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    Olean Commercial Property For Sale Title is generated by Realmo AI

    3004 Nys Route 417, Olean, NY 14760

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    Claim this Listing
    Pending
    $1,399,500

    COMMERCIAL - Olean, NY

    Property size:
    2,696 SF
    Lot size:
    0.75 Acres
    Added:
    Mar 6, 2025
    Days on Market:
    456
    Last Refresh:
    Jun 5 at 5:06 pm

    Property Features for 3004 Nys Route 417

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    431
    Parking
    50
    Standard status
    Pending
    APN
    042089-094-062-0001-005-002-0000
    Size
    2,696 SF
    Lot size
    0.75 Acres

    Taxes and HOA fees

    Tax Annual Amount
    8425

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1997
    Floors in Building
    1
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Thomas Turner
    Thomas Turner

    Listing agent Thomas Turner License #10311200036

    Listing office Century 21 Turner Brokers 4 E Fairmount Ave., Lakewood, NY

    Listing date Mar 6, 2025

    MLS# R1591338

    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.

    HighLights

    • High‑traffic location with over 16,000 vehicles per day.
    • Dual road frontage on Independence Drive and NYS Route 417, providing excellent visibility and accessibility.
    • 2,696 sq ft building suitable for showroom, office, and service areas; ideal for auto dealership, retail, or other commercial operations.
    • Spacious lot with ample parking and outdoor space for growth or expansion.
    • Close proximity to local amenities, including retail, dining, and other commercial centers.
    • Zoned for commercial use, offering flexibility for various business ventures.

    Overview

    This commercial property, located in Olean, NY, is available for sale. Currently used as an auto dealership, the building totals 2,696 square feet and was constructed in 1997. It is situated on a 0.75-acre lot with dual road frontage, providing visibility and accessibility from both Independence Drive and NYS Route 417. The property is near local amenities, including retail, dining, and other commercial centers. With ample parking and outdoor space, the lot offers room for growth, additional service areas, or future expansions. The building's layout is suited for a showroom, office spaces, and service areas, making it attractive for an auto dealership, retail business, or other commercial operations. This location has over 16,000 vehicles passing by daily. Zoned for commercial use (431), the property provides the flexibility to accommodate various business ventures.
    Property Profile Location Intelligence

    Current Use by Public Records

    Auto shops

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • BJ's Wholesale Club — 1899 Cinema Dr, Olean, NY 14760
    • Walmart Auto Care Centers — 1869 Plaza Dr, Olean, NY 14760
    • Mallery's Auto Body & Collision — 2450 Constitution Ave, Olean, NY 14760
    • Shults Express Lube & Tire — 106 Independence Dr, Olean, NY 14760
    • Mastercraft Tires — 3012 NY-417, Olean, NY 14760

    Location Insight

    • Map
    • Local Demand
    City
    Olean
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.463576
    Latitude
    42.077428

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    FAQs

    What type of property is this?
    Auto shop - Commercial property in Olean, NY, ideal for various businesses.
    Where is this auto shop located?
    The property is located at 3004 Nys Route 417 Olean, NY.
    What is the asking price?
    The asking price for this property is $1,399,500.
    What are key features of this property?
    This property features: High‑traffic location with over 16,000 vehicles per day.; Dual road frontage on Independence Drive and NYS Route 417, providing excellent visibility and accessibility.; **2,696 sq ft building suitable for showroom, office, and service areas**; ideal for auto dealership, retail, or other commercial operations.
    (716) 640-3912
    We can help!
    Listing Contact
    Thomas Turner
    Thomas Turner
    Real Estate License ID: 10311200036
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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