Automotive Commercial
New
For Sale
$150,000
2005 College Avenue, Elmira, NY 14901
Corner-lot facility with offices, support areas, parking, garage, and additional storage space.
Property Size785 SF
Price / SF$191.08
Days on Market3
Property Features for 2005 College Avenue
General Information
Standard status
Active
Size
785 SF
Total Parking Spaces
16
Site & Location
Corner Location
Yes
Traffic Count
10,700 vehicles/day
Road Access
Yes
Amenities
reception area
private offices
kitchen
bathroom
single-car garage
Amish-made shed
newer roofs (2020)
Building Details
Buildings
3
Stories
2
Listing Agency:
Howard Hanna Horseheads
(607) 739-1444
Listed By:
Macie Drake · License #10401350147
(607) 426-8540
Source:
Nicholcityrealty
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 10 at 2:57PM
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 Howard Hanna Horseheads
Investment Insights
Based on property information with market context.
This commercially zoned property occupies a corner lot along College Avenue (Route 14) and was formerly operated as an auto dealership. The building includes a reception area, two private office rooms, a kitchen, and a bathroom, with a second story available for storage or additional workspace. A single-car garage and an Amish-made shed with electric service provide further utility. The main building and garage received newer roofs in 2020, and the property includes 16 parking spaces.
Traffic along College Avenue averages approximately 9,200 to 10,700 vehicles daily. The property is located in the Elmira and Elmira Heights area, providing a commercial setting for automotive or other business operations supported by the existing layout and improvements.
Traffic along College Avenue averages approximately 9,200 to 10,700 vehicles daily. The property is located in the Elmira and Elmira Heights area, providing a commercial setting for automotive or other business operations supported by the existing layout and improvements.
Key Highlights
- Commercially zoned corner lot along College Avenue (Route 14)
- Former auto dealership with reception area and two private offices
- 16 parking spaces plus a single‑car garage
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
$6,066
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
4.04%
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%
$121,320
$121.3K
Cap Rate 7%
$86,657
$86.7K
Cap Rate 9%
$67,400
$67.4K
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
$9.4K $12.00/SF
− Vacancy
−$754 −$0.96/SF
EGI
$8.7K $11.04/SF
− OpEx
−$2.6K −$3.31/SF
NOI
$6.1K $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%
$121,320
Cap Rate 7%
$86,657
Cap Rate 9%
$67,400
Alternative Uses
Best Use
Retail
$86.7K
$75.8K – $101.1K
NOI $6,066 @ 7.0% cap · market cap 4.04%
Second Best
Industrial
$56.6K
$49.6K – $66.1K
NOI $3,965 @ 7.0% cap · market cap 2.64%
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
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Open Analytics
Current Use
Lease Details
10,700 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
34k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 59%
Dining 41%
Dunkin' Donuts
Dining
12,022 visits/mo
0.1 miles
Dollar General
Shops & Services
10,791 visits/mo
0.4 miles
Citgo
Shops & Services
4,603 visits/mo
0.1 miles
Hallmark
Shops & Services
2,725 visits/mo
0.2 miles
Napa Auto Parts
Shops & Services
2,137 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Automotive property - Corner-lot facility with offices, support areas, parking, garage, and additional storage space.
Where is this automotive property located?
The property is located at 2005 College Avenue 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 along College Avenue (Route 14); Former auto dealership with reception area and two private offices; 16 parking spaces plus a single‑car garage
