Industrial Manufacturing
For Sale
$1,750,000
145 Philo Road W, Elmira, NY 14903
Multi-wing industrial property with loading infrastructure, office space, municipal services, and secured outdoor storage area.
Property Size28,906 SF
Price / SF$60.34
Days on Market307
Property Features for 145 Philo Road W
General Information
Standard status
Active
Size
28,906 SF
Total Parking Spaces
50
Property subtype
Commercial
Zoning
TH05, Industrial
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
20 ft
Dock-High Doors
4
Three-Phase Power
Yes
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$19,483
Building Details
Building Size
28,906 SF
Year Built
1968
Buildings
1
Stories
1
Listing Agency:
Warren Real Estate of Ithaca Inc.
(607) 342-0778
Listed By:
Kathleen M Markowski · License #30MA0818780
(607) 342-0778
Source:
Northstarwny
Added: Oct 28, 2025
Changed: Aug 30
Last Checked: Aug 22 at 5:43AM
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 Warren Real Estate of Ithaca Inc.
Investment Insights
Based on property information with market context.
Located at 145 Philo Rd in Elmira, New York, this industrial manufacturing property includes a 20-foot clear-height warehouse, a second warehouse wing, and a spacious office and multi-use area. The building provides multiple overhead-door access points and a four-bay loading dock for receiving and shipping operations.
The property encompasses 5 plus acres and includes a fenced area that supports secured outdoor storage or operational needs. Building systems include 3 Phase electric service, fire sprinklers, and municipal services. Additional site features include 50 parking spaces and a rectangular layout measuring 300X725. The property was built in 1968 and is situated minutes from I-86, with NYSEG and Erie Materials among the nearby businesses.
The property encompasses 5 plus acres and includes a fenced area that supports secured outdoor storage or operational needs. Building systems include 3 Phase electric service, fire sprinklers, and municipal services. Additional site features include 50 parking spaces and a rectangular layout measuring 300X725. The property was built in 1968 and is situated minutes from I-86, with NYSEG and Erie Materials among the nearby businesses.
Key Highlights
- 5 plus acres with a rectangular 300X725 layout
- 20‑foot clear height and multiple overhead‑door access points
- Four‑bay loading dock supports receiving and shipping operations
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
$146,465
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
8.37%
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%
$2,929,300
$2.9M
Cap Rate 7%
$2,092,357
$2.1M
Cap Rate 9%
$1,627,389
$1.6M
Market Conditions
NOI Build-Up for 29,000 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
$226.2K $7.80/SF
− Vacancy
−$17.0K −$0.59/SF
EGI
$209.2K $7.22/SF
− OpEx
−$62.8K −$2.16/SF
NOI
$146.5K $5.05/SF
Area
Chemung County, NY
Vacancy
7.50%
Lease Rate
$7.80 /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%
$2,929,300
Cap Rate 7%
$2,092,357
Cap Rate 9%
$1,627,389
Alternative Uses
Best Use
Warehouse
$2.84M
$2.48M – $3.31M
NOI $198,494 @ 7.0% cap · market cap 11.34%
Second Best
Industrial
$2.09M
$1.83M – $2.44M
NOI $146,465 @ 7.0% cap · market cap 8.37%
Theoretical Best
Multifamily LT 5
$263.99M
$230.99M – $307.99M
NOI $18,479,177 @ 7.0% cap · market cap 1,055.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
4
Dock-high doors
Yes
Sprinkler system
Yes
Fenced yard
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Explore this area
Business Placement
Demographics for 14903, NY
7,279
Population
3,344
Households
2.2
Avg Household Size
42
Median Age
28%
College-Educated
95%
High-School Grad
21.6 sq mi
ZIP Area
337
Density / Sq Mi
$66,142
Median Household Income
$41,182
Median Earnings
$943
Median Rent
$123,900
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Manufacturing property - Multi-wing industrial property with loading infrastructure, office space, municipal services, and secured outdoor storage area.
Where is this manufacturing property located?
The property is located at 145 Philo Road W Elmira, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 5 plus acres with a rectangular 300X725 layout; 20‑foot clear height and multiple overhead‑door access points; Four‑bay loading dock supports receiving and shipping operations
