Building Details

Building Size 1,800 SF

Year Renovated 2021

Listing Agency: Corning/Elmira Office m***@pyramidbrokerage.com Show Phone

Listed By: Michael J. Manzari, SIOR, CCIM · License #30MA0862846 Show Phone

Source: Pyramidbrokerage

Added: Jun 17 Changed: Aug 23 Last Checked: Aug 21 at 5:28PM

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Investment Insights

Based on property information with market context.

This for-sale storefront property includes an approximately 1,800sf building that was renovated in 2021. Renovations include a new roof, HVAC system, electric upgrades, front windows, restrooms, and a kitchen. The sale also includes all contents and equipment, along with a mobile axe throwing trailer and a 1988 Chrysler LeBaron vinyl-wrapped denim car.

The business, Denim Axe, is described as a venue suited for parties, private events, and small groups. The current operation includes a beer license and sells finger foods. The property is located in downtown Elmira Heights near retail, food, and medical businesses.

The building and included equipment are intended to support ongoing operations as presented in the business description.

Key Highlights

• Renovated 1,800 SF storefront building with updated roof, HVAC, electric, front windows, restrooms, and kitchen (renovated in 2021)
• Includes business contents and equipment, plus a mobile axe throwing trailer and a 1988 Chrysler LeBaron vinyl‑wrapped denim car
• Current operation includes a beer license and sales of finger foods

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

$13,910

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

5.45%

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%

$278,200 $278.2K

Cap Rate 7%

$198,714 $198.7K

Cap Rate 9%

$154,556 $154.6K

Market Conditions

NOI Build-Up for 1,800 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

$21.6K $12.00/SF

− Vacancy

−$1.7K −$0.96/SF

EGI

$19.9K $11.04/SF

− OpEx

−$6.0K −$3.31/SF

NOI

$13.9K $7.73/SF

Area

Chemung County, NY

Vacancy

8.00%

Lease Rate

$12.00 /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%

$278,200

Cap Rate 7%

$198,714

Cap Rate 9%

$154,556

Alternative Uses

Best Use

Retail

$198.7K

$173.9K – $231.8K (±1% cap)

NOI $13,910 @ 7.0% cap · market cap 5.45%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$16.39M

$14.34M – $19.12M (±1% cap)

NOI $1,146,983 @ 7.0% cap · market cap 449.80%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Denim Axe Co. Family Recreation Center

Suggested Use

Top Pick Real Estate Agency Dental Office Daycare Center Furniture & Home Goods Garden Center (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Yes

Liquor license

Location Intelligence

Trade Area within ½ mile

414

Businesses Nearby

26k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 92% Dining 8%

Splash Car Wash Shops & Services

7,413 visits/mo 0.1 miles

7-Eleven Shops & Services

6,166 visits/mo 0.2 miles

Exxon Shops & Services

4,862 visits/mo 0.2 miles

Sunoco Shops & Services

3,321 visits/mo 0.3 miles

Dandy Mini Mart Shops & Services

2,035 visits/mo 0.3 miles

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 Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Renovated 1,800sf storefront includes updated roof, HVAC, electric, windows, restrooms, and kitchen, plus included business equipment.

Where is this storefront property located?

The property is located at 162 14th Street East Elmira Heights, NY.

What is the asking price?

The asking price for this property is $255,000.

What are key features of this property?

This property features: Renovated 1,800 SF storefront building with updated roof, HVAC, electric, front windows, restrooms, and kitchen (renovated in 2021); Includes business contents and equipment, plus a mobile axe throwing trailer and a 1988 Chrysler LeBaron vinyl‑wrapped denim car; Current operation includes a beer license and sales of finger foods