Corner Storefront
New
For Sale
$150,000
2005 College Ave, Elmira, NY 14901
The building includes offices, a kitchen, bathroom, garage, and second-story storage or expansion space.
Property Size785 SF
Days on Market2
Property Features for 2005 College Ave
General Information
Standard status
Active
Size
785 SF
Total Parking Spaces
16
Property subtype
Commercial
Site & Location
Corner Location
Yes
Traffic Count
10,700 vehicles/day
Taxes and HOA fees
Annual Taxes
$2,473
Amenities
reception area
private offices
kitchen
bathroom
single-car garage
Amish-made shed with electric
Building Details
Building Size
785 SF
Year Built
1942
Stories
2
Listing Agency:
RealtyUSA.com
(607) 426-8540
Listed By:
Macie Drake · License #10401350147
(607) 426-8540
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 6:00AM
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 RealtyUSA.com
Investment Insights
Based on property information with market context.
This commercially zoned storefront property occupies a corner lot on College Avenue in Elmira. Built in 1942, the building includes a reception area, two private office rooms, a kitchen, and a bathroom. A second story provides storage space or the possibility of additional workspace, while a single-car garage supports on-site functionality. The property was formerly used as an auto dealership.
Exterior improvements include newer roofs on both the main building and garage, installed in 2020, plus an Amish-made shed with electric service from 2020. Sixteen parking spaces are included. College Avenue, identified as Route 14, carries an annual average daily traffic volume of approximately 9,200 to 10,700 vehicles. The property is located in the Elmira and Elmira Heights area.
Exterior improvements include newer roofs on both the main building and garage, installed in 2020, plus an Amish-made shed with electric service from 2020. Sixteen parking spaces are included. College Avenue, identified as Route 14, carries an annual average daily traffic volume of approximately 9,200 to 10,700 vehicles. The property is located in the Elmira and Elmira Heights area.
Key Highlights
- Commercially zoned corner‑lot storefront property on College Avenue
- Approximately 9,200 to 10,700 AADT along College Avenue (Route 14)
- Reception area, 2 private offices, kitchen, and bathroom
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
$7,461
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
4.97%
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%
$149,220
$149.2K
Cap Rate 7%
$106,586
$106.6K
Cap Rate 9%
$82,900
$82.9K
Market Conditions
NOI Build-Up for 785 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
$11.3K $14.40/SF
− Vacancy
−$1.4K −$1.73/SF
EGI
$9.9K $12.67/SF
− OpEx
−$2.5K −$3.17/SF
NOI
$7.5K $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%
$149,220
Cap Rate 7%
$106,586
Cap Rate 9%
$82,900
Alternative Uses
Best Use
Office B
$106.6K
$93.3K – $124.4K
NOI $7,461 @ 7.0% cap · market cap 4.97%
Second Best
Retail
$86.7K
$75.8K – $101.1K
NOI $6,066 @ 7.0% cap · market cap 4.04%
Theoretical Best
Multifamily LT 5
$7.15M
$6.25M – $8.34M
NOI $500,212 @ 7.0% cap · market cap 333.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10,700 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 14901, NY
14,893
Population
6,739
Households
2.2
Avg Household Size
38
Median Age
16%
College-Educated
80%
High-School Grad
33.2 sq mi
ZIP Area
449
Density / Sq Mi
$40,524
Median Household Income
$28,369
Median Earnings
$835
Median Rent
$90,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - The building includes offices, a kitchen, bathroom, garage, and second-story storage or expansion space.
Where is this storefront property located?
The property is located at 2005 College Ave Elmira, NY.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Commercially zoned corner‑lot storefront property on College Avenue; Approximately 9,200 to 10,700 AADT along College Avenue (Route 14); Reception area, 2 private offices, kitchen, and bathroom
