Mixed-Use Building with
For Sale
$225,000
Pending
88 E Market Street, Corning, NY 14830
CommercialSale, Corning, NY
Property Size2,170 SF
Days on Market227
Property Features for 88 E Market Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Rooms
Basement
Lot features
Rectangular, Rectangular Lot
Elementary school district
Corning-Painted Post
Middle school district
Corning-Painted Post
High school district
Corning-Painted Post
Directions
East on Denison Parkway, Left on Cedar St, Right on Market St, property is on the right
Subdivision
Corning-City-460300
Standard status
Pending
APN
318.45-01-14.00
Size
2,170 SF
Taxes and HOA fees
Tax Annual Amount
8418
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1880
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Varies
Building materials
Brick
Roof type
Rubber, Membrane, Flat
Listing Agency:
Howard Hanna Corning
(607) 936-4663
Listed By:
Michelle Kay · License #10301208164
(607) 769-1412
Added: Jan 28
Changed: Sep 11
Last Checked: Sep 12 at 3:06AM
MLS# R1659978
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.
This brick mixed-use property contains 2,170 square feet across retail and residential components. The ground-floor commercial space includes a remodeled handicap-accessible half bath and a kitchenette, with a retail tenant currently in place. Upstairs, one apartment is occupied by a tenant with more than five years of tenure, while a larger unit has been opened to the studs and includes several replacement windows. Existing floor plans outline the possibility of creating two additional apartments in that area.
A shared front entry serves the upstairs residences, and each unit also has a separate rear exit. The building dates to 1880 and features varied flooring, including hardwood, along with baseboard and forced-air heating, natural gas service, central air conditioning, public water, public sewer, and a flat rubber membrane roof. The property is zoned Commercial and is located on E Market Street in Corning, NY.
A shared front entry serves the upstairs residences, and each unit also has a separate rear exit. The building dates to 1880 and features varied flooring, including hardwood, along with baseboard and forced-air heating, natural gas service, central air conditioning, public water, public sewer, and a flat rubber membrane roof. The property is zoned Commercial and is located on E Market Street in Corning, NY.
Key Highlights
- 2,170‑square‑foot mixed‑use building with retail and residential components
- Ground‑floor retail tenant in place with remodeled accessible half bath and kitchenette
- One upstairs apartment occupied by a tenant with more than 5 years of tenure
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
$19,335
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
8.59%
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%
$386,700
$386.7K
Cap Rate 7%
$276,214
$276.2K
Cap Rate 9%
$214,833
$214.8K
Market Conditions
NOI Build-Up for 2,170 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
$35.2K $16.20/SF
− Vacancy
−$4.2K −$1.94/SF
EGI
$30.9K $14.26/SF
− OpEx
−$11.6K −$5.35/SF
NOI
$19.3K $8.91/SF
Area
Steuben County, NY
Vacancy
12.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$386,700
Cap Rate 7%
$276,214
Cap Rate 9%
$214,833
Alternative Uses
Best Use
Retail
$299.4K
$261.9K – $349.3K
NOI $20,955 @ 7.0% cap · market cap 9.31%
Second Best
Mixed Use
$276.2K
$241.7K – $322.3K
NOI $19,335 @ 7.0% cap · market cap 8.59%
Theoretical Best
Office A
$529.0K
$462.9K – $617.2K
NOI $37,031 @ 7.0% cap · market cap 16.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,232
Businesses Nearby
Explore this area
Business Placement
Demographics for 14830, NY
18,949
Population
9,324
Households
2
Avg Household Size
40
Median Age
41%
College-Educated
96%
High-School Grad
90.6 sq mi
ZIP Area
209
Density / Sq Mi
$73,831
Median Household Income
$48,331
Median Earnings
$997
Median Rent
$168,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick commercial property with occupied retail and residential space, public utilities, and a central Market Street address.
Where is this mixed-use property located?
The property is located at 88 E Market Street Corning, NY.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 2,170‑square‑foot mixed‑use building with retail and residential components; Ground‑floor retail tenant in place with remodeled accessible half bath and kitchenette; One upstairs apartment occupied by a tenant with more than 5 years of tenure
