514 State StOlean, NY 14760

Property Details for 514 State St

Year built

1910

Lot size

0.16 AC

Property size (Sq ft)

6,120 SF

Property type

Investment properties

Property subtype

Live-work space

APN

041200 94.064-9-13

APU

4120094064913

Description

This exceptional six-unit property at 514 W State St, Olean, NY presents a compelling investment opportunity. Boasting a total of 9,180 square feet on a 0.16-acre lot, this building offers a unique blend of commercial and residential income streams. Two street-level commercial spaces are available, with one currently occupied, providing immediate rental income. The upper floors house four occupied residential apartments, totaling 3,060 square feet. The apartment layout includes one two-bedroom, one-bathroom unit and three one-bedroom, one-bathroom units. The building benefits from a recently installed roof (2022) and some newer windows, minimizing immediate maintenance concerns. Off-street parking is provided for three to four vehicles in the rear of the building. Its highly visible location on West State Street ensures excellent exposure for any commercial tenant. This property is priced at $189,000 and offers a rare chance to own a mixed-use building with established rental income and significant commercial potential. The substantial square footage and existing occupancy make this an attractive proposition for investors seeking a strong return on investment. The combination of commercial and residential units provides diversification and stability, making this a truly unique opportunity in the Olean market.

Location Insight

City

Olean

County

Cattaraugus

State

New York

Latitude

42.0778

Longitude

-78.4359

CBSA code

36460

CBSA name

OLEAN, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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