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511 Water St West Elmira, NY 14905

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For Sale
$1,195,000

30-unit apartment building with upside potential in Elmira, NY.

Source: Pyramidbrokerage Agent Michael J. Manzari, SIOR, CCIM

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

30-Unit Apartment Building For Sale

This property features a 30-unit apartment building comprised of three separate buildings. The unit mix includes 10 one-bedroom apartments and 20 two-bedroom apartments. Each unit is equipped with a refrigerator and stove. Tenants are responsible for their individual electric bills. The majority of the units are heated by hot water, with the landlord covering the cost. However, a portion of the units have been converted to electric heat, which is paid for by the tenants. There is potential for a new landlord to renovate the apartments and increase rental income. The property is offered at a 10.1% cap rate.
Property Profile Insight Report Location Intelligence

Current Use by Public Records

Apartment buildings

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
Elmira
County
Chemung
State
New York
Longitude
-76.8174153
Latitude
42.0848661

FAQs

What type of property is this?
Apartment building - 30-unit apartment building with upside potential in Elmira, NY.
Where is this apartment building located?
The property is located at 511 Water St West Elmira, NY.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: - High 10.1% Cap Rate; - 30-unit apartment building with a mix of 1 and 2-bedroom units.; - Separate electric meters for each unit, paid by tenants.
More about this property
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