112 Main StHornell, NY 14843

Property Details for 112 Main St

Year built

1860

Lot size

0.11 AC

Property size (Sq ft)

15,030 SF

Property type

Investment properties

Property subtype

Live-work space

APN

460600 151.64-03-016.000

APU

4606001516403016000

Description

This three-story, 15,000 square foot mixed-use building presents a compelling value-add investment opportunity in Hornell, NY. Located on Main Street in the heart of the downtown shopping district, the property boasts excellent visibility and accessibility, with convenient public parking nearby. Currently housing three tenants, the building offers immediate cash flow with a 60% occupancy rate. The ground floor features two recently remodeled retail spaces, each equipped with new air conditioning units, and an additional vacant space in the rear. The second floor, currently vacant, presents significant upside potential for conversion into apartments or office space. The unfinished third-floor attic offers further expansion possibilities. A full, dry basement with a concrete floor provides ample storage. Built in 1890 and renovated in 2020, this property is zoned for commercial use and is being offered for sale by owner at $240,000. The gross lease structure simplifies management. Detailed information and photos are available upon request. This is a rare opportunity to acquire a well-located, multi-tenant property with substantial growth potential in a thriving downtown area.

• CAP approach

  CAP return

  Valuation

  6%

  $2,574,548

  6.5%

  $2,376,505

  7%

  $2,206,755

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,405,483

  Geo Method

  $945,537

• Alternative Use

  Use

  Valuation

  Residential

  $2,946,866

  Hospitality

  $2,699,314

  Educational

  $2,245,798

  Medical

  $2,323,034

  Retail

  $3,493,463

Location Insight

City

Hornell

County

Steuben

State

New York

Latitude

42.3275

Longitude

-77.6606

CBSA code

18500

CBSA name

CORNING, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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