and 200 cars. The zoning is GB, and the property is available for immediate lease or sale under a NNN lease structure. The high ceilings (20+ feet) and 18 dock-high doors provide exceptional functionality for distribution, warehouse, or manufacturing operations. This prime location within the Griffiss Business and Technology Park offers excellent access to transportation and infrastructure.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $640,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Rome
    County
    Oneida
    State
    New York
    Longitude
    -75.4046
    Latitude
    43.2191
    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
    $222,380
    $770,000
    $992,380
    -
    $490,040
    $1,696,782
    $2,186,822

    Comparable in this City

    • Value Estimation
      $605,000
      23,055 SF

      766 Ellsworth Rd

      BUS TERMINAL • 23,055 SF
      766 Ellsworth Rd, Rome, NY 13441-4309
      View Details
    • Value Estimation
      $740,000
      918,608 SF

      640 Perimeter Rd

      WAREHOUSE, STORAGE • 918,608 SF
      640 Perimeter Rd, Rome, NY 13441-4924
      View Details
    • Value Estimation
      $615,000
      385,216 SF

      394 Hangar Rd

      MANUFACTURING (LIGHT) • 385,216 SF
      394 Hangar Rd, Rome, NY 13441-4518
      View Details
    • Value Estimation
      $750,000
      55,540 SF

      632 Ellsworth Rd

      MANUFACTURING (LIGHT) • 55,540 SF
      632 Ellsworth Rd, Rome, NY 13441-4808
      View Details
    • Value Estimation
      $675,000
      75,547 SF

      80 Otis St

      MANUFACTURING (LIGHT) • 75,547 SF
      80 Otis St, Rome, NY 13441-4712
      View Details
    • Value Estimation
      $635,000
      195,839 SF

      650 Donaldson Rd

      WAREHOUSE, STORAGE • 195,839 SF
      650 Donaldson Rd, Rome, NY 13441
      View Details

    Similar Nearby for Sale

    • $12,000,000
      77,785 SF

      Griffiss Park Industrial Investment Opportunity

      77,785 SF industrial property in Griffiss Business and Technology Park.
      248 Otis St, Rome, NY 13441
      View Details
    • Contact for pricing
      58,535 SF

      Rome, NY Industrial Facility

      58,535 SF Industrial Space - Vacant
      248 Otis St, Rome, NY 13441
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      2,196 SF

      Retail/Office Space in Griffiss Park

      Retail or office suites available in Griffiss Business and Technology Park.
      85-86 Hangar Rd, Rome, NY 13441
      View Details
    • Contact for pricing
      6,400 SF

      Renovated Office Space in Rome

      6,400 SF renovated office space in Griffiss Business Park.
      113 Langley Rd, Rome, NY 13441
      View Details
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    248 Otis St
    Rome, NY 13441
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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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