41 Main StSalamanca, NY 14779

Property Details for 41 Main St

Year built

1900

Lot size

0.13 AC

Property size (Sq ft)

8,500 SF

Zone code

03 - MULTI-FAMILY

Property type

Office buildings

APN

041600 73.079-2-16

APU

4160073079216

Description

This landmark commercial building in Salamanca, NY, presents a unique investment opportunity. Located in the riverside business district, this 13,035 square foot, two-story property boasts stunning architecture and historical significance. Originally City Hall, it features magnificent exterior columns and an exquisite brick façade. The first floor offers 4,250 square feet of office space, including fireproof vaults, public restrooms, three mid-century modern conference rooms, a large library-style room, two private offices with river views, and a spacious cubicle area. Original woodwork and Terrazzo floors grace the lobby. The second floor comprises five residential apartments; three are currently tenant-occupied with transferable leases, one is used for storage, and one requires finishing. A full basement with an industrial overhead door provides ample storage. The property sits on a 0.13-acre lot and is zoned commercial. The asking price is $499,000 ($38.28/sq ft). Note: Brady & Swenson Trial Lawyers will be relocating. Sold AS-IS. MLS#B1553226.

• CAP approach

  CAP return

  Valuation

  6%

  $1,630,156

  6.5%

  $1,504,759

  7%

  $1,397,276

• Comparable approach

  Method

  Valuation

  Relative Method

  $831,530

  Geo Method

  $1,466,045

• Alternative Use

  Use

  Valuation

  Residential

  $1,865,901

  Hospitality

  $1,709,155

  Educational

  $1,421,997

  Medical

  $1,470,902

  Retail

  $2,211,996

Location Insight

City

Salamanca

County

Cattaraugus

State

New York

Latitude

42.1562

Longitude

-78.716

CBSA code

36460

CBSA name

OLEAN, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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