Corner Auto Shop with
For Sale
$180,000
1802 WATER ST, Elmira, NY 14905
Auto shop building with an office, two restrooms, and work space on a busy corner.
Property Size1,350 SF
Price / SF$133.33
Days on Market352
Property Features for 1802 WATER ST
General Information
Standard status
Active
Size
1,350 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$3,598
Amenities
Gas
3
Intercom System
Membrane, Rubber
12 Parking Spaces.
92X81
Building Details
Year Built
1960
Stories
1
Listing Agency:
(607) 426-8933
Listed By:
Signature Properties
(607) 426-8933
Source:
Xome
Added: Aug 26, 2025
Changed: Aug 12
Last Checked: Aug 12 at 4:09AM
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 for-sale automotive property includes an office, two restrooms, and plenty of work space inside the building. Showings are by appointment only, and mechanic tools and equipment may be purchased separately through the seller.
The property is positioned on the corner of W. Water Street and Coleman Ave, with marketing remarks citing an average of 9,000 vehicles driving by daily. The layout and visibility make it well-suited for a business that benefits from both vehicle and foot traffic.
If you’re looking for an automotive-focused facility with on-site office space, this building provides the core components to support day-to-day operations.
The property is positioned on the corner of W. Water Street and Coleman Ave, with marketing remarks citing an average of 9,000 vehicles driving by daily. The layout and visibility make it well-suited for a business that benefits from both vehicle and foot traffic.
If you’re looking for an automotive-focused facility with on-site office space, this building provides the core components to support day-to-day operations.
Key Highlights
- Auto shop building with an office, 2 restrooms, and work space
- Corner property on W. Water Street and Coleman Ave in West Elmira
- 12 parking spaces
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
$12,830
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
7.13%
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%
$256,600
$256.6K
Cap Rate 7%
$183,286
$183.3K
Cap Rate 9%
$142,556
$142.6K
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
$19.4K $14.40/SF
− Vacancy
−$2.3K −$1.73/SF
EGI
$17.1K $12.67/SF
− OpEx
−$4.3K −$3.17/SF
NOI
$12.8K $9.50/SF
Area
Chemung County, NY
Vacancy
12.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$256,600
Cap Rate 7%
$183,286
Cap Rate 9%
$142,556
Alternative Uses
Best Use
Office B
$183.3K
$160.4K – $213.8K
NOI $12,830 @ 7.0% cap · market cap 7.13%
Second Best
Retail
$149.0K
$130.4K – $173.9K
NOI $10,433 @ 7.0% cap · market cap 5.80%
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
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office 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 - Auto shop building with an office, two restrooms, and work space on a busy corner.
Where is this auto shop located?
The property is located at 1802 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 building with an office, 2 restrooms, and work space; Corner property on W. Water Street and Coleman Ave in West Elmira; 12 parking spaces
