Metal Garage with Extra
For Sale
$99,900
51-53 Elm St, Hornell, NY 14843
Metal garage built in 2022 with extra lot included.
Property Size1,368 SF
Lot Size0.05 Acres
Days on Market105
Property Features for 51-53 Elm St
General Information
Standard status
Active
Size
1,368 SF
Lot size
0.05 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,693
Building Details
Building Size
1,368 SF
Year Built
2022
Stories
1
Units
1
Listing Agency:
Real Inc.
(607) 324-0394
Listed By:
Stacia Schieder
(607) 324-0394
Source:
Elliman
Added: Apr 27
Changed: Aug 8
Last Checked: Aug 8 at 12:11PM
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 Real Inc.
Investment Insights
Based on property information with market context.
For sale is a 36-foot by 38-foot metal garage, constructed in 2022, suitable for housing up to five vehicles. The low-maintenance building features four overhead doors, providing easy access and flexible parking configurations. It is ideal for use as a multi-car garage, RV or boat storage, a workshop, or for small commercial purposes. The sale includes an extra adjacent lot, versatile for outdoor parking, equipment storage, or future expansion. The corner lot measures 82.5 feet by 28.5 feet. There is additional parking space behind and to the right of the building, enough for approximately five additional vehicles on the exterior. The property is located at 51-53 Elm St, Hornell, NY 14843. The sale includes two properties: the commercial building at 51-53 Elm St. under Tax ID#166.06-05-003.000 and the extra lot located adjacent on 34 Erie Avenue with Tax #166.06-05-001.000. The location has a walk score of 62, indicating it is somewhat walkable, and a bike score of 47, indicating it is somewhat bikeable.
Key Highlights
- Large 36’ x 38’ metal garage built in 2022, suitable for 5 vehicles
- Includes an extra adjacent lot (82.5x28.5) for versatile outdoor use or expansion
- Features 4 overhead doors for easy vehicle access and flexible configuration
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
$8,461
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
8.47%
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%
$169,220
$169.2K
Cap Rate 7%
$120,871
$120.9K
Cap Rate 9%
$94,011
$94.0K
Market Conditions
NOI Build-Up for 1,368 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
$13.0K $9.48/SF
− Vacancy
−$882 −$0.64/SF
EGI
$12.1K $8.84/SF
− OpEx
−$3.6K −$2.65/SF
NOI
$8.5K $6.18/SF
Area
Steuben County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$169,220
Cap Rate 7%
$120,871
Cap Rate 9%
$94,011
Alternative Uses
Best Use
Retail
$188.7K
$165.1K – $220.2K
NOI $13,210 @ 7.0% cap · market cap 13.22%
Second Best
Industrial
$120.9K
$105.8K – $141.0K
NOI $8,461 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$333.5K
$291.8K – $389.1K
NOI $23,345 @ 7.0% cap · market cap 23.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
568
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14843, NY
12,637
Population
6,353
Households
2
Avg Household Size
42
Median Age
21%
College-Educated
93%
High-School Grad
95.7 sq mi
ZIP Area
132
Density / Sq Mi
$56,004
Median Household Income
$36,286
Median Earnings
$766
Median Rent
$104,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Parking lot & garage - Metal garage built in 2022 with extra lot included.
Where is this parking lot & garage located?
The property is located at 51-53 Elm St Hornell, NY.
What is the asking price?
The asking price for this property is $99,900.
What are key features of this property?
This property features: Large 36’ x 38’ metal garage built in 2022, suitable for 5 vehicles; Includes an extra adjacent lot (82.5x28.5) for versatile outdoor use or expansion; Features 4 overhead doors for easy vehicle access and flexible configuration
