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    515 W State St Olean, NY 14760

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    For Sale
    $685,000

    Fully leased commercial building with redevelopment potential on second floor.

    Property size:
    6,200 SF
    Lot size:
    0.53 Acres

    Property Features for 515 W State St

    General Information

    Size
    6,200 SF
    Lot size
    0.53 Acres

    Source: TM Montante Development Agent Michelle Messina

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

    Overview

    Commercial Building with Redevelopment Potential

    This commercial building offers long-term income with added development potential. The first floor is fully leased to two established tenants: Dunn Tire and Western NY Glass & Door. Both storefronts have been recently updated and are consistently well-maintained. The second floor is currently used for inventory storage and features high ceilings, original wood floors, and generous natural light, presenting an opportunity for future redevelopment or reconfiguration. A fresh exterior paint job is scheduled for the summer of 2025. The property is located on a main thoroughfare and offers off-street parking. It is in close proximity to St. Bonaventure and Route 16. The property has a size of 6200 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dunn Tire Tire Shop

    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
    Olean
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.435944
    Latitude
    42.0772272

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    FAQs

    What type of property is this?
    Retail space - Fully leased commercial building with redevelopment potential on second floor.
    Where is this retail space located?
    The property is located at 515 W State St Olean, NY.
    What is the asking price?
    The asking price for this property is $685,000.
    What are key features of this property?
    This property features: - Well-positioned commercial building on a main thoroughfare.; - Fully leased to two long-term tenants, providing stable, long-term income.; - Redevelopment potential on the second floor with high ceilings, original wood floors, and generous natural light.
    (716) 876-8899
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    Realmo Value Estimation

    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.

    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.

    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
    515 W State St Olean, NY 14760
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