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    3 Jefferson St Ellicottville, NY 14731

    Sponsored
    For Sale
    $1,249,000

    Historic Inn, 5 Rooms, 2 Apartments

    Property size:
    4,608 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    369
    This charming Ellicottville, NY inn, located at 3 Jefferson Street, presents a unique investment opportunity. Spanning 4,608 square feet on a 0.25-acre lot, this established bed and breakfast boasts five rental rooms, each with its own ensuite bathroom. Two additional pet-friendly efficiency apartments provide further income potential. The property also includes owner's quarters, a spacious one-bedroom, one-bathroom apartment with a separate entrance, conveniently located near the kitchen and office workspace. A third-floor apartment, previously used for family and friends, could serve as a caretaker's suite. The main level features a large dining room with both family-style and smaller tables, a living room complete with a fireplace and bar area, and a kitchen with a center island. The potential for a handicap-accessible bedroom and bathroom on the entry level adds to the property's versatility. Recent updates include new siding, porch, roof, hot water tanks, and dishwasher. Central air conditioning is available on the second floor. The wrap-around front porch offers a relaxing space to enjoy the village atmosphere. This property represents a piece of Ellicottville's history, offering a blend of established business and comfortable living. The property is also listed residentially under B1514674.

    Property Features for 3 Jefferson St

    General Information

    Property type
    Other commercial real estate
    Square Feet
    4,608 SF
    Lot Size
    10,890 SF

    Building Details

    Year Built
    1835

    We can help!

    Listing Contact
    Tina Dillon

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    The Jefferson Inn Bed & Breakfast

    Suggested Use

    Restaurant Building Supply Dental Office Law Firm Big Box & Wholesale Store Auto Repair Shop Real Estate Agency Hair Salon Spa & Massage Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Ellicottville
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.67382
    Latitude
    42.27581

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    FAQs

    What type of property is this?
    Commercial real estate - Historic Inn, 5 Rooms, 2 Apartments
    Where is this commercial real estate located?
    The property is located at 3 Jefferson St Ellicottville, NY.
    What is the asking price?
    The asking price for this property is $1,249,000.
    (716) 324-2300
    Request Owner's contact information
    3 Jefferson St 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
    3 Jefferson St Ellicottville, NY 14731
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    We can help!
    Listing Contact
    Tina Dillon
    (716) 324-2300
    Learn more
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