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

    31 Central Ave Lancaster, NY 14086-2143

    • Investment properties
    • 2,416 SF
    • 0.13 lot acres
    OFF-MARKET
    Last Sale
    Apr 16, 2024
    $335,000
    Value Estimations
    $340,000
    Show details
    Cap Rate Potential
    6.8%
    Investment properties
    Location Intelligence
    Property ID
    US63-6241734
    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

    • Mil-Sher Tax Services / Accountant
    • Juls and Jane / Boutique
    • Cayuga Flow Yoga Studio / Yoga Studio / Reiki Therapist

    Property Details for 31 Central Ave

    Year built
    1880
    Lot size
    0.13 lot acres
    Property size
    2,416 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    145203 104.74-3-8
    APU
    1452031047438

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $335,000
      ML approach
      $335,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $500,000
      6.5%
      $460,000
      7%
      $430,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $259,000
      Market price range: $117k - $335k
      AI Estimate
      $224,000
      Market price range: $125k - $272k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $245,000
      Current use
      RETAIL STORES
      $350,000
      Change: +44% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $325,000
      Change: +34% Conversion: Difficult
      OFFICE BUILDING
      $280,000
      Change: +16% Conversion: Easy
      AUTO REPAIR, GARAGE
      $245,000
      Change: -1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Erie
    State
    New York
    Longitude
    -78.6701
    Latitude
    42.9016
    CBSA code
    15380
    CBSA name
    BUFFALO-NIAGARA FALLS, 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
    2023
    $0.00
    $16,000
    $144,000
    $160,000
    -
    $21,330
    $191,970
    $213,300

    Comparable in this City

    • Value Estimation
      $330,000
      1,920 SF

      75 Saint John St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,920 SF
      75 Saint John St, Lancaster, NY 14086-2028
      View Details
    • Value Estimation
      $280,000
      2,597 SF

      50 Saint Marys St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,597 SF
      50 Saint Marys St, Lancaster, NY 14086-2014
      View Details
    • Value Estimation
      $290,000
      1,890 SF

      30 Central Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,890 SF
      30 Central Ave, Lancaster, NY 14086-2113
      View Details
    • Value Estimation
      $400,000
      9,462 SF

      4725-4727 Transit Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 9,462 SF
      4725-4727 Transit Rd, Lancaster, NY 14086
      View Details
    • Value Estimation
      $185,000
      1,080 SF

      3630 Walden Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 1,080 SF
      3630 Walden Ave, Lancaster, NY 14086-1710
      View Details
    • Value Estimation
      $285,000
      1,731 SF

      489 Aurora St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,731 SF
      489 Aurora St, Lancaster, NY 14086-3216
      View Details

    Similar Nearby for Sale

    • $299,999
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      Broadway Street Auto Shop Opportunity

      Auto shop with detached home and high-visibility frontage.
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      Mixed-use property featuring apartments, commercial space, and parking.
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    • $1,200,000
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      Historic Mixed-Use Building, Lancaster

      Restored mixed-use building featuring apartments and office units.
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    • $895,000
      20.00 Acres

      20+ Acres Lancaster Development Land

      Prime commercial/residential land, I-90 access.
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    • $1,600,000
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      Lancaster NY Development Site

      High-visibility Transit Rd commercial land
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      150,000 SF

      Proposed Industrial Building For Lease

      Proposed 150,000 SF industrial building for lease in Lancaster, NY.
      4100 Walden Ave, Lancaster, NY 14086
      View Details
    • Contact for pricing

      Land for Rent

      Land available for rent with convenient access to major routes.
      45-55 Rotech Dr, Lancaster, NY 14086
      View Details
    • $6 SF/Yr
      11,600 SF

      Lancaster Warehouse: 11,600 SF

      Prime Lancaster warehouse, ideal for storage & distribution.
      3825 Walden Ave, Lancaster, NY 14086
      View Details
    • Contact for pricing

      Land Near Transit Road

      Land with convenient access to major roads and airport.
      115 Rotech Dr, Lancaster, NY 14086
      View Details
    • Contact for pricing

      Remodeled Office Building For Rent

      Two-story, newly remodeled office building with high visibility.
      5415 Transit Rd, Lancaster, NY 14086
      View Details
    • $1.00 SF/Yr

      New Lancaster Warehouse/Storage Bays

      New warehouse/storage bays in Lancaster, NY with ample parking.
      4425 Walden Ave, Lancaster, NY 14086
      View Details
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    31 Central Ave
    Lancaster, NY 14086-2143
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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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