515 State StOlean, NY 14760

Property Details for 515 State St

Year built

1920

Lot size

0.51 AC

Property size (Sq ft)

32,844 SF

Property type

Auto shops

APN

041200 94.064-14-2

APU

4120094064142

Description

This exceptional investment opportunity presents a two-unit, 32,844-square-foot retail building in Olean, NY, boasting a 10% cap rate and 100% occupancy. Located on a 0.51-acre lot at 515 W State St, this Class B property is situated in a high-traffic area of Olean's main commercial corridor, offering excellent visibility and proximity to numerous shops and restaurants. Currently occupied by Dunn Tire and WNY Glass & Door Co., the building features three garage doors, ample storage, and a two-story design. The asking price is $699,000, translating to $21.28 per square foot. Its prime location offers easy access to St. Bonaventure University, further enhancing its appeal and potential for strong rental income. This stabilized investment is ideal for discerning buyers seeking a high-return, multi-tenant property in a thriving commercial area. The property's strong tenant base and desirable location make it a compelling investment opportunity with significant long-term potential. This is a rare chance to acquire a well-positioned, income-producing asset in a growing market.

• CAP approach

  CAP return

  Valuation

  6%

  $8,758,565

  6.5%

  $8,084,829

  7%

  $7,507,341

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,918,428

  Geo Method

  $5,206,864

• Alternative Use

  Use

  Valuation

  Residential

  $6,819,856

  Hospitality

  $6,246,951

  Educational

  $5,197,390

  Medical

  $5,376,136

  Retail

  $8,084,829

Location Insight

City

Olean

County

Cattaraugus

State

New York

Latitude

42.0771

Longitude

-78.4359

CBSA code

36460

CBSA name

OLEAN, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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