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    514 State St Olean, NY 14760

    Sponsored
    For Sale
    $189,000

    Six-Unit Commercial/Residential Building

    Property size:
    9,180 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    339
    This exceptional six-unit property at 514 W State St, Olean, NY presents a compelling investment opportunity. Boasting a total of 9,180 square feet on a 0.16-acre lot, this building offers a unique blend of commercial and residential income streams. Two street-level commercial spaces are available, with one currently occupied, providing immediate rental income. The upper floors house four occupied residential apartments, totaling 3,060 square feet. The apartment layout includes one two-bedroom, one-bathroom unit and three one-bedroom, one-bathroom units. The building benefits from a recently installed roof (2022) and some newer windows, minimizing immediate maintenance concerns. Off-street parking is provided for three to four vehicles in the rear of the building. Its highly visible location on West State Street ensures excellent exposure for any commercial tenant. This property is priced at $189,000 and offers a rare chance to own a mixed-use building with established rental income and significant commercial potential. The substantial square footage and existing occupancy make this an attractive proposition for investors seeking a strong return on investment. The combination of commercial and residential units provides diversification and stability, making this a truly unique opportunity in the Olean market.

    Property Features for 514 State St

    General Information

    Property type
    Residential income properties
    Square Feet
    9,180 SF
    Lot Size
    6,970 SF

    Building Details

    Year Built
    1910
    Property Profile Location Intelligence

    Current Use by Public Records

    Gabriel Wigs & Hair ... Beauty Salon

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Olean
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.43591
    Latitude
    42.07779

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    FAQs

    What type of property is this?
    Residential income property - Six-Unit Commercial/Residential Building
    Where is this residential income property located?
    The property is located at 514 State St Olean, NY.
    What is the asking price?
    The asking price for this property is $189,000.
    (716) 372-2234
    Request Owner's contact information
    514 State St Olean, NY 14760
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    Olean, NY 14760
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    Realmo Value Estimation

    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.

    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.

    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
    514 State St Olean, NY 14760
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