1344 College AveElmira, NY 14901

Property Details for 1344 College Ave

Year built

1967

Lot size

0.73 AC

Property size (Sq ft)

16,834 SF

Zone code

BE

Property type

Retail properties

Property subtype

Community centers

APN

070400 79.18-3-5

APU

70400791835

Description

This exceptional investment opportunity presents a fully occupied, multi-tenant industrial property located at 1344 College Ave, Elmira, NY 14901. The property consists of two buildings totaling 16,990 square feet on a 1.25-acre lot, zoned General Commercial. The property features three leased units, including 9,250 square feet of warehouse/distribution space with two loading docks and 20-foot ceilings, and 7,740 square feet of retail/flex space with prominent College Avenue (NY Route 14) frontage. The property boasts 100% occupancy with a strong NOI of $67,000, resulting in a 9.12% cap rate. The asking price is $735,000, or $245,000 per unit. Leases are modified gross with rent bumps included. The property includes a neighboring single-family rental and an additional lot, offering potential for future expansion. Conveniently located on a primary north-south corridor between Elmira and Horseheads, with easy access to Clemens Center Parkway and Interstate 86. The buildings are fully sprinklered and feature a pylon sign and ample parking. The owner maintains flood insurance. Note that the provided tax data reflects the combined parcels (APN: 79.18-3-5, 7, 8). A signed confidentiality agreement and review of financials are required before showings.

• CAP approach

  CAP return

  Valuation

  6%

  $3,996,061

  6.5%

  $3,688,672

  7%

  $3,425,196

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,875,568

  Geo Method

  $5,542,816

• Alternative Use

  Use

  Valuation

  Residential

  $3,111,533

  Hospitality

  $2,850,147

  Educational

  $2,371,289

  Medical

  $2,452,842

  Retail

  $3,688,672

Location Insight

City

Elmira

County

Chemung

State

New York

Latitude

42.1133

Longitude

-76.8206

CBSA code

21300

CBSA name

ELMIRA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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