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    114 E Main St Sherman, NY 14781

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    For Sale
    $200,000

    Unique 9756 SF mill with many possibilities.

    Lot size:
    0.50 Acres

    Property Features for 114 E Main St

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.50 Acres

    Building Details

    Year built
    1920

    We can help!

    Listing Contact
    Mark Sleggs
    Mark Sleggs
    Source: Elliman

    Listing Agency: Century 21 Turner Brokers Listing Agent: Mark Sleggs

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

    Learn more

    Overview

    Historical Mill in Sherman Village

    This unique, historical mill is located in the heart of the village of Sherman. The 9756 square foot space features 3 levels and has undergone many improvements. The western exterior doorway leads into an office area that includes 2 bathrooms and a kitchen area. The shop area features high ceilings that have been gutted with a blower system, as well as a 3-bay loading area. The rear storage room on this level has sleeving for various wood pieces and runs the length of the building. A $20,000 grant was obtained to make exterior improvements. The second floor has an old grain area with space potential, as well as a large open work and cabinet area. New and updated flooring is present throughout, along with a handy compressor. The dry basement offers plenty of storage, a rear exterior door, and electrical panels with 500 amp service. The village of Sherman has been active in the NYS Forward grant program to improve properties on Main Street in the village. This space has many possibilities and just needs your vision.
    Location Intelligence

    Current Use by Public Records

    The Cooler Bar and Grille Bar & Pub

    Suggested Use

    Restaurant Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Auto Parts Store Pharmacy Bar & Pub Electrical Service Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Sherman
    County
    Chautauqua
    State
    New York
    Longitude
    -79.5960691
    Latitude
    42.1591804

    Nearby Similar for Sale

    • $65,000
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      Large Commercial Building on Main

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    • $200,000
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      Historical Mill with Modern Potential

      Unique village mill with improvements and business possibilities.
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    • $130,000
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      Sherman Village Church with Apartment

      Well-maintained church with apartment and versatile lower level.
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    • $69,000
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      Sherman Commercial Gem

      Prime Location, Newly Remodeled, High Visibility
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    • $200,000
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      Historic Sherman Mill - Prime Location

      Spacious commercial building, high ceilings, multiple levels.
      114 Main St, Sherman, NY 14781
      View Details

    FAQs

    What type of property is this?
    Flex space - Unique 9756 SF mill with many possibilities.
    Where is this flex space located?
    The property is located at 114 E Main St Sherman, NY.
    What is the asking price?
    The asking price for this property is $200,000.
    What are key features of this property?
    This property features: - 9756 sq ft historical mill with 3 levels in the village of Sherman.; - **3-bay loading area and high ceilings in the shop area.**; - Updated flooring throughout and a handy compressor.
    (716) 640-5621
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    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
    114 E Main St Sherman, NY 14781
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    We can help!
    Listing Contact
    Mark Sleggs
    Mark Sleggs
    Real Estate License ID: 10401309130
    (716) 640-5621 (716) 763-7506 (716) 763-3321
    Learn more
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