208 Main StOlean, NY 14760

Property Details for 208 Main St

Year built

1900

Lot size

0.22 AC

Property size (Sq ft)

3,053 SF

Property type

Investment properties

Property subtype

Live-work space

APN

041200 94.057-3-4

APU

412009405734

Description

This versatile Olean, NY property at 208 Main St offers a unique investment opportunity. The 3,053 square foot building sits on a 0.22-acre corner lot, ensuring high visibility and accessibility. The ground floor currently operates as a fully equipped salon suite, featuring new flooring, updated electrical systems, siding, and doors. The existing salon equipment is included in the sale, presenting a turnkey business opportunity for a buyer interested in continuing salon operations. However, the flexible layout allows for easy adaptation to various other commercial uses, such as a beauty school or boutique. Upstairs, a two-bedroom apartment provides a consistent rental income stream, currently generating between $3,500 and $4,000 in monthly rent with both units occupied. This dual-income potential makes this property an attractive investment for those seeking both commercial and residential returns. The property's location in a high-traffic area of Olean guarantees significant foot traffic and exposure, making it an ideal location for a thriving business. This property is also listed under B1570911 as a multi-family property. Don't miss this chance to acquire a profitable and adaptable commercial property in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $633,824

  6.5%

  $585,068

  7%

  $543,278

• Comparable approach

  Method

  Valuation

  Relative Method

  $297,926

  Geo Method

  $195,906

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,154,340

  Retail / Commercial

  $589,271

  Hospitality / Lodging

  $426,509

  Office

  $579,403

  Institutional / Educational

  $607,484

  Residential Income

  $710,756

  Multifamily

  $864,096

  Automotive / Energy

  $520,700

  Parking / Income-Based Land

  $181,764

  Restaurant / Food Service

  $299,812

  Healthcare / Senior Housing

  $602,132

Location Insight

City

Olean

County

Cattaraugus

State

New York

Latitude

42.0868

Longitude

-78.4282

CBSA code

36460

CBSA name

OLEAN, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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