327 Cornelia StPlattsburgh, NY 12901

Property Details for 327 Cornelia St

Year built

1985

Lot size

1.00 AC

Property size (Sq ft)

20,270 SF

Zone code

12

Property type

Investment properties

Property subtype

Retail residential properties

APN

091300 207.17-2-10

APU

9130020717210

Description

This exceptional Plattsburgh investment property, located at 327 Cornelia St, offers a compelling opportunity. The 20,270 square foot building boasts a prime location on a busy corner with a traffic light in the city's business district, directly off I-87 Exit 37. Built in 1985 and renovated in 2014, the property features a mix of retail and industrial space. A long-term lease is in place, currently at 67% occupancy, with a remaining term of 7 years. The industrial space, totaling approximately 4,700 square feet, includes two dock doors, while the attached retail space comprises approximately 1,300 square feet. Three modern office spaces were added during the 2014 renovation. An additional 6,000 square feet of retail/warehouse space is available for lease. The property sits on a one-acre lot and is zoned B-2. Its proximity to SUNY Plattsburgh, Clinton Community College, Plattsburgh International Airport, and the Air Force base enhances its investment appeal. The asking price is $1,559,000, representing an attractive 8% cap rate. This is a rare chance to acquire a multi-tenant retail and industrial property in a thriving New York location. The property's features, location, and strong leasehold make it an ideal addition to any investment portfolio. The property's APN is 207.17-2-10.

• CAP approach

  CAP return

  Valuation

  6%

  $6,243,874

  6.5%

  $5,763,576

  7%

  $5,351,892

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,132,735

  Geo Method

  $4,105,141

• Alternative Use

  Use

  Valuation

  Residential

  $5,763,576

  Hospitality

  $5,279,404

  Educational

  $4,392,402

  Medical

  $4,543,464

  Retail

  $6,832,626

Location Insight

City

Plattsburgh

County

Clinton

State

New York

Latitude

44.6969

Longitude

-73.4794

CBSA code

38460

CBSA name

PLATTSBURGH, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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