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    Property profile & analytics

    287 Genesee St Utica, NY 13501

    • Office buildings
    • 15,600 SF
    • 0.45 lot acres
    For Lease
    View listing
    $13 SF/Yr
    Last Sale
    Jun 29, 2021
    $575,000
    Value Estimations
    $810,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0423442
    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

    • Secure Network Solutions / Computer Support And Services
    • ACR Health / Non-Profit Organization
    • Temporary Site: ACR / Community Health Centre / Health Care Facility
    • Central Ny Labor Agency / Non-Profit Organization
    • Central New York Labor Council / Labor Union

    Property Details for 287 Genesee St

    Year built
    1970
    Lot size
    0.45 lot acres
    Property size
    15,600 SF
    Property type
    Office buildings
    APN
    301600 318.57-2-47
    APU
    30160031857247

    Description

    This exceptional 900-square-foot office space is ideally situated in Utica, New York's vibrant downtown core, within the Genesee-Dakin building. The property boasts a newly renovated interior, offering a modern and efficient workspace suitable for a variety of professional uses. Its versatile design caters to traditional office setups, coworking arrangements, medical practices, creative agencies, or executive suites. The space is available for immediate occupancy as a single-tenant lease. Enjoy the convenience of on-site parking located at the rear of the building. This prime location offers unparalleled accessibility, being within walking distance of key city amenities. These include the newly constructed Wynn Hospital, Utica City Hall, and the Oneida County Office Building, ensuring easy access to essential services and a thriving professional community. The address is 287 Genesee Street, Utica, NY 13501. This property presents a unique opportunity to establish a presence in a dynamic and rapidly developing area of Utica. The building's strategic location and modern amenities make it an attractive option for businesses seeking a high-quality, conveniently located office space. The single-tenant occupancy ensures privacy and control over the entire space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $790,000
      ML approach
      $740,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $867,000
      Market price range: $464k - $2.34M

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

    Location Insight

    • Map
    • Local Demand
    City
    Utica
    County
    Oneida
    State
    New York
    Longitude
    -75.2376
    Latitude
    43.0977
    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
    $39,600
    $179,400
    $219,000
    -
    $92,093
    $417,209
    $509,302

    Comparable in this City

    • Value Estimation
      $530,000
      129,948 SF

      Charlotte St

      OFFICE BUILDING • 129,948 SF
      Charlotte St, Utica, NY 13501
      View Details
    • Value Estimation
      $355,000
      13,200 SF

      253 Genesee St

      OFFICE BUILDING • 13,200 SF
      253 Genesee St, Utica, NY 13501-3401
      View Details
    • Value Estimation by Request
      29,000 SF

      1701 Holland Ave

      OFFICE BUILDING • 29,000 SF
      1701 Holland Ave, Utica, NY 13501
      View Details
    • Value Estimation
      $375,000
      2,912 SF

      1700 1st St

      PROFESSIONAL BUILDING • 2,912 SF
      1700 1st St, Utica, NY 13501
      View Details
    • Value Estimation
      $635,000
      99,504 SF

      Genesee St

      OFFICE BUILDING • 99,504 SF
      Genesee St, Utica, NY 13501
      View Details
    • Value Estimation
      $290,000
      164,892 SF

      185 Genesee St

      OFFICE BUILDING • 164,892 SF
      185 Genesee St, Utica, NY 13501-2102
      View Details

    Similar Nearby for Sale

    • $540,000
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      Downtown Utica Office Building

      Professional office building for sale in downtown Utica.
      289 Genesee St, Utica, NY 13501
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    • $590,000
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      Utica Office Building For Sale

      Office building with 15941 square feet of space.
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    • $189,900
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      Utica Retail/Office Opportunity

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      Downtown Utica Office Space For Sale

      Office space in Downtown Utica, near courthouse and new hospital.
      610 Charlotte St, Utica, NY 13501
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    • $299,900
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      Mixed-Use Building in Prime Location

      Versatile property suitable for medical office, residential, or mixed-use.
      2113 Genesee St, Utica, NY 13501
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    • $845,000
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      Downtown Utica Office Building

      Prime location, 17,500 SF, ample parking.
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    Similar Nearby for Lease

    • Contact for pricing
      12,000 SF

      Office Space Near Courthouse

      Available office space in Utica, near government buildings.
      209 Elizabeth St, Utica, NY 13501
      View Details
    • Contact for pricing
      13,000 SF

      Downtown Utica Office Space

      Classic office building in downtown Utica with available space.
      258260 Genesee St, Utica, NY 13501
      View Details
    • $13 SF/Yr
      900 SF

      Renovated Office Space Available

      Newly renovated office space in downtown Utica for rent.
      287 Genesee St, Utica, NY 13501
      View Details
    • $12 SF/Yr
      2,740 SF

      Office Space in Bagg's Square

      Office space for rent in mixed-use building, build-to-suit.
      421423 Broad St, Utica, NY 13501
      View Details
    • $14 SF/Yr
      3,333 SF

      Renovated Office or Retail Space

      Newly renovated office/retail space with parking and shared conference room.
      310 Broad St, Utica, NY 13501
      View Details
    • Contact for pricing
      3,000 SF

      Corner Lot for Lease

      1.18+/- acre corner lot suitable for retail or office development.
      515 Broad St, Utica, NY 13501
      View Details
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    Utica, NY 13501
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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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