Corner Auto Shop with Work
For Sale
$180,000
1802 W Water Street, Elmira, NY 14905
COMMERCIAL - Elmira, NY
Property Size1,350 SF
Lot Size0.17 Acres
Price / SF$133.33
Days on Market360
Property Features for 1802 W Water Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
NB
Zoning description
Commercial
Parking
12
Lot features
Flag Lot
Elementary school district
Elmira
Middle school district
Elmira
High school district
Elmira
Directions
From Route 352 head southeast toward Elmira 4.8 miles turn left onto Coleman Ave. Building is on the left on the corner of W. Water street and Coleman Ave.
Subdivision
Elmira Town-073089
Standard status
Active
APN
073089-098-006-0002-010-000-0000
Size
1,350 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
3598
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
office
restrooms
Building Details
Year built
1960
Floors in Building
1
Building materials
Block
Roof type
Membrane, Rubber
Listing Agency:
Signature Properties
(607) 796-9817
Listed By:
Deborah Barner · License #10401257719
(607) 426-8933
Added: Sep 2, 2025
Changed: Aug 19
Last Checked: Aug 27 at 11:06PM
MLS# R1634708
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 1,350-square-foot auto shop occupies a 0.1742-acre parcel at 1802 W Water Street. The 1960 block construction includes an office, two restrooms, and work space suited to automotive operations. The property is served by natural gas forced-air heat, public water, public sewer, and a membrane rubber roof, with NB zoning.
Positioned at the corner of W. Water Street and Coleman Ave in West Elmira, the site records an average of 9,000 vehicles passing daily. Its Elmira location also offers exposure to both vehicle and foot traffic. Mechanic tools and equipment may be purchased separately through the seller, and showings are available by appointment.
Positioned at the corner of W. Water Street and Coleman Ave in West Elmira, the site records an average of 9,000 vehicles passing daily. Its Elmira location also offers exposure to both vehicle and foot traffic. Mechanic tools and equipment may be purchased separately through the seller, and showings are available by appointment.
Key Highlights
- 1,350 square feet of auto shop space
- 0.1742‑acre parcel at the corner of W. Water Street and Coleman Ave
- Average of 9,000 vehicles passing daily
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
$10,433
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
5.80%
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%
$208,660
$208.7K
Cap Rate 7%
$149,043
$149.0K
Cap Rate 9%
$115,922
$115.9K
Market Conditions
NOI Build-Up for 1,350 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
$16.2K $12.00/SF
− Vacancy
−$1.3K −$0.96/SF
EGI
$14.9K $11.04/SF
− OpEx
−$4.5K −$3.31/SF
NOI
$10.4K $7.73/SF
Area
Chemung County, NY
Vacancy
8.00%
Lease Rate
$12.00 /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%
$208,660
Cap Rate 7%
$149,043
Cap Rate 9%
$115,922
Alternative Uses
Best Use
Retail
$149.0K
$130.4K – $173.9K
NOI $10,433 @ 7.0% cap · market cap 5.80%
Second Best
Industrial
$97.4K
$85.2K – $113.6K
NOI $6,818 @ 7.0% cap · market cap 3.79%
Theoretical Best
Multifamily LT 5
$12.29M
$10.75M – $14.34M
NOI $860,238 @ 7.0% cap · market cap 477.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
9k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 75%
Dining 25%
Dollar General
Shops & Services
7,065 visits/mo
0.1 miles
SUBWAY
Dining
2,352 visits/mo
0.1 miles
Demographics for 14905, NY
8,645
Population
4,303
Households
2
Avg Household Size
43
Median Age
42%
College-Educated
95%
High-School Grad
3.7 sq mi
ZIP Area
2,336
Density / Sq Mi
$85,888
Median Household Income
$44,209
Median Earnings
$1,112
Median Rent
$169,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Jeff's West Side Services — 1802 W Water St, Elmira, NY 14905
Frequently Asked Questions
What type of property is this?
Auto shop - Block-built facility includes an office, two restrooms, and flexible work space.
Where is this auto shop located?
The property is located at 1802 W Water Street Elmira, NY.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: 1,350 square feet of auto shop space; 0.1742‑acre parcel at the corner of W. Water Street and Coleman Ave; Average of 9,000 vehicles passing daily
