205 12Th StOlean, NY 14760

Property Details for 205 12Th St

Year built

1914

Lot size

0.12 AC

Property size (Sq ft)

1,320 SF

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

041200 94.064-1-17.2

APU

41200940641172

Description

This exceptional 1,320 square foot storefront at 205 North 12th Street in Olean, New York, presents a unique investment opportunity. Located in the heart of downtown Olean, this single-story, Class C building boasts a desirable location with high visibility. Built in 1914, the property sits on a 0.12-acre lot and is zoned for commercial use under a grandfather clause. The building features large display windows ideal for showcasing merchandise, and a convenient 9' x 8' drive-in access at the rear. Currently occupied by a long-term tenant under a month-to-month lease, this provides immediate income potential for investors. The tenant is willing to remain, offering flexibility for both owner-occupancy or continued rental income. Priced at $74,900 ($56.74 per square foot), this property is an excellent choice for a variety of uses, including retail, office space, or storage. The property's strong location and versatile layout make it an attractive investment for both seasoned investors and first-time buyers. Don't miss this chance to own a piece of downtown Olean. The sale is offered as a For Sale By Owner transaction.

• CAP approach

  CAP return

  Valuation

  6%

  $296,931

  6.5%

  $274,090

  7%

  $254,512

• Comparable approach

  Method

  Valuation

  Relative Method

  $195,744

  Geo Method

  $128,714

• Alternative Use

  Use

  Valuation

  Residential

  $274,090

  Hospitality

  $251,065

  Educational

  $208,883

  Medical

  $216,067

  Retail

  $324,930

Location Insight

City

Olean

County

Cattaraugus

State

New York

Latitude

42.0803

Longitude

-78.445

CBSA code

36460

CBSA name

OLEAN, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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