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    Property profile & analytics

    1575 Lk St Elmira, NY 14901-1257

    • Warehouses
    • 160,346 SF
    • 12.16 lot acres
    OFF-MARKET
    Last Sale
    Jan 17, 2023
    $2,500,000
    Value Estimations
    $2,400,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-6213613
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Warehouses

    Property Details for 1575 Lk St

    Year built
    1952
    Lot size
    12.16 lot acres
    Property size
    160,346 SF
    Zone code
    IA
    Property type
    Warehouses
    APN
    070400 79.15-1-3
    APU
    70400791513

    Description

    This exceptional industrial property in Elmira, NY, presents a significant leasing opportunity. Located just two miles from the I-86 interchange, this 255,000-square-foot warehouse sits on a 12.22-acre lot, offering unparalleled access to major transportation routes. The building, constructed in 1952, features a robust structure with cement slab floors and steel I-beams, ensuring durability and longevity. High ceilings, measuring 13 feet, provide ample vertical space for various industrial uses. The property boasts 12 elevated loading docks and overhead drive-through doors, facilitating efficient loading and unloading operations. An internal rail system further enhances its suitability for manufacturing and distribution. Three-phase electric power is readily available. The property includes approximately 18,000 square feet of office space and approximately 5,000 square feet of high-bay warehouse space, in addition to the main warehouse. The property is zoned for industrial use and is situated in Chemung County. This versatile space is ideal for a wide range of industrial applications, making it a truly remarkable investment opportunity. The property is currently vacant and ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,375,000
      ML approach
      $2,605,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,373,000
      Market price range: $2.37M - $8.82M
      AI Estimate
      $3,128,000
      Market price range: $3.13M - $8.12M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.8099
    Latitude
    42.1156
    CBSA code
    21300
    CBSA name
    ELMIRA, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $0.00
    $96,000
    $424,000
    $520,000
    -
    $145,458
    $642,442
    $787,900

    Comparable in this City

    • Value Estimation
      $270,000
      3,200 SF

      1400 Sullivan St

      WAREHOUSE, STORAGE • 3,200 SF
      1400 Sullivan St, Elmira, NY 14901-1614
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    • Value Estimation
      $545,000
      174,181 SF

      1420 College Ave

      WAREHOUSE, STORAGE • 174,181 SF
      1420 College Ave, Elmira, NY 14901-1153
      View Details
    • Value Estimation
      $250,000
      6,000 SF

      3163 Lowr Maple Ave

      WAREHOUSE, STORAGE • 6,000 SF
      3163 Lowr Maple Ave, Elmira, NY 14901-9511
      View Details
    • Value Estimation
      $260,000
      5,642 SF

      606 William St

      WAREHOUSE, STORAGE • 5,642 SF
      606 William St, Elmira, NY 14901
      View Details
    • Value Estimation
      $670,000
      61,810 SF

      515 Baldwin St

      WAREHOUSE, STORAGE • 61,810 SF
      515 Baldwin St, Elmira, NY 14901
      View Details
    • Value Estimation
      $330,000
      11,745 SF

      1525 Grand Central Ave

      WAREHOUSE, STORAGE • 11,745 SF
      1525 Grand Central Ave, Elmira, NY 14901-1207
      View Details

    Similar Nearby for Sale

    • $395,000
      18,079 SF

      Elmira Industrial Property For Sale

      Industrial property featuring maintenance facility, cross dock, and warehouse buildings.
      1612 Grand Central Ave, Elmira, NY 14901
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    • $545,000
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      Elmira Warehouse: $545,000

      Vacant industrial warehouse, 26,400 SF.
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    • $139,000
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      Multi-Purpose Commercial Building For Sale

      4,400 SF commercial building with fenced storage yard.
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    • $495,000
      26,400 SF

      Elmira Warehouse with Loading Docks

      26,400 SF warehouse with loading docks in Elmira, NY.
      801 Hatch St, Elmira, NY 14901
      View Details
    • $139,000
      4,400 SF

      Elmira Warehouse - $139,000

      4,400 SF Warehouse, Great Location
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    • $495,000
      26,400 SF

      Elmira Warehouse with Loading Docks

      26,400 SF warehouse with office space and ample parking.
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    Similar Nearby for Lease

    • $3 SF/Yr
      26,400 SF

      Hatch Street Warehouse Opportunity

      Chemung County Industrial Warehouse Space
      801 Hatch St, Elmira, NY 14901
      View Details
    • $3 SF/Yr
      26,400 SF

      Elmira Warehouse with Loading Docks

      26,400 SF warehouse space with loading docks available for lease.
      801 Hatch St, Elmira, NY 14901
      View Details
    • $6 SF/Yr
      4,400 SF

      Commercial Building with Fenced Storage

      4,400 SF commercial building with fenced storage yard available for lease.
      904 Grand Central Ave, Elmira, NY 14901
      View Details
    • $4 SF/Yr
      86,892 SF

      Sullivan Street Creative Office

      Elmira, NY Creative Office Space
      1140 Sullivan St, Elmira, NY 14901
      View Details
    • $4 SF/Yr
      86,892 SF

      Elmira Office Space For Rent

      Move-in ready office space with flexible floor plan and parking.
      1140 Sullivan St, Elmira, NY 14901
      View Details
    • $10 SF/Yr
      50,000 SF

      1316 College Avenue, Elmira, NY,

      Office space • 50,000 SF
      1316 College Ave, Elmira, NY 14901
      View Details
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    Elmira, NY 14901-1257
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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
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