Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3153 W State Street Allegany, NY 14706

    View on Map
    Claim this Listing
    New
    For Sale
    $289,900

    COMMERCIAL - Allegany, NY

    Property size:
    10,043 SF
    Lot size:
    1.77 Acres
    Added:
    Apr 8, 2026
    Days on Market:
    5
    Last Refresh:
    Apr 12 at 9:06 pm

    Property Features for 3153 W State Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Parking
    20
    Parking features
    Driveway
    Standard status
    Active
    APN
    042089-094-061-0003-002-001-0000
    Size
    10,043 SF
    Lot size
    1.77 Acres

    Taxes and HOA fees

    Tax Annual Amount
    10012

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Space Heater, Natural Gas

    Building Details

    Year built
    1960
    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Block, Concrete
    Roof type
    Flat

    We can help!

    Listing Contact
    Dennis B. Pezzimenti
    Dennis B. Pezzimenti

    Listing agent Dennis B. Pezzimenti License #10491207167

    Listing office Howard Hanna Professionals - Olean 410 Wayne Street, Mayville, NY

    Listing date Apr 8, 2026

    MLS# R1672216

    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.

    Overview

    Redevelopment Opportunity in Allegany, NY

    Located in Allegany, NY, this commercial building offers a redevelopment opportunity. The building, with a size of 10,043 square feet, is situated on a 1.77-acre lot. The building has been completely gutted, presenting a blank canvas for customization. The property's interior features expansive space and high ceilings. The commercial space is located in close proximity to major highways, public transportation, and amenities. The parcel is being split with a rear building. Taxes and assessment are estimated and will be adjusted at closing. The zoning is commercial.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    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.

    Location Insight

    • Map
    • Local Demand
    City
    Allegany
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.473409
    Latitude
    42.076955

    Nearby Similar for Sale

    • $132,900
      2,856 SF

      Four-Unit Multifamily Property Near University

      Four-unit property near St. Bonaventure University with strong rental potential.
      111 W Main Street, Allegany, NY 14706
      View Details
    • $899,900

      New Allegany Building with Bar

      New construction near St. Bonaventure with bar/patio potential.
      126 W. Main Street, Allegany, NY 14706
      View Details
    • $79,900

      Secluded Wooded Land in Allegany

      44.55-acre wooded parcel perfect for recreation and building.
      738 Four Mile Road, Allegany, NY 14706
      View Details
    • $132,900

      Four-Unit Property Near St. Bonaventure

      Four-unit property in Allegany, NY, near St. Bonaventure University.
      111 W Main St, Allegany, NY 14706
      View Details
    • $85,000

      Residential Lot in Tanglewood Development

      Serviced building lot in Allegany, NY with utilities access.
      Tanglewood Development lot: 1, Allegany, NY 14706
      View Details
    • $75,000

      Residential Lot in Allegany, NY

      Serviced building lot in Tanglewood Development, Allegany, NY.
      Tanglewood Development lot: 17, Allegany, NY 14706
      View Details
    • $75,000

      Land For Sale, Allegany, NY

      Serviced building lot in Tanglewood Development, Allegany, NY.
      Tanglewood Development lot: 7, Allegany, NY 14706
      View Details
    • $85,000

      Residential Land in Allegany, NY

      Serviced building lot in Tanglewood Development, Allegany, NY.
      Tanglewood Development lot: 5, Allegany, NY 14706
      View Details
    • $75,000

      Residential Lot in Tanglewood Development

      Serviced building lot in Allegany's Tanglewood Development.
      Tanglewood Development lot: 13, Allegany, NY 14706
      View Details
    • $75,000

      Residential Land in Allegany, NY

      Serviced building lot in Tanglewood Development, Allegany, NY.
      Tanglewood Development lot: 10, Allegany, NY 14706
      View Details
    • $85,000

      Residential Land in Allegany, NY

      Serviced building lot in Tanglewood Development, Allegany, NY.
      Tanglewood Development lot: 4, Allegany, NY 14706
      View Details
    • $75,000

      Residential Lot in Allegany, NY

      Serviced building lot in Tanglewood Development, Allegany, NY.
      Tanglewood Development lot: 8, Allegany, NY 14706
      View Details

    FAQs

    What type of property is this?
    Commercial land - 10,000 SF commercial building for redevelopment in prime location.
    Where is this commercial land located?
    The property is located at 3153 W State Street Allegany, NY.
    What is the asking price?
    The asking price for this property is $289,900.
    What are key features of this property?
    This property features: Prime location in the Town of Allegany, close to major highways, public transportation, and popular amenities.; 10,000 square foot commercial building offering an exceptional redevelopment opportunity.; Completely gutted interior provides a blank canvas for customization.
    (716) 378-8989
    We can help!
    Listing Contact
    Dennis B. Pezzimenti
    Dennis B. Pezzimenti
    Real Estate License ID: 10491207167
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!