Build-to-Suit Office
For Sale
Contact for pricing
118 Lake Street, Elmira, NY 14901
Single office space in Elmira’s Central Business District with a planned renovation tailored to specific requirements.
Property Size1,661 SF
Price / SF$0.81
Days on Market57
Property Features for 118 Lake Street
General Information
Standard status
Active
Size
1,661 SF
Listing Agency:
Signature Properties
(607) 796-9817
Listed By:
Jeremy Drake · License #10401361665
(607) 207-7611
Source:
Nicholcityrealty
Added: Sep 10
Changed: Nov 4
Last Checked: Nov 4 at 1:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Signature Properties
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Investment Insights
Based on property information with market context.
This 1,661-square-foot office unit is located within Elmira’s Central Business District and is configured as a single office space. The owner will complete a build-to-suit renovation based on the occupant’s requirements, allowing the interior to be updated before completion.
The property is at 118 Lake Street in Elmira City, New York, providing a downtown setting within the city’s central business district. Its office format and planned renovation make the space suitable for users seeking a customized commercial environment.
The property is at 118 Lake Street in Elmira City, New York, providing a downtown setting within the city’s central business district. Its office format and planned renovation make the space suitable for users seeking a customized commercial environment.
Key Highlights
- 1,661 SF office unit
- Single‑office configuration
- Owner will build to suit based on occupant requirements
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,786
Suggested Prices Based on Cap Rates
Cap Rate 5%
$315,720
$315.7K
Cap Rate 7%
$225,514
$225.5K
Cap Rate 9%
$175,400
$175.4K
Market Conditions
NOI Build-Up for 1,661 SF
Gross rent
$23.9K $14.40/SF
− Vacancy
−$2.9K −$1.73/SF
EGI
$21.0K $12.67/SF
− OpEx
−$5.3K −$3.17/SF
NOI
$15.8K $9.50/SF
Area
Chemung County, NY
Vacancy
12.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$315,720
Cap Rate 7%
$225,514
Cap Rate 9%
$175,400
Alternative Uses
Best Use
Office B
$225.5K
$197.3K – $263.1K
NOI $15,786 @ 7.0% cap · market cap 1,171.07%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$15.12M
$13.23M – $17.64M
NOI $1,058,411 @ 7.0% cap · market cap 78,517.14%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,271
Businesses Nearby
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Business Placement
Demographics for 14901, NY
14,893
Population
6,739
Households
2.2
Avg Household Size
38
Median Age
16%
College-Educated
80%
High-School Grad
33.2 sq mi
ZIP Area
449
Density / Sq Mi
$40,524
Median Household Income
$28,369
Median Earnings
$835
Median Rent
$90,300
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Single office space in Elmira’s Central Business District with a planned renovation tailored to specific requirements.
Where is this office unit located?
The property is located at 118 Lake Street Elmira, NY.
What are key features of this property?
This property features: 1,661 SF office unit; Single‑office configuration; Owner will build to suit based on occupant requirements
