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    491 Erie St Lancaster, NY 14086
    Property profile & analytics

    491 Erie St Lancaster, NY 14086

    View on Map
    • Warehouses
    • 5,664 SF
    • 3.09 lot acres
    For Sale
    $2,100,000
    View Listing →
    Flex Space Investment Opportunity For Sale
    $2,100,000
    31,500 SF

    Flex Space Investment Opportunity

    Flex space investment property with long-term tenants and zero vacancies.

    491 Erie St, Lancaster, NY 14086
    View Listing
    Property ID
    US63-0322926
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Fitness Fusion / Gym & Fitness Center
    • Cindy Seiferts Cleaning Co / General Contractor

    Property Details for 491 Erie St

    Year built
    2001
    Lot size
    3.09 lot acres
    Property size
    5,664 SF
    Property type
    Warehouses
    APN
    145289 105.00-5-45.211
    APU
    14528910500545211

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Erie
    State
    New York
    Longitude
    -78.6356
    Latitude
    42.9021
    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
    $100,000
    $1,100,000
    $1,200,000
    -
    $133,333
    $1,466,667
    $1,600,000

    Comparable in this City

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      $17,270,000
      488,282 SF

      4201 Walden Ave

      WAREHOUSE, STORAGE • 488,282 SF
      4201 Walden Ave, Lancaster, NY 14086-1512
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    • Value Estimation by Request
      4,176 SF

      4085 Walden Ave

      WAREHOUSE, STORAGE • 4,176 SF
      4085 Walden Ave, Lancaster, NY 14086-1512
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    • Value Estimation
      $2,130,000
      51,250 SF

      4334 Walden Ave

      WAREHOUSE, STORAGE • 51,250 SF
      4334 Walden Ave, Lancaster, NY 14086-9716
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    • Value Estimation by Request
      6,332 SF

      188 Erie St

      WAREHOUSE, STORAGE • 6,332 SF
      188 Erie St, Lancaster, NY 14086-9501
      View Details
    • Value Estimation
      $650,000
      7,020 SF

      10 Lancaster Pkwy

      WAREHOUSE, STORAGE • 7,020 SF
      10 Lancaster Pkwy, Lancaster, NY 14086-9713
      View Details

    Similar Nearby for Sale

    • $2,100,000

      Flex Space Investment Opportunity

      Flex space investment property with long-term tenants and zero vacancies.
      491 Erie St, Lancaster, NY 14086
      View Details
    • $3,500,000

      Newer Industrial/Commercial Building For Sale

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      Mixed-Use Investment Opportunity in Lancaster

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    Similar Nearby for Lease

    • Contact for pricing
      1,500 SF

      Lancaster Warehouse & Storage Suites

      Flexible warehouse and storage suites available for lease.
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      View Details
    • Contact for pricing
      150,000 SF

      Proposed Industrial Building For Lease

      Proposed 150,000 SF industrial building for lease in Lancaster, NY.
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      View Details
    • $12 SF/Yr

      Lancaster Warehouse with Office Space

      5,000 SF warehouse with 1,000 SF office space for lease.
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    • $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
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    • Contact for pricing

      Medical Office Suite Available

      3,004+ sf medical office suite available for rent.
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    • Contact for pricing

      Retail Space on Busy Street

      High visibility retail space with parking and signage available.
      3637 Walden Ave, Lancaster, NY 14086
      View Details
    View Listing
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    Lancaster, NY 14086
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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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