1305 State StOlean, NY 14760

Property Details for 1305 State St

Year built

1918

Lot size

0.11 AC

Property size (Sq ft)

5,130 SF

Property type

Investment properties

Property subtype

Live-work space

APN

041200 94.064-10-5

APU

4120094064105

Description

This exceptional commercial property, situated at 1305 W State St in Olean, NY, presents a compelling investment opportunity. Boasting 6,680 square feet on a 0.4-acre lot, the building offers significant versatility. The main level is ideally suited for a variety of uses, from retail establishments to professional office spaces, capitalizing on its prominent location on a heavily trafficked West Olean street. The property's strong financial potential is further enhanced by the inclusion of several rental units, generating consistent supplemental income. Adding to its appeal is a sizable rear lot providing ample parking, a valuable asset in a busy commercial area. Convenient access is provided from both South 12th Street and South 13th Street, ensuring excellent visibility and accessibility for tenants and customers. The property is priced at $224,900, representing a significant return on investment given its diverse income streams and prime location. This is a rare opportunity to acquire a well-positioned commercial property with substantial growth potential in a thriving Olean market. The attached map provides further details on the property's layout and access points.

• CAP approach

  CAP return

  Valuation

  6%

  $1,065,030

  6.5%

  $983,102

  7%

  $912,881

• Comparable approach

  Method

  Valuation

  Relative Method

  $500,611

  Geo Method

  $329,183

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,939,660

  Retail / Commercial

  $990,164

  Hospitality / Lodging

  $716,673

  Office

  $973,583

  Institutional / Educational

  $1,020,770

  Residential Income

  $1,194,300

  Multifamily

  $1,451,960

  Automotive / Energy

  $874,944

  Parking / Income-Based Land

  $305,422

  Restaurant / Food Service

  $503,782

  Healthcare / Senior Housing

  $1,011,770

Location Insight

City

Olean

County

Cattaraugus

State

New York

Latitude

42.0771

Longitude

-78.4454

CBSA code

36460

CBSA name

OLEAN, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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