84 Main StWellsville, NY 14895

Property Details for 84 Main St

Year built

1960

Lot size

0.06 AC

Property size (Sq ft)

960 SF

Zone code

05 - COMMERCIAL

Property type

Investment properties

Property subtype

Retail residential properties

APN

027001 239.37-1-39

APU

2700123937139

Description

This 9,870 square foot commercial building presents a compelling investment opportunity in Wellsville, NY's vibrant retail district. Situated on a 0.13-acre lot at 84 N Main St, the property boasts a well-maintained and updated structure with existing leases in place, generating a current monthly revenue of $2,240. The building features two distinct retail storefronts. One storefront is secured by a three-year lease, while the other houses several rental spaces sharing a common entrance. This section currently operates as a thriving business center, housing a diverse tenant mix including a hair dresser, tattoo artist, barber, facial spa, and a holistic boutique. The clean, dry, and climate-controlled basement offers additional potential as a storage rental space. All units are currently occupied, providing immediate cash flow. Financial records are available upon request. This property offers a strong foundation for continued growth and income generation, with numerous possibilities for future development and expansion within the established retail environment. The strategic location in the heart of Wellsville's commercial area ensures high visibility and accessibility for tenants and customers alike. This is an exceptional opportunity for investors seeking a stable, income-producing asset with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $215,926

  6.5%

  $199,316

  7%

  $185,080

• Comparable approach

  Method

  Valuation

  Relative Method

  $142,353

  Geo Method

  $93,610

• Alternative Use

  Use

  Valuation

  Residential

  $199,316

  Hospitality

  $182,573

  Educational

  $151,898

  Medical

  $157,122

  Retail

  $236,286

Location Insight

City

Wellsville

County

Allegany

State

New York

Latitude

42.1215

Longitude

-77.9463

Property Tax & Assessments

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