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    Property profile & analytics

    27 Bank St Hornell, NY 14843-1634

    • Manufacturing properties
    • 38,550 SF
    • 1.08 lot acres
    OFF-MARKET
    Value Estimations
    $585,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1335909
    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

    • Amexstra, Inc. / Manufacturer

    Property Details for 27 Bank St

    Year built
    1910
    Lot size
    1.08 lot acres
    Property size
    38,550 SF
    Property type
    Manufacturing properties
    APN
    460600 151.19-01-037.000
    APU
    4606001511901037000

    Description

    This 40,050-square-foot freestanding industrial facility, situated on a 1.08-acre lot in Hornell, NY, presents a compelling redevelopment opportunity. Built in 1910 and renovated in 2021, the single-story brick building features 14-foot ceilings, two 9x12 and 12x12 overhead doors, and ample parking for 25+ cars. The property boasts a concrete slab foundation, brick walls, and a rolled saw-tooth roof. Interior features include fluorescent lighting, six gas-fired furnaces, and two three-phase sub-feeds (400-amp and 480-amp). The building is currently configured for light manufacturing, with associated office and warehouse space, and is zoned B-1 Local Business District (a non-conforming grandfathered use). Located off Bank Street in a mixed-use neighborhood, the property benefits from its proximity to major employers such as Alfred University, Alstom Transportation, and several others. A Phase 1 environmental assessment was completed in 2012. The property is conveniently located near I-86 and I-390, providing easy access to major transportation routes. The asking price is $1,100,000. This sale is a sale/leaseback opportunity. The property is not located in a flood zone. Column spacing is 15' x 18'6". The building is located in Steuben County, NY, a region with a diverse economic base.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $640,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $530,000
      Market price range: $483k - $2.52M

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

    Location Insight

    • Map
    • Local Demand
    City
    Hornell
    County
    Steuben
    State
    New York
    Longitude
    -77.6519
    Latitude
    42.3259
    CBSA code
    18500
    CBSA name
    CORNING, 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
    0
    $0.00
    $44,000
    $476,000
    $520,000
    -
    $46,316
    $501,052
    $547,368

    Comparable in this City

    • Value Estimation by Request
      4.30 Acres

      188 Thacher St

      MANUFACTURING (LIGHT) • 4.30 Acres
      188 Thacher St, Hornell, NY 14843-1250
      View Details
    • Value Estimation by Request
      19,393 SF

      85 Canisteo St

      MANUFACTURING (LIGHT) • 19,393 SF
      85 Canisteo St, Hornell, NY 14843
      View Details
    • Value Estimation
      $11,715,000
      146,000 SF

      3 Shawmut Dr Alstom

      MANUFACTURING (LIGHT) • 146,000 SF
      3 Shawmut Dr Alstom, Hornell, NY 14843
      View Details
    • Value Estimation
      $1,315,000
      68,875 SF

      1 Horton St

      MANUFACTURING (LIGHT) • 68,875 SF
      1 Horton St, Hornell, NY 14843-1452
      View Details
    • Value Estimation
      $1,235,000
      145,194 SF

      188 Thacher St

      MANUFACTURING (LIGHT) • 145,194 SF
      188 Thacher St, Hornell, NY 14843-1250
      View Details
    • Value Estimation
      $3,490,000
      70,000 SF

      1 Transit Dr

      HEAVY MANUFACTURING • 70,000 SF
      1 Transit Dr, Hornell, NY 14843-2268
      View Details

    Similar Nearby for Sale

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      21,000+ SF building suitable for warehousing, distribution, or office/industrial.
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      Hornell Warehouse and Distribution Opportunity

      21,000 SF building plus adjacent lot near I-86.
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    • $399,900
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      Hornell Office Building Investment

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    • $250,000
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      Spacious Retail Property in Hornell

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    Similar Nearby for Lease

    • Contact for pricing
      13,200 SF

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      View Details
    • Contact for pricing
      13,839 SF

      Hornell Warehouse Space for Lease

      7,250 SF warehouse space available for lease.
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      View Details
    • Contact for pricing
      2,106 SF

      Retail Space Near Wegmans Market

      Retail, office, or restaurant space with high visibility.
      1000-1044 State Route 36, Hornell, NY 14843
      View Details
    • $5 SF/Yr
      27,000 SF

      Hornell Shopping Plaza Retail Space

      Two retail spaces available for lease.
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      View Details
    • $399,900

      Adaptable One-Story Building on 13 Acres

      Versatile one-story building suitable for various uses on 13 acres.
      6017 Magee Rd, Hornell, NY 14843
      View Details
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    27 Bank St
    Hornell, NY 14843-1634
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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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