103 Barry StOlean, NY 14760

Property Details for 103 Barry St

Year built

1880

Lot size

0.17 AC

Property size (Sq ft)

6,004 SF

Property type

Office properties

Property subtype

Office buildings

APN

041200 94.065-7-18.1

APU

41200940657181

Description

This exceptional mixed-use property, located at 103 S Barry St & 202 E State St in Olean, NY, presents a compelling investment opportunity. The three-building complex, totaling 20,814 square feet, sits on a 0.65-acre lot and boasts a prominent location on well-traveled E State Street, ensuring high visibility and accessibility. Built in 1917 and renovated in 2020, this four-story building currently operates at 40% occupancy with a gross lease structure. The property features a diverse tenant mix, including a long-term tenant (a law firm) occupying two floors for over 25 years. A former medical clinic connected to the main building offers significant redevelopment potential. The property's zoning permits multi-family use, opening doors to various business opportunities, including professional offices, multi-family units, banks, and medical practices. Ample on-site parking is available. The asking price is $499,000, translating to $23.97 per square foot. The current lease expires January 1, 2030, leaving a remaining term of 5.1 years. The property is classified as Class B and is considered a value-add investment. Its strategic location near the Southern Tier Expressway and surrounded by numerous amenities, including restaurants, retailers, and banks, further enhances its appeal. This property offers a unique blend of established tenancy and significant upside potential for a savvy investor. The property is zoned for multi-family use.

• CAP approach

  CAP return

  Valuation

  6%

  $1,280,992

  6.5%

  $1,182,454

  7%

  $1,097,993

• Comparable approach

  Method

  Valuation

  Relative Method

  $613,231

  Geo Method

  $377,712

• Alternative Use

  Use

  Valuation

  Residential

  $1,466,243

  Hospitality

  $1,343,071

  Educational

  $1,117,419

  Medical

  $1,155,849

  Retail

  $1,738,208

Location Insight

City

Olean

County

Cattaraugus

State

New York

Latitude

42.0774

Longitude

-78.4276

CBSA code

36460

CBSA name

OLEAN, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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