Tavern With On-Site
New
For Sale
$240,000
Pending
1066 S Main Street, Elmira, NY 14904
CommercialSale, Elmira, NY
Property Size1,980 SF
Lot Size0.40 Acres
Days on Market4
Property Features for 1066 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COM 1 RT
Zoning description
Commercial
Parking
28
Lot features
Rectangular, Rectangular Lot
Elementary school district
Elmira
Middle school district
Elmira
High school district
Elmira
Subdivision
Southport-073600
Standard status
Pending
APN
073600-099-020-0002-028-000-0000
Size
1,980 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Annual Amount
4702
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
1950
Floors in Building
1
Roof type
Asphalt
Listing Agency:
Keller Williams Realty Southern Tier & Finger Lakes
(607) 795-2900
Listed By:
Andrew Hughes · License #10401336330
(607) 731-2030
Added: Sep 9
Last Checked: Sep 12 at 5:06PM
MLS# R1713336
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 commercial property combines an operational tavern with a separate single-family residence on a 0.4-acre parcel. The tavern includes code-approved space for a kitchen addition, while the residence provides on-site housing or a separate residential component. The property contains 1,980 square feet and was built in 1950.
Located in Elmira, the property is served by public sewer and has forced-air, natural gas heating, central air conditioning, and an asphalt roof. Zoning is COM 1 RT. The existing combination of bar and residential improvements supports a mixed commercial and residential configuration at 1066 S Main Street.
Located in Elmira, the property is served by public sewer and has forced-air, natural gas heating, central air conditioning, and an asphalt roof. Zoning is COM 1 RT. The existing combination of bar and residential improvements supports a mixed commercial and residential configuration at 1066 S Main Street.
Key Highlights
- Operational tavern with separate single‑family residence on the same property
- 0.4‑acre parcel with 1,980 square feet of property size
- Code‑approved space for a kitchen addition
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
$20,443
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
8.52%
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%
$408,860
$408.9K
Cap Rate 7%
$292,043
$292.0K
Cap Rate 9%
$227,144
$227.1K
Market Conditions
NOI Build-Up for 1,980 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
$28.5K $14.40/SF
− Vacancy
−$1.3K −$0.63/SF
EGI
$27.3K $13.77/SF
− OpEx
−$6.8K −$3.44/SF
NOI
$20.4K $10.32/SF
Area
Chemung County, NY
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$408,860
Cap Rate 7%
$292,043
Cap Rate 9%
$227,144
Alternative Uses
Best Use
Specialty Retail
$292.0K
$255.5K – $340.7K
NOI $20,443 @ 7.0% cap · market cap 8.52%
Second Best
Mixed Use
$231.7K
$202.7K – $270.3K
NOI $16,216 @ 7.0% cap · market cap 6.76%
Theoretical Best
Multifamily LT 5
$18.02M
$15.77M – $21.03M
NOI $1,261,682 @ 7.0% cap · market cap 525.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
52k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Groceries 44%
Shops & Services 12%
Tops Friendly Markets
Groceries
22,626 visits/mo
0.5 miles
McDonald's
Dining
21,437 visits/mo
0.5 miles
Family Dollar
Shops & Services
5,204 visits/mo
0.5 miles
SUBWAY
Dining
1,390 visits/mo
0.5 miles
Jackson Hewitt Tax Service
Shops & Services
1,051 visits/mo
0.5 miles
Demographics for 14904, NY
15,102
Population
7,629
Households
2
Avg Household Size
39
Median Age
17%
College-Educated
88%
High-School Grad
6.4 sq mi
ZIP Area
2,360
Density / Sq Mi
$54,563
Median Household Income
$35,128
Median Earnings
$1,005
Median Rent
$87,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Similar Off Market Nearby
- Homestead Inn — 1003 Caton Ave, Elmira, NY 14904
- Mac's Tavern — 1064 S Main St, Elmira, NY 14904
- KEEFES TAVERN — 208 W Miller St, Elmira, NY 14904
- The Qountry Tavern — 208 W Miller St, Elmira, NY 14904
Frequently Asked Questions
What type of property is this?
Bar & Pub - Operating tavern paired with a separate residence and approved space for a kitchen addition.
Where is this bar & pub located?
The property is located at 1066 S Main Street Elmira, NY.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Operational tavern with separate single‑family residence on the same property; 0.4‑acre parcel with 1,980 square feet of property size; Code‑approved space for a kitchen addition
