Multi-Use Office and Retail
For Sale
$999,999
226 Colonial Drive, Horseheads, NY 14845
COMMERCIAL - Horseheads, NY
Property Size5,076 SF
Lot Size2.00 Acres
Price / SF$197.01
Days on Market299
Property Features for 226 Colonial Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Com 1
Zoning description
Commercial
Parking
29
Lot features
Irregular Lot
Elementary school district
Horseheads
Middle school district
Horseheads
High school district
Horseheads
Directions
Horseheads: I-86 to Exit 50. Left onto Colonial Drive. Property is next to Simmons Rockwell Nissan.
Subdivision
Big Flats-072400
Standard status
Active
APN
072400-058-001-0002-035-012-0000
Size
5,076 SF
Lot size
2.00 Acres
Taxes and HOA fees
Tax Annual Amount
30304
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1994
Floors in Building
1
Flooring type
Carpet
Roof type
Shingle, Asphalt
Listing Agency:
Signature Properties
(607) 796-9817
Listed By:
Lauren Groth · License #10301222236
(607) 483-8219
Added: Oct 14, 2025
Changed: Aug 4
Last Checked: Aug 8 at 11:06AM
MLS# R1644660
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.
Meticulously maintained 5,076 SF commercial building designed for flexible use. The interior includes an inviting lobby/reception area, a conference room, and a large open office space currently arranged with eight cubicles and storage. A second office area is set up as a private storefront, along with three private offices, a kitchenette, and two restroom areas, each with multiple stalls. Major systems have been regularly serviced.
The property is situated on 2 acres and offers ample parking, with room for future expansion. The site provides convenient access to major routes, and the owners are a non-profit organization with multiple tax exemptions. Taxes are estimated using current local rates.
Zoned Com 1, the building provides a mix of open and private spaces suitable for businesses seeking both office and storefront-style configurations.
The property is situated on 2 acres and offers ample parking, with room for future expansion. The site provides convenient access to major routes, and the owners are a non-profit organization with multiple tax exemptions. Taxes are estimated using current local rates.
Zoned Com 1, the building provides a mix of open and private spaces suitable for businesses seeking both office and storefront-style configurations.
Key Highlights
- 5,076 SF commercial building with flexible office and storefront layout
- 2‑acre site with ample parking and room for future expansion
- Lobby/reception area plus conference room and large open office with 8 cubicles
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
$48,242
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
4.82%
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%
$964,840
$964.8K
Cap Rate 7%
$689,171
$689.2K
Cap Rate 9%
$536,022
$536.0K
Market Conditions
NOI Build-Up for 5,076 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
$73.1K $14.40/SF
− Vacancy
−$8.8K −$1.73/SF
EGI
$64.3K $12.67/SF
− OpEx
−$16.1K −$3.17/SF
NOI
$48.2K $9.50/SF
Area
Chemung County, NY
Vacancy
12.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$964,840
Cap Rate 7%
$689,171
Cap Rate 9%
$536,022
Alternative Uses
Best Use
Office B
$689.2K
$603.0K – $804.0K
NOI $48,242 @ 7.0% cap · market cap 4.82%
Second Best
Retail
$560.4K
$490.3K – $653.8K
NOI $39,227 @ 7.0% cap · market cap 3.92%
Theoretical Best
Multifamily LT 5
$46.21M
$40.43M – $53.91M
NOI $3,234,493 @ 7.0% cap · market cap 323.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
Explore this area
Business Placement
Demographics for 14845, NY
20,628
Population
9,370
Households
2.2
Avg Household Size
46
Median Age
35%
College-Educated
96%
High-School Grad
78.2 sq mi
ZIP Area
264
Density / Sq Mi
$76,617
Median Household Income
$45,909
Median Earnings
$1,175
Median Rent
$183,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 5,076 SF building with lobby, conference room, multiple offices, kitchenette, and two restroom areas on a 2-acre site with ample parking.
Where is this office building located?
The property is located at 226 Colonial Drive Horseheads, NY.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: 5,076 SF commercial building with flexible office and storefront layout; 2‑acre site with ample parking and room for future expansion; Lobby/reception area plus conference room and large open office with 8 cubicles
