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

    406 Dewitt Ave Elmira, NY 14901

    Sponsored
    For Sale
    $199,900

    MULTI_FAMILY - Elmira, NY

    Property size:
    2,452 SF
    Lot size:
    0.11 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 26 at 2:06 pm

    Property Features for 406 Dewitt Ave

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Rooms
    Bathroom 2, Bathroom 4, Bedroom 2, Basement, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 4, Bathroom 1
    Bedrooms
    4
    Bathrooms
    4
    APN
    070400-089-016-0001-032-000-0000
    Appliances
    GasWaterHeater
    Size
    2,452 SF
    Lot size
    0.11 Acres

    Utilities

    Heating system
    Natural Gas, Forced Air
    Water source
    Public

    Building Details

    Year built
    1910
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Vinyl
    Building materials
    CompositeSiding

    We can help!

    Listing Contact
    Nicholas Magera

    RealtyUSA.com (607) 287-8439

    Listing agent Nicholas Magera (607) 739-1444 License #10401326121

    Listing date Feb 24, 2026

    MLS# R1663513 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Elmira Mixed-Use Investment Opportunity

    This mixed-use property in Elmira features three residential apartments and one commercial space. The 2,452 square foot building, situated on a 0.1079-acre lot, has been updated with modern flooring and refreshed interiors. The residential units include one 1-bedroom apartment renting for $900 per month (utilities included except garbage), one 2-bedroom/1-bath apartment renting for $1,200 per month (utilities included except garbage), and one 2-bedroom/1-bath apartment renting for $900 per month plus gas and garbage. One unit features a tiled shower and updated bathroom finishes. All residential tenants are on month-to-month leases. The commercial space, previously rented for $800 per month (utilities included except garbage) and currently used for storage, offers lease-up potential. Once the commercial space is re-rented, the projected gross rent roll would be just under $4,000 per month. The property offers a mix of residential stability and commercial income potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.799668
    Latitude
    42.094404

    Nearby Similar for Sale

    • $135,000
      2,426 SF

      Elmira Commercial Space Available

      Commercial space with parking, overhead door, and storefront display.
      1252 College Ave, Elmira, NY 14901
      View Details
    • $450,000
      8,761 SF

      Elmira Restaurant Opportunity

      Fully operational restaurant for sale with equipment and additional lot.
      500 S Main St, Elmira, NY 14904
      View Details
    • $86,500
      9,049 SF

      Turn-Key Bar in Elmira, NY

      Former Sand Bar for sale, ready for new owner.
      600 S Main St, Elmira, NY 14904
      View Details
    • $250,000
      Pending

      Established Bar/Tavern Business Opportunity

      Turn-key bar/tavern near Elmira College with loyal customer base.
      406 W Washington Ave, Elmira, NY 14901
      View Details
    • $115,000
      2,201 SF

      Elmira Office Building For Sale

      One-story brick office building in Elmira's Near Westside neighborhood.
      406 W Church St, Elmira, NY 14901
      View Details
    • $169,900
      0.22 Acres

      Elmira City Commercial Property

      Versatile commercial property in Elmira City suitable for multiple uses.
      357 East 5Th St, Elmira, NY 14901
      View Details
    • $99,900
      Pending

      Turnkey Restaurant and Mixed-Use Building

      Established restaurant with mixed-use building for sale in Elmira.
      414-416 W Washington Ave, Elmira, NY 14901
      View Details
    • $96,000
      2,600 SF

      Elmira Commercial Special-Purpose Building

      Special-purpose commercial building suitable for various uses in Elmira.
      115 Westside Ave, Elmira, NY 14901
      View Details
    • $675,000
      21,257 SF

      Iconic Elmira Commercial Redevelopment Opportunity

      Expansive property with redevelopment potential for various commercial uses.
      1050 Pennsylvania Ave, Elmira, NY 14904
      View Details
    • $189,900
      1,961 SF

      Profitable Laundromat with Dog Wash

      Established laundromat with self-service dog wash and expansion potential.
      501 Walnut St, Elmira, NY 14901
      View Details
    • $190,000
      2,470 SF

      Charming Elmira Multi-Unit Property

      Two-unit property ideal for owner-occupants or investors in Elmira.
      411 Livingston St, Elmira, NY 14904
      View Details
    • $1,300,000
      47,280 SF

      Fully Occupied Elmira Office Plaza

      Turnkey investment opportunity with minimal upkeep in Elmira, NY.
      100 N Main St, Elmira, NY 14901
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Well-maintained 4-unit property with residential and commercial spaces.
    Where is this mixed-use property located?
    The property is located at 406 Dewitt Ave Elmira, NY.
    What is the asking price?
    The asking price for this property is $199,900.
    What are key features of this property?
    This property features: - Mixed-use property with diversified income streams from three residential units and one commercial space.; - Updated interiors feature modern flooring and refreshed finishes.; - Immediate upside potential through lease-up of vacant commercial space.
    (607) 426-4541
    Request Owner's contact information
    406 Dewitt Ave Elmira, NY 14901
    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.
    406 Dewitt Ave
    Elmira, NY 14901
    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
    406 Dewitt Ave Elmira, NY 14901
    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

    We can help!
    Listing Contact
    Nicholas Magera
    Real Estate License ID: 10401326121
    (607) 426-4541 (607) 739-1444
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!