Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Elmira Two-Unit Property For Sale Title is generated by Realmo AI

    1151 Shannon Avenue, Elmira, NY 14904

    View on Map
    Claim this Listing
    For Sale
    $56,000

    MULTI_FAMILY - Elmira, NY

    Property size:
    2,234 SF
    Price / SF:
    $25/SF
    Added:
    Jan 14, 2026
    Days on Market:
    120
    Last Refresh:
    May 14 at 8:06 am

    Property Features for 1151 Shannon Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Basement, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1
    Interior features
    CeilingFans
    Appliances
    GasWaterHeater
    Standard status
    Active
    APN
    109.08-5-29
    Size
    2,234 SF

    Taxes and HOA fees

    Tax Annual Amount
    2501

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1939
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Varies, Hardwood, Vinyl
    Building materials
    AluminumSiding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Keith C. Gustin
    Keith C. Gustin

    Listing agent Keith C. Gustin License #40GU1174840

    Listing office Howard Hanna Elmira 215 W CHURCH ST, Corning, NY

    Listing date Jan 14, 2026

    MLS# R1658094 Listing URL

    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.

    HighLights

    • Spacious two‑unit property
    • Move‑in ready upper 2‑bedroom unit
    • Great Southport location
    • Hardwood floors present in lower unit (needs installation)
    • Forced air and natural gas heating
    • Aluminum siding

    Overview

    This two-unit property is located in Southport, Elmira, New York. The upper unit features two bedrooms and is move-in ready. The lower unit requires renovation, needing sheet rock in two rooms, with hardwood floors present but uninstalled. The property offers a total size of 2234 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.793702
    Latitude
    42.063239

    Nearby Similar for Sale

    • $299,000
      4,000 SF

      Elmira Office Building For Sale

      Freestanding 4,000 SF office building in downtown Elmira, NY.
      215 W Church Street, Elmira, NY 14901
      View Details
    • $350,000
      8,761 SF

      Elmira Restaurant Opportunity

      Fully operational restaurant with equipment, furniture, and additional parking.
      500 S Main Street, Elmira, NY 14904
      View Details
    • $109,900
      4,378 SF

      Updated Commercial Space in Elmira

      Move-in-ready commercial space with modern updates and excellent visibility.
      108 Lake Street, Elmira, NY 14901
      View Details
    • $99,900
      4,988 SF

      Versatile Commercial Space in Elmira

      Adaptable commercial space in downtown Elmira with high visibility.
      210 W Water Street, Elmira, NY 14901
      View Details
    • $599,000
      21,257 SF

      Spacious Elmira Commercial Redevelopment Opportunity

      Over 20,000 sq ft property suitable for redevelopment.
      1050 Pennsylvania Ave, Elmira, NY 14904
      View Details
    • $185,000
      2,559 SF

      Two-Unit Building with Salon

      Two-unit building with salon and apartment in Elmira, NY.
      1105 Walnut Street, Elmira, NY 14905
      View Details
    • $575,000
      3,960 SF

      Elmira Multifamily Investment Opportunity

      Eight-unit apartment complex in West Elmira, excellent investment property.
      919-921 W 1st Street, Elmira, NY 14905
      View Details
    • $96,000
      2,600 SF

      Elmira Commercial Special-Purpose Building

      Special-purpose commercial building suitable for various uses in Elmira.
      115 Westside Avenue, Elmira, NY 14901
      View Details
    • $164,900

      Adaptable Commercial Space in Elmira

      Highly visible corner property with flexible space and parking.
      357 East 5th Street, Elmira City, NY 14901
      View Details
    • $190,000
      2,883 SF

      Elmira Triplex: Investment Opportunity

      Well-maintained triplex in Elmira, NY with strong income potential.
      708 W Water Street, Elmira, NY 14905
      View Details
    • $89,900
      2,584 SF

      Well-Maintained Two-Unit Multifamily Property

      Updated two-unit property with long-term tenants and separate utilities.
      372 Diven Avenue, Elmira, NY 14901
      View Details
    • $135,000
      2,426 SF

      Elmira Commercial Space Available

      Commercial space with parking, overhead door, and storefront display.
      1252 College Avenue, Elmira, NY 14901
      View Details

    FAQs

    What type of property is this?
    Duplex - Spacious two-unit property in Elmira, New York.
    Where is this duplex located?
    The property is located at 1151 Shannon Avenue Elmira, NY.
    What is the asking price?
    The asking price for this property is $56,000.
    What are key features of this property?
    This property features: Spacious two‑unit property; Move‑in ready upper 2‑bedroom unit; Great Southport location
    (607) 739-7899
    We can help!
    Listing Contact
    Keith C. Gustin
    Keith C. Gustin
    Real Estate License ID: 40GU1174840
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1151 Shannon Avenue, Elmira, NY 14904
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!