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    6837 Main St Cherry Creek, NY 14723

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    Pending
    $70,000

    Commercially zoned building on Cherry Creek's main corridor.

    Lot size:
    0.53 Acres

    Property Features for 6837 Main St

    General Information

    Property type
    Commercial
    Standard status
    Pending
    Lot size
    0.53 Acres

    Building Details

    Year built
    1900

    We can help!

    Listing Contact
    Daniel Terhune
    Daniel Terhune
    Source: Elliman

    Listing Agency: Century 21 - Turner Brokers | Lakewood Listing Agent: Daniel Terhune

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

    Learn more

    Overview

    Commercially Zoned Building in Cherry Creek

    Located on the main corridor of Cherry Creek, this commercially zoned building offers over 2,000 square feet of space. It includes a sanctuary space, a foyer, a recreation hall with an attached kitchen, and two bathrooms. Shared off-street parking is available to accommodate 20 cars. The property is currently zoned as a social organization, making it suitable for use as an event venue, office space, or a home to a religious organization. Potential options for the building include apartments, office space, and storage space. Any prospective purchaser should check with the town to see if a variance will be required for the purchaser's intended use. The town has a deeded right-of-way through the driveway to the park out back, as well as shared parking for the town hall.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Auto Repair Shop Auto Parts Store Department Store HVAC Service Bar & Pub Furniture & Home Goods Pet Store & Service Restaurant

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

    Location Insight

    • Map
    • Local Demand
    City
    Cherry Creek
    County
    Chautauqua
    State
    New York
    Longitude
    -79.0995511
    Latitude
    42.2963396

    Nearby Similar for Sale

    • $3,500,000
      10,000 SF

      Cherry Creek Commercial Opportunity

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      1493 Thornton Rd, Cherry Creek, NY 14723
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    • $70,000
      Pending

      Commercially Zoned Building in Cherry Creek

      Versatile building on Cherry Creek's main corridor with parking.
      6837 Main St, Cherry Creek, NY 14723
      View Details
    • $149,000
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      Mixed-Use Property with Rental Income

      Mixed-use property featuring commercial space and residential rental unit.
      6778 Main St, Cherry Creek, NY 14723
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Commercially zoned building on Cherry Creek's main corridor.
    Where is this mixed-use property located?
    The property is located at 6837 Main St Cherry Creek, NY.
    What is the asking price?
    The asking price for this property is $70,000.
    What are key features of this property?
    This property features: - Prime location on the main corridor of Cherry Creek.; - Commercially zoned, offering potential for various business ventures.; - Substantial space with **over 2,000 square feet.**
    (716) 969-1702
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    6837 Main St Cherry Creek, NY 14723
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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
    6837 Main St Cherry Creek, NY 14723
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    We can help!
    Listing Contact
    Daniel Terhune
    Daniel Terhune
    Real Estate License ID: 10301217717
    (716) 969-1702 (716) 763-7506 (716) 484-2020
    Learn more
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