3031 Nys Route 417Olean, NY 14760

Property Details for 3031 Nys Route 417

Year built

1949

Lot size

0.16 AC

Property size (Sq ft)

1,120 SF

Zone code

C2

Property type

Investment properties

Property subtype

Live-work space

APN

042089 94.062-1-19

APU

4208994062119

Description

This exceptional 1,120 square foot commercial property, situated at 3031 Nys Route 417 in Olean, NY, presents a compelling investment opportunity. The property sits on a 0.16-acre lot and enjoys a highly desirable location, within one block of major commercial anchors such as Walmart, Home Depot, BJ's Wholesale Club, Tim Horton's, Applebee's, and Aspen Dental. The presence of these established national chains, coupled with the ongoing construction of new national retailers in the immediate vicinity, ensures high visibility and significant foot traffic. This translates to strong potential for rental income or owner-occupancy. The strategic positioning offers unparalleled access to a substantial consumer base. Furthermore, the property benefits from its proximity to two neighboring properties, which collectively encompass over an acre of land, with one being a highly sought-after corner lot. This provides additional development potential and enhances the overall value proposition. The asking price for this property is $229,900. This is a rare opportunity to acquire a well-situated commercial property in a thriving retail corridor. Don't miss out on this chance to secure a prime piece of Olean real estate. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $203,179

  6.5%

  $187,550

  7%

  $174,154

• Comparable approach

  Method

  Valuation

  Relative Method

  $107,152

  Geo Method

  $70,459

• Alternative Use

  Use

  Valuation

  Residential

  $232,562

  Hospitality

  $213,026

  Educational

  $177,235

  Medical

  $183,330

  Retail

  $275,699

Location Insight

City

Olean

County

Cattaraugus

State

New York

Latitude

42.0766

Longitude

-78.4653

CBSA code

36460

CBSA name

OLEAN, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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