Corner Auto Shop with Work
For Sale
$180,000
1802 W Water St, Elmira, NY 14905
Corner location with an office, two restrooms, and dedicated work space.
Property Size1,350 SF
Price / SF$133.33
Days on Market34
Property Features for 1802 W Water St
General Information
Standard status
Active
Size
1,350 SF
Site & Location
Traffic Count
9,000 vehicles/day
Road Access
Yes
Amenities
office
restrooms
Building Details
Year Built
1960
Buildings
1
Listing Agency:
Signature Properties
(607) 796-9817
Listed By:
Deborah Barner · License #10401257719
Source:
Skinnercnyrealty
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 25 at 5:28AM
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 Signature Properties
Investment Insights
Based on property information with market context.
This auto shop at 1802 W Water Street includes an office, two restrooms, and work space arranged for automotive operations. The property offers a practical configuration for a business requiring both administrative and service areas.
Positioned at the corner of W. Water Street and Coleman Ave in West Elmira, the property receives reported daily traffic of 9,000 vehicles. The business has been established at the location for over 47 years. Mechanic tools and equipment are available separately through the seller, and showings are scheduled by appointment.
Positioned at the corner of W. Water Street and Coleman Ave in West Elmira, the property receives reported daily traffic of 9,000 vehicles. The business has been established at the location for over 47 years. Mechanic tools and equipment are available separately through the seller, and showings are scheduled by appointment.
Key Highlights
- Auto shop at the corner of W. Water Street and Coleman Ave
- Reported daily traffic of 9,000 vehicles
- Includes an office and 2 restrooms
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
$10,433
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
5.80%
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%
$208,660
$208.7K
Cap Rate 7%
$149,043
$149.0K
Cap Rate 9%
$115,922
$115.9K
Market Conditions
NOI Build-Up for 1,350 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
$16.2K $12.00/SF
− Vacancy
−$1.3K −$0.96/SF
EGI
$14.9K $11.04/SF
− OpEx
−$4.5K −$3.31/SF
NOI
$10.4K $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%
$208,660
Cap Rate 7%
$149,043
Cap Rate 9%
$115,922
Alternative Uses
Best Use
Retail
$149.0K
$130.4K – $173.9K
NOI $10,433 @ 7.0% cap · market cap 5.80%
Second Best
Industrial
$97.4K
$85.2K – $113.6K
NOI $6,818 @ 7.0% cap · market cap 3.79%
Theoretical Best
Multifamily LT 5
$12.29M
$10.75M – $14.34M
NOI $860,238 @ 7.0% cap · market cap 477.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
9k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 75%
Dining 25%
Dollar General
Shops & Services
7,065 visits/mo
0.1 miles
SUBWAY
Dining
2,352 visits/mo
0.1 miles
Demographics for 14905, NY
8,645
Population
4,303
Households
2
Avg Household Size
43
Median Age
42%
College-Educated
95%
High-School Grad
3.7 sq mi
ZIP Area
2,336
Density / Sq Mi
$85,888
Median Household Income
$44,209
Median Earnings
$1,112
Median Rent
$169,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Jeff's West Side Services — 1802 W Water St, Elmira, NY 14905
Frequently Asked Questions
What type of property is this?
Auto shop - Corner location with an office, two restrooms, and dedicated work space.
Where is this auto shop located?
The property is located at 1802 W Water St Elmira, NY.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Auto shop at the corner of W. Water Street and Coleman Ave; Reported daily traffic of 9,000 vehicles; Includes an office and 2 restrooms
