Historic Restaurant with Commercial
For Sale
$1,575,000
2-4 E Market Street, Corning, NY 14830
Remodeled restaurant property with multiple kitchens, dining areas, event space, and upgraded operating systems.
Property Size11,776 SF
Days on Market283
Property Features for 2-4 E Market Street
General Information
Standard status
Active
Size
11,776 SF
Property subtype
Commercial
Zoning
C, Commercial
Additional Details
Sprinkler System
Yes
Commercial Hood
Yes
Taxes and HOA fees
Annual Taxes
$7,949
Amenities
patron elevator
walk-in vault tasting room
fireplaces
banquet room
marble top bar
security camera system
Synexis system
reverse osmosis system
internet system
Building Details
Building Size
11,776 SF
Year Built
1900
Buildings
1
Stories
2
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 31, 2025
Changed: Aug 9
Last Checked: Aug 9 at 1:32PM
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.
Built in 1900 and located in Corning’s Historical Gaffer District, this commercial restaurant property combines historic character with extensive interior improvements. The building includes a first-floor commercial kitchen, an upstairs open-fire kitchen with double hood, an additional prep kitchen, basement office and storage areas, a large dining room, and a private banquet room. A marble-top bar, three fireplaces, a patron elevator, and a vault tasting room add distinctive hospitality features.
Building systems include an upgraded sprinkler system, new fire and internet systems, POS infrastructure, a Synexis system, reverse osmosis, and security cameras. The property is currently operating as a restaurant and bistro with high-end wines and spirits. Zoning is C, Commercial. The Historical Gaffer District is associated with small businesses, galleries, festive events, and the Corning Glass Museum, with activity from local visitors and tourists.
Building systems include an upgraded sprinkler system, new fire and internet systems, POS infrastructure, a Synexis system, reverse osmosis, and security cameras. The property is currently operating as a restaurant and bistro with high-end wines and spirits. Zoning is C, Commercial. The Historical Gaffer District is associated with small businesses, galleries, festive events, and the Corning Glass Museum, with activity from local visitors and tourists.
Key Highlights
- 1900‑built restaurant property in Corning’s Historical Gaffer District
- First‑floor commercial kitchen plus upstairs double‑hood open‑fire kitchen
- Additional prep kitchen, basement office, and extensive storage areas
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
$72,832
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
4.62%
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%
$1,456,640
$1.5M
Cap Rate 7%
$1,040,457
$1.0M
Cap Rate 9%
$809,244
$809.2K
Market Conditions
NOI Build-Up for 11,776 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
$111.6K $9.48/SF
− Vacancy
−$7.6K −$0.64/SF
EGI
$104.0K $8.84/SF
− OpEx
−$31.2K −$2.65/SF
NOI
$72.8K $6.18/SF
Area
Steuben County, NY
Vacancy
6.80%
Lease Rate
$9.48 /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%
$1,456,640
Cap Rate 7%
$1,040,457
Cap Rate 9%
$809,244
Alternative Uses
Best Use
Specialty Retail
$2.18M
$1.90M – $2.54M
NOI $152,299 @ 7.0% cap · market cap 9.67%
Second Best
Industrial
$1.04M
$910.4K – $1.21M
NOI $72,832 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$2.87M
$2.51M – $3.35M
NOI $200,957 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
1,241
Businesses Nearby
116k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 53%
Dining 22%
Shops & Services 22%
Hotels & Casinos 2%
Wegmans
Groceries
62,003 visits/mo
0.5 miles
McDonald's
Dining
20,658 visits/mo
0.2 miles
Byrne Dairy
Shops & Services
12,473 visits/mo
0.2 miles
Burger King
Dining
5,414 visits/mo
0.3 miles
Mobil
Shops & Services
5,068 visits/mo
0.1 miles
Demographics for 14830, NY
18,949
Population
9,324
Households
2
Avg Household Size
40
Median Age
41%
College-Educated
96%
High-School Grad
90.6 sq mi
ZIP Area
209
Density / Sq Mi
$73,831
Median Household Income
$48,331
Median Earnings
$997
Median Rent
$168,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Remodeled restaurant property with multiple kitchens, dining areas, event space, and upgraded operating systems.
Where is this conventional restaurant located?
The property is located at 2-4 E Market Street Corning, NY.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: 1900‑built restaurant property in Corning’s Historical Gaffer District; First‑floor commercial kitchen plus upstairs double‑hood open‑fire kitchen; Additional prep kitchen, basement office, and extensive storage areas
