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    Commercial Property in West Olean Title is generated by Realmo AI

    1305 W State Street, Olean, NY 14760

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    Claim this Listing
    For Sale
    $165,000

    SINGLE_FAMILY - Olean, NY

    Type:Office
    Property size:
    6,680 SF
    Lot size:
    0.40 Acres
    Price / SF:
    $24/SF
    Added:
    Feb 28, 2026
    Days on Market:
    74
    Last Refresh:
    May 13 at 11:06 pm

    Property Features for 1305 W State Street

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    Commercial
    Rooms
    Basement
    Parking
    25
    Parking features
    Fenced, Driveway
    Standard status
    Active
    APN
    041200-094-064-0010-005-000-0000
    Size
    6,680 SF
    Lot size
    0.40 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4039

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Space Heater, Natural Gas
    Cooling system
    Separate Meters
    Water source
    Public

    Building Details

    Year built
    1918
    Floors in Building
    2
    Number of units
    5
    Flooring type
    Carpet, Vinyl, Linoleum
    Building materials
    Frame
    Roof type
    Flat

    We can help!

    Listing Contact
    Dennis B. Pezzimenti
    Dennis B. Pezzimenti

    Listing agent Dennis B. Pezzimenti License #10491207167

    Listing office Howard Hanna Professionals - Olean 410 Wayne Street, Mayville, NY

    Listing date Feb 28, 2026

    MLS# R1664336

    Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑traffic location in West Olean suitable for retail or office space.
    • Multiple rental units provide additional income.
    • Additional lot with several parking spaces.
    • Access from two streets (South 12th and South 13th).
    • Public water and sewer connections.
    • Flexible heating options (Natural Gas, Forced Air, Space Heater).

    Overview

    Located on a heavily traveled street in West Olean, this commercial property offers opportunities for retail or office space on the first floor. The property includes several rental units for additional income. To the rear of the building, there is an additional lot with several parking spaces. The lot has access from both South 12th Street and South 13th Street. The property is located in Olean, NY, with a total size of 6680 square feet and a lot size of 0.4 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Shawley Office Equipment ... Big Box & Wholesale Store

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store 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
    -78.445387
    Latitude
    42.077199

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    FAQs

    What type of property is this?
    Office units - Commercial property with retail/office space and rental units.
    Where is this office units located?
    The property is located at 1305 W State Street Olean, NY.
    What is the asking price?
    The asking price for this property is $165,000.
    What are key features of this property?
    This property features: High‑traffic location in West Olean suitable for retail or office space.; Multiple rental units provide additional income.; Additional lot with several parking spaces.
    (716) 378-8989
    We can help!
    Listing Contact
    Dennis B. Pezzimenti
    Dennis B. Pezzimenti
    Real Estate License ID: 10491207167
    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.

    More about this property
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