Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    417 W State St Olean, NY 14760

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $499,900

    15,000+ sq ft building on 0.57-acre lot for sale.

    Lot size:
    0.70 Acres

    Property Features for 417 W State St

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.70 Acres

    Building Details

    Year built
    1993

    We can help!

    Listing Contact
    Dennis B. Pezzimenti
    Dennis B. Pezzimenti
    Source: Elliman

    Listing Agency: Howard Hanna Holt Real Estate Listing Agent: Dennis B. Pezzimenti

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

    Learn more

    Overview

    Versatile Commercial Building in Olean

    Located at the intersection of S 4th St and W State St in Olean, this commercial property offers a 15,000+ square foot building constructed in 1993. Situated on a 0.57-acre lot within a high-traffic area, the property provides significant visibility. The building is in good overall condition, although the air conditioning units may require repair. The versatile commercial space is suitable for retail, office, or mixed-use purposes. A spacious rear warehouse area includes high ceilings and a mezzanine level for additional storage, along with convenient loading and unloading access.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Olean
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.4247867
    Latitude
    42.0781081

    Nearby Similar for Sale

    • New
      $275,000
      1,640 SF

      Established Restaurant in High-Traffic Location

      Turnkey restaurant opportunity in Olean, NY with high visibility.
      501 W State St, Olean, NY 14760
      View Details
    • $499,900
      Pending

      Olean Commercial Asset with Stable Income

      High-visibility commercial building with long-term tenant and development potential.
      1909 W State St, Olean, NY 14760
      View Details
    • New
      $119,000
      Pending

      Spacious Two-Family Home in Olean

      Well-maintained two-family home with finished attic and large backyard.
      411 Irving St, 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 St, Olean, NY 14760
      View Details
    • New
      $279,900
      7,308 SF

      Mixed-Use Building in Downtown Olean

      Mixed-use property with commercial space and residential potential.
      309 N Union St, 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
    • $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 St, Olean, NY 14760
      View Details
    • $139,900
      Pending

      Four-Unit Multifamily Investment Opportunity

      Four 2-bedroom units near Olean High School with upside potential.
      312 N 3Rd St, Olean, NY 14760
      View Details
    • Contact for pricing
      Pending

      Olean Duplex Investment Opportunity

      Versatile duplex in Olean, ideal for investors or owner-occupiers.
      1206 Spruce St, Olean, NY 14760
      View Details
    • $85,000
      Pending

      Versatile Duplex in Olean, NY

      Well-maintained duplex with strong rental potential in a convenient location.
      316 W Henley St, Olean, NY 14760
      View Details
    • $73,000
      Pending

      Solid Duplex in Olean, NY

      Duplex in the heart of Olean, close to amenities.
      128 S 8Th St, Olean, NY 14760
      View Details
    • $149,900
      2,024 SF

      Updated Two-Family Property in Olean

      Well-maintained two-family property with recent updates and flexible living options.
      115 Burger Pl, Olean, NY 14760
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - 15,000+ sq ft building on 0.57-acre lot for sale.
    Where is this mixed-use property located?
    The property is located at 417 W State St Olean, NY.
    What is the asking price?
    The asking price for this property is $499,900.
    What are key features of this property?
    This property features: - Prime location at a highly visible intersection (S 4th St and W State St); - Substantial square footage: **15,000+ sq ft building**; - Versatile commercial space suitable for retail, office, or mixed-use
    (716) 372-1155
    Request Owner's contact information
    417 W State St Olean, NY 14760
    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.
    417 W State St
    Olean, NY 14760
    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
    417 W State St Olean, NY 14760
    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

    We can help!
    Listing Contact
    Dennis B. Pezzimenti
    Dennis B. Pezzimenti
    Real Estate License ID: 10491207167
    (716) 372-1155 (716) 378-8989
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!