3312 Main StHorseheads, NY 14845

Property Details for 3312 Main St

Year built

1969

Lot size

1.10 AC

Property size (Sq ft)

7,800 SF

Zone code

VH02

Property type

Investment properties

Property subtype

Retail residential properties

APN

073401 59.18-2-33

APU

734015918233

Description

This exceptional commercial property, located at 3312 S Main St, Horseheads, NY 14845, presents a compelling value-add investment opportunity. The 7,800 square foot building, constructed in 1969, sits on a 1.1-acre lot and boasts 100% occupancy with two tenants under a gross lease agreement commencing January 1, 2024, and expiring December 31, 2025. Generating a Net Operating Income (NOI) of $3,500 per month, this property offers a 1.17% cap rate. The property is zoned commercial and features a mix of distribution, storefront, and warehouse space. The main building has 400 amp electrical service, one loading dock, and eight dock-high doors (though two have been removed). The ceiling height is 9 feet, and the interior layout is adaptable to various uses. An additional outbuilding with 100 amp service is located in the rear parking lot, offering potential for expansion or additional income streams. The property is conveniently situated directly off I-86 in a high-traffic area, providing excellent visibility and accessibility. Ample parking is available with 77+ spaces. Air rights encompass the entire 7,800 square feet. This property is a rare find, offering significant potential for future growth and income generation.

• CAP approach

  CAP return

  Valuation

  6%

  $1,561,866

  6.5%

  $1,441,722

  7%

  $1,338,742

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,104,520

  Geo Method

  $1,579,679

• Alternative Use

  Use

  Valuation

  Residential

  $1,441,722

  Hospitality

  $1,320,610

  Educational

  $1,098,732

  Medical

  $1,136,519

  Retail

  $1,709,139

Location Insight

City

Horseheads

County

Chemung

State

New York

Latitude

42.1543

Longitude

-76.8144

CBSA code

21300

CBSA name

ELMIRA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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