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

Investment properties

Property subtype

Retail residential 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%

  $274,042

  6.5%

  $252,962

  7%

  $234,893

• Comparable approach

  Method

  Valuation

  Relative Method

  $128,812

  Geo Method

  $84,702

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $499,093

  Retail / Commercial

  $254,779

  Hospitality / Lodging

  $184,407

  Office

  $250,513

  Institutional / Educational

  $262,654

  Residential Income

  $307,305

  Multifamily

  $373,603

  Automotive / Energy

  $225,132

  Parking / Income-Based Land

  $78,588.10

  Restaurant / Food Service

  $129,628

  Healthcare / Senior Housing

  $260,340

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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