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    6979 Nys Rte 242 W Ellicottville, NY 14731

    Sponsored
    For Sale
    $845,000

    MULTI_FAMILY - Other - Ellicottville, NY

    Property size:
    3,136 SF
    Lot size:
    0.77 Acres
    Days on Market:
    27
    Last Refresh:
    Feb 8 at 8:06 pm

    Property Features for 6979 Nys Rte 242 W

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Spa
    1
    Window features
    Skylight(s)
    Rooms
    Bathroom 7, Bedroom 4, Bedroom 6, Bathroom 3, Bedroom 10, Bathroom 6, Bedroom 8, Bathroom 4, Bathroom 2, Bedroom 5, Bathroom 5, Bedroom 9, Bedroom 12, Bedroom 1, Bedroom 7, Bedroom 11, Bedroom 3, Bathroom 1, Bedroom 2
    Bedrooms
    12
    Bathrooms
    7
    APN
    043689-055-033-0003-001-000-0000
    Patio and Porch features
    Patio, Deck
    Interior features
    WetBar, CeilingFans, CathedralCeilings, HotTubSpa, SlidingGlassDoors, Storage, Skylights
    Exterior features
    Balcony, Barbecue, Deck, Patio
    Fireplace
    1
    Appliances
    GasWaterHeater
    Size
    3,136 SF
    Lot size
    0.77 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Baseboard, Natural Gas, Forced Air
    Water source
    Well

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Carpet, Tile, Varies
    Building materials
    CompositeSiding
    Roof type
    Metal, Asphalt
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Jennifer Courtney

    Keller Williams Realty Lancaster (585) 303-7450

    Listing agent Jennifer Courtney (716) 324-2300 License #10401348851

    Listing date Jan 13, 2026

    MLS# B1514343 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

    Overview

    Ellicottville Multifamily Investment Opportunity

    This multifamily property in Ellicottville, NY, presents an investment opportunity with three houses located near the Holimont Ski Area. The front house accommodates 16+ guests, featuring 5 bedrooms, 3 bathrooms, 2 family rooms, a large kitchen, a dining room, 2 fireplaces, a front porch, and a back patio with a hot tub. The back house sleeps 12+ and can be divided into two separate units, each with its own entrance. The first unit includes 3 bedrooms, a large family room, a full bathroom, a kitchen, a dining area, a living room, and a back patio. The second unit, accessible via a connecting door, offers a large family room, a kitchen, a bathroom, and 2 bedrooms. The third house sleeps 6+ and includes an open family room with a wood-burning fireplace, a kitchen, a dining room, 2 bedrooms, a full bathroom, and an outdoor patio with a hot tub. A new furnace was installed in this home on January 12th, 2026. Situated on a 0.7664-acre lot, the property includes a paved driveway with ample parking. The total property size is 3136 square feet. Potential uses include living in one house and renting the other two, accommodating extended family, or generating rental income from all three houses.
    Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Map

    City
    Ellicottville
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.695728
    Latitude
    42.274505

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    FAQs

    What type of property is this?
    Multifamily property - Three residential properties near Holimont Ski Area, offering rental income potential.
    Where is this multifamily property located?
    The property is located at 6979 Nys Rte 242 W Ellicottville, NY.
    What is the asking price?
    The asking price for this property is $845,000.
    What are key features of this property?
    This property features: - Unparalleled location directly adjacent to Holimont Ski Area, offering immediate access to skiing and a short walk to the village.; - Three separate houses included in the sale, providing diverse options for rental income, extended family use, or living in one and renting the others.; - High sleeping capacity across all three houses (16+, 12+, and 6+), maximizing rental potential and accommodating large groups.
    (716) 998-1126
    Request Owner's contact information
    6979 Nys Rte 242 W Ellicottville, NY 14731
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    Ellicottville, NY 14731
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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.

    More about this property
    6979 Nys Rte 242 W Ellicottville, NY 14731
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    We can help!
    Listing Contact
    Jennifer Courtney
    Real Estate License ID: 10401348851
    (716) 998-1126
    Learn more
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