305 Pennsylvania AveElmira, NY 14904

Property Details for 305 Pennsylvania Ave

Year built

2002

Lot size

1.05 AC

Property size (Sq ft)

6,822 SF

Zone code

CT

Property type

Investment properties

Property subtype

Retail residential properties

APN

070400 99.08-3-3.1

APU

704009908331

Description

This exceptional investment opportunity presents a 7,000 square foot, single-tenant retail property in Elmira, NY, occupied by a credit-rated Advance Auto Parts. The property boasts a strong 6.50% cap rate and a substantial net operating income (NOI) of $91,000. The lease, classified as NN+, features a remaining term of 8.1 years with a lease expiration date of December 31, 2032. The tenant, a Fortune 500 company, has a long-standing operational history at this location, exceeding 20 years. The property includes 35 parking spaces and sits on a 1.07-acre lot. A new roof was installed in 2023, minimizing future maintenance responsibilities. The lease includes rent bumps of 4% in 2027 and 10% in an option period. This Class B building, constructed in 2002, benefits from its strategic location on Pennsylvania Ave, enjoying high visibility and traffic volume. The property's proximity to other major retailers further enhances its appeal. This is an ideal investment for those seeking a low-maintenance, high-return asset with a long-term, credit-worthy tenant. The property is offered for sale at $1,400,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,366,032

  6.5%

  $1,260,953

  7%

  $1,170,885

• Comparable approach

  Method

  Valuation

  Relative Method

  $966,031

  Geo Method

  $1,381,612

• Alternative Use

  Use

  Valuation

  Residential

  $1,260,953

  Hospitality

  $1,155,026

  Educational

  $960,968

  Medical

  $994,017

  Retail

  $1,494,839

Location Insight

City

Elmira

County

Chemung

State

New York

Latitude

42.0834

Longitude

-76.7999

CBSA code

21300

CBSA name

ELMIRA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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