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    Flex Space with Garage Title is generated by Realmo AI

    1646 Nys Rte 417, Olean, NY 14760

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    New
    For Sale
    $175,000

    Flex showroom and back four-bay garage layout supports retail, office, and contractor or light service uses.

    Type:Commercial
    Property size:
    3,320 SF
    Price / SF:
    $52/SF
    Added:
    Jun 1, 2026
    Days on Market:
    6
    Last Refresh:
    Jun 6 at 4:11 am

    Property Features for 1646 Nys Rte 417

    General Information

    Standard status
    Active
    Size
    3,320 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1950

    We can help!

    Listing Contact
    Regis Handley
    Regis Handley

    Listing agent Regis Handley License #10301215129

    Listing office Howard Hanna Professionals - Olean

    Listing date Jun 1, 2026

    Source Elliman

    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 Howard Hanna Professionals - Olean

    HighLights

    • Two commercial buildings: a main approx. 1,518 SF space plus a back approx. 1,802 SF four‑bay garage.
    • Main building includes three separate rooms, a half bathroom, and large front display windows for natural light.
    • Back garage features a loading dock and four‑bay setup for storage, warehousing, distribution, or maintenance uses.
    • Flexible layout supports retail, professional offices, contractor services, specialty shops, showroom, or service‑related businesses.
    • Year built: 1950.

    Overview

    This offering includes two connected commercial buildings designed for mixed use. The main building is approximately 1,518 square feet and has three separate rooms, a half bathroom, and large front display windows that bring in natural light. The flexible interior layout has previously supported a welding supply store, and it can be adapted for a range of commercial uses such as retail, professional offices, contractor services, specialty shops, or showroom-style operations.

    Behind the main building is an approximately 1,802 square foot four-bay garage with a loading dock. The garage provides practical space for storage, warehousing, distribution, equipment maintenance, fabrication, light manufacturing, or service-related activities that benefit from a dedicated work and loading setup. The property is described as being in a high-visibility, high-traffic area with strong exposure from the front display windows.

    For an owner-operator or business that needs both customer-facing space and functional space for tools, inventory, or work activities, this combination can reduce the need to split operations across separate properties. Buyers and investors also have the advantage of a configuration that can support multiple commercial concepts within one site, using the front building for sales and the rear garage for operations.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness 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
    -78.476055
    Latitude
    42.079192

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    FAQs

    What type of property is this?
    Flex space - Flex showroom and back four-bay garage layout supports retail, office, and contractor or light service uses.
    Where is this flex space located?
    The property is located at 1646 Nys Rte 417 Olean, NY.
    What is the asking price?
    The asking price for this property is $175,000.
    What are key features of this property?
    This property features: Two commercial buildings: a main approx. 1,518 SF space plus a back approx. 1,802 SF four‑bay garage.; Main building includes three separate rooms, a half bathroom, and large front display windows for natural light.; Back garage features a loading dock and four‑bay setup for storage, warehousing, distribution, or maintenance uses.
    (716) 307-9256
    We can help!
    Listing Contact
    Regis Handley
    Regis Handley
    Real Estate License ID: 10301215129
    Learn More
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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.

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    1646 Nys Rte 417, Olean, NY 14760
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