Freestanding Pharmacy with
For Sale
Contact for pricing
119 W 2nd St, Elmira, NY 14901
Freestanding former pharmacy building with a drive-thru, recently updated facade, and large parking lot on a corner lot.
Property Size10,945 SF
Price / SF$164.46
Days on Market240
Property Features for 119 W 2nd St
General Information
Standard status
Active
Size
10,945 SF
Property subtype
RETAIL
Amenities
drive-thru
multiple curb cuts
two pylon signs
Listing Agency:
Donovan Real Estate Services
(716) 998-2943
Listed By:
Brian P Donovan · License #10491202934
(585) 703-3888
Source:
Moodyscre
Added: Jan 22
Changed: Sep 13
Last Checked: Sep 18 at 11:40AM
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 Donovan Real Estate Services
Investment Insights
Based on property information with market context.
This freestanding former pharmacy building includes a drive-thru and is offered for lease or sale. The property features a recently updated facade, two pylon signs, and building signage, along with a large parking lot with multiple curb cuts to support convenient vehicle access.
Located on a corner lot in downtown Elmira, the site can accommodate a variety of retail or restaurant concepts based on the building’s flexible storefront format and visibility enhancements provided by the pylon signage.
The improvements and site layout are designed for customer parking and straightforward ingress/egress, supported by multiple curb cuts and the corner-lot configuration.
Located on a corner lot in downtown Elmira, the site can accommodate a variety of retail or restaurant concepts based on the building’s flexible storefront format and visibility enhancements provided by the pylon signage.
The improvements and site layout are designed for customer parking and straightforward ingress/egress, supported by multiple curb cuts and the corner-lot configuration.
Key Highlights
- Former freestanding pharmacy building with a drive‑thru available for lease or sale.
- Recently renovated/updated building facade.
- Corner lot location in downtown Elmira suitable for retail or restaurant concepts.
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
$113,005
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
6.28%
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%
$2,260,100
$2.3M
Cap Rate 7%
$1,614,357
$1.6M
Cap Rate 9%
$1,255,611
$1.3M
Market Conditions
NOI Build-Up for 10,945 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
$157.6K $14.40/SF
− Vacancy
−$6.9K −$0.63/SF
EGI
$150.7K $13.77/SF
− OpEx
−$37.7K −$3.44/SF
NOI
$113.0K $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%
$2,260,100
Cap Rate 7%
$1,614,357
Cap Rate 9%
$1,255,611
Alternative Uses
Best Use
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $113,005 @ 7.0% cap · market cap 6.28%
Second Best
Retail
$1.21M
$1.06M – $1.41M
NOI $84,583 @ 7.0% cap · market cap 4.70%
Theoretical Best
Multifamily LT 5
$99.63M
$87.18M – $116.24M
NOI $6,974,296 @ 7.0% cap · market cap 387.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,343
Businesses Nearby
136k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 34%
Groceries 34%
Dining 30%
Beauty & Spa 1%
Weis Markets
Groceries
21,549 visits/mo
0.2 miles
McDonald's
Dining
21,438 visits/mo
0.2 miles
Dunkin' Donuts
Dining
15,664 visits/mo
0.4 miles
Aldi
Groceries
15,225 visits/mo
0.5 miles
Kwik Fill
Shops & Services
12,579 visits/mo
0.4 miles
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
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
- Gerould's Professional Pharmacy Inc — 130 S Main St, Elmira, NY 14904
- Gerould's Pharmacy — 130 S Main St, Elmira, NY 14904
- Gerould's Healthcare Center (Community Cares Health Solutions) — 200 S Main St, Elmira, NY 14904
- Mark Steed — 130 S Main St, Elmira, NY 149041309
- Kenzie Overacker — 130 S Main St, Elmira, NY 149041309
Frequently Asked Questions
What type of property is this?
Drug store - Freestanding former pharmacy building with a drive-thru, recently updated facade, and large parking lot on a corner lot.
Where is this drug store located?
The property is located at 119 W 2nd St Elmira, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Former freestanding pharmacy building with a drive‑thru available for lease or sale.; Recently renovated/updated building facade.; Corner lot location in downtown Elmira suitable for retail or restaurant concepts.
