Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Olean Vacant Land For Sale Title is generated by Realmo AI

    1401 East State Street, Olean, NY 14760

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    2.93+/- acres with rail access in Olean, NY.

    Type:Land
    Added:
    Nov 25, 2025
    Days on Market:
    178
    Last Refresh:
    Apr 16 at 5:52 pm

    Property Features for 1401 East State Street

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Rick Recckio
    Rick Recckio

    Listing agent Rick Recckio License #NY #31RE0821429

    Listing office Recckio Real Estate & Development

    Listing date Nov 25, 2025

    Source Recckio

    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 Recckio Real Estate & Development

    HighLights

    • Rail line access with existing rail building and shop.
    • Strategic location with excellent access to I‑86 (Exit 17).
    • 2.93+\/- acres of vacant land suitable for manufacturing, distribution, warehousing, and storage.
    • Access to WNY Pennsylvania Railroad CCAS Southern Tier Extension Railroad Authority.
    • City water and sewer, NYSEG gas and electric available.
    • Frontage on multiple streets, including both sides of East State Street and North Clark St.

    Overview

    For sale or lease, this 2.93+/- acre vacant land parcel is located across from the former Dal Tile Plant in Olean. Site improvements include rail line access, a rail building, and a shop. The property is level at street grade and has frontage on several area streets, including both the north and south sides of East State Street and North Clark St. City water and sewer are available, as are NYSEG gas and electric. Access is provided to the WNY Pennsylvania Railroad CCAS Southern Tier Extension Railroad Authority. The property is located along a highly trafficked east/west main road on the north side of East State Street, at the eastern portion of the City of Olean, and is strategically situated with excellent access to exit 17 of the Southern Tier Expressway (I-86). It is central to all of Western New York, Northern Pennsylvania, and Southern Ontario, Canada, and within a day's drive of 75% of North America's population. It is ideal for manufacturing, a distribution center, the oil and gas industry, warehousing, and storage.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tim Hortons Cafe & Coffee Shop John Derx Auto ... Auto Repair Shop

    Suggested Use

    Real Estate Agency Restaurant Law Firm Nail Salon Building Supply Auto Repair Shop Big Box & Wholesale Store Hotel & Motel Kitchen & Bath Showroom Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Olean
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.4023
    Latitude
    42.0743

    Nearby Similar for Sale

    • $275,000
      1,640 SF

      Established Restaurant in High-Traffic Location

      Turnkey restaurant opportunity in Olean, NY with high visibility.
      501 W State Street, Olean, NY 14760
      View Details
    • $224,900
      1,703 SF

      Two Ranch Homes on One Property

      Two updated homes on one property, a rare find.
      103 N 19th Street, Olean, NY 14760
      View Details
    • $165,000
      6,680 SF

      Commercial Property in West Olean

      Commercial property with retail/office space and rental units.
      1305 W State Street, Olean, NY 14760
      View Details
    • $279,900
      7,308 SF

      Mixed-Use Building in Downtown Olean

      Mixed-use property with commercial space and residential potential.
      309 N Union Street, Olean, NY 14760
      View Details
    • $1,399,500
      2,696 SF

      Olean Commercial Property For Sale

      Commercial property in Olean, NY, ideal for various businesses.
      3004 Nys Route 417, Olean, NY 14760
      View Details
    • $15,000

      Residential Land in Olean, NY

      0.73-acre wooded parcel in a quiet residential area.
      1815 W Fall Road, Olean, NY 14760
      View Details
    • $499,900
      15,320 SF

      Olean Commercial Property For Sale

      15,000+ sq ft commercial building on 0.57 acres in Olean.
      417 W State Street, Olean, NY 14760
      View Details
    • $150,000
      3,673 SF

      Versatile Commercial Property in Olean

      3,673 sq ft property with commercial zoning and renovation potential.
      135 N 2nd St, Olean, NY 14760
      View Details
    • $275,000

      Established Restaurant in High-Traffic Location

      Well-established restaurant for sale in a high-traffic Olean location.
      501 W State St, Olean, NY 14760
      View Details
    • $39,500

      Cleared Land Parcel in Olean

      2+ acre corner lot with water well and sewer access.
      1873 Dugan Road, Olean, NY 14760
      View Details
    • $114,900

      Recreational Land with Building Site

      42.5 acres of hunting and recreational land in Olean, NY.
      McCann Hollow Road, Olean, NY 14760
      View Details
    • $69,900
      1,877 SF

      Two-Family Home in South Olean

      Two-unit property with updated roof and heating systems.
      311 Irving Street, Olean, NY 14760
      View Details

    FAQs

    What type of property is this?
    Industrial land - 2.93+/- acres with rail access in Olean, NY.
    Where is this industrial land located?
    The property is located at 1401 East State Street Olean, NY.
    What are key features of this property?
    This property features: Rail line access with existing rail building and shop.; Strategic location with excellent access to I‑86 (Exit 17).; **2.93+\/- acres of vacant land suitable for manufacturing, distribution, warehousing, and storage.**
    (716) 998-4422
    We can help!
    Listing Contact
    Rick Recckio
    Rick Recckio
    Real Estate License ID: NY #31RE0821429
    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
    1401 East State Street, Olean, NY 14760
    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!