Industrial Flex
For Sale
$1,750,000
145 Philo Road W, Elmira, NY 14903
CommercialSale, Elmira, NY
Property Size29,000 SF
Price / SF$60.54
Days on Market315
Property Features for 145 Philo Road W
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
TH05
Zoning description
Industrial
Parking
50
Lot features
Rectangular, Rectangular Lot
Elementary school district
Horseheads
Middle school district
Horseheads
High school district
Horseheads
Directions
GPS
Subdivision
Horseheads-073489
Standard status
Active
APN
073489-058-019-0001-014-000-0000
Size
28,906 SF
Taxes and HOA fees
Tax Annual Amount
19483
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Space Heater, Forced Air
Cooling system
Separate Meters
Building Details
Year built
1968
Floors in Building
1
Flooring type
Carpet
Roof type
Rubber, Membrane
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 257-0666
Listed By:
Kathleen M Markowski · License #30MA0818780
(607) 342-0778
Added: Oct 28, 2025
Changed: Aug 31
Last Checked: Sep 7 at 3:06AM
MLS# R1647700
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This industrial flex property combines a warehouse and manufacturing building with a separate warehouse wing and a substantial office or multi-use component. The building was constructed in 1968 and includes 20-foot clear height, multiple overhead doors, a four-bay loading dock, three-phase electric service, sprinkler protection, and municipal services. The property is currently occupied by a Fortune 500 company.
Situated on 5 plus acres, the site includes a fenced area for controlled outdoor storage or operational security. Public sewer serves the property, and building systems include natural gas, space heater, and forced-air heating, along with separately metered cooling. The location provides access to I-86 and is near NYSEG, Erie Materials, and other businesses in the surrounding area.
Situated on 5 plus acres, the site includes a fenced area for controlled outdoor storage or operational security. Public sewer serves the property, and building systems include natural gas, space heater, and forced-air heating, along with separately metered cooling. The location provides access to I-86 and is near NYSEG, Erie Materials, and other businesses in the surrounding area.
Key Highlights
- 5 plus acres with a fenced area for added site security
- 20‑foot clear height supports industrial and warehouse operations
- Four‑bay loading dock and multiple overhead doors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$145,990
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,919,800
$2.9M
Cap Rate 7%
$2,085,571
$2.1M
Cap Rate 9%
$1,622,111
$1.6M
Market Conditions
NOI Build-Up for 28,906 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$225.5K $7.80/SF
− Vacancy
−$16.9K −$0.59/SF
EGI
$208.6K $7.22/SF
− OpEx
−$62.6K −$2.16/SF
NOI
$146.0K $5.05/SF
Area
Chemung County, NY
Vacancy
7.50%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,919,800
Cap Rate 7%
$2,085,571
Cap Rate 9%
$1,622,111
Alternative Uses
Best Use
Flex RnD
$3.70M
$3.23M – $4.31M
NOI $258,656 @ 7.0% cap · market cap 14.78%
Second Best
Warehouse
$2.83M
$2.47M – $3.30M
NOI $197,850 @ 7.0% cap · market cap 11.31%
Theoretical Best
Multifamily LT 5
$263.13M
$230.24M – $306.99M
NOI $18,419,279 @ 7.0% cap · market cap 1,052.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
4
Dock-high doors
Yes
Sprinkler system
Yes
Fenced yard
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14903, NY
7,279
Population
3,344
Households
2.2
Avg Household Size
42
Median Age
28%
College-Educated
95%
High-School Grad
21.6 sq mi
ZIP Area
337
Density / Sq Mi
$66,142
Median Household Income
$41,182
Median Earnings
$943
Median Rent
$123,900
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible industrial property with warehouse, manufacturing, office, loading, and secured outdoor areas.
Where is this flex space located?
The property is located at 145 Philo Road W Elmira, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 5 plus acres with a fenced area for added site security; 20‑foot clear height supports industrial and warehouse operations; Four‑bay loading dock and multiple overhead doors
