2671 Corning RdHorseheads, NY 14845

Property Details for 2671 Corning Rd

Year built

2018

Lot size

3.80 AC

Property size (Sq ft)

66,924 SF

Zone code

VH07

Property type

Hotels

APN

073401 58.16-1-3.2

APU

734015816132

Description

This exceptional 102-room Best Western Plus hotel presents a unique investment opportunity via a Chemung County Sheriff's sale. Scheduled for January 7, 2025, at 10:30 AM at the Chemung County Sheriff's Office (203 William Street, Elmira, NY 14901), this property boasts 66,924 square feet across a four-story building situated on a 5.84-acre lot. Opened in March 2023, the hotel features an indoor pool and fitness center, catering to a broad range of travelers. Its strategic location at Exit 52B of I-86, with an impressive 2023 AADT of 31,057, ensures high visibility and accessibility. The property benefits from its proximity to both Elmira and Corning, offering convenient access to shopping, dining, and the Elmira-Corning Regional Airport. Note that no financial data is available for this property; prospective buyers are responsible for conducting their own due diligence to assess the investment potential. This is a rare chance to acquire a well-appointed hotel in a desirable location. The sale is an "as-is" transaction. All interested parties should familiarize themselves with the terms and conditions of the Sheriff's sale prior to bidding.

• CAP approach

  CAP return

  Valuation

  6%

  $12,275,070

  6.5%

  $11,330,834

  7%

  $10,521,489

• Comparable approach

  Method

  Valuation

  Relative Method

  $14,368,029

  Geo Method

  $20,549,082

• Alternative Use

  Use

  Valuation

  Residential

  $12,369,979

  Hospitality

  $11,330,834

  Educational

  $9,427,121

  Medical

  $9,751,334

  Retail

  $14,664,410

Location Insight

City

Horseheads

County

Chemung

State

New York

Latitude

42.1621

Longitude

-76.841

CBSA code

21300

CBSA name

ELMIRA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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