Office Unit with
New
For Sale
$150,000
2005 College Avenue, Elmira, NY 14901
CommercialSale, Elmira, NY
Property Size785 SF
Lot Size0.18 Acres
Price / SF$191.08
Days on Market4
Property Features for 2005 College Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
484
Zoning description
Commercial
Rooms
Basement
Parking
16
Lot features
Rectangular, Rectangular Lot
Elementary school district
Elmira Heights
Middle school district
Elmira Heights
High school district
Elmira Heights
Directions
Starting at Elmira College, the intersection of Washington and College Avenue. Head northwest on College Ave. Go for 1.4 miles. The building is on the left.
Subdivision
Elmira Town-073089
Standard status
Active
APN
073089-079-013-0001-030-000-0000
Size
785 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
2473
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
reception area
private offices
kitchen
bathroom
single-car garage
Amish-made shed with electric
Building Details
Year built
1942
Floors in Building
1
Flooring type
Carpet
Building materials
WoodSiding
Roof type
Shingle
Listing Agency:
Howard Hanna Elmira
(607) 733-2700
Listed By:
Macie Drake · License #10401350147
(607) 426-8540
Added: Aug 17
Changed: Aug 19
Last Checked: Aug 20 at 1:06AM
MLS# R1708191
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 785-square-foot office unit at 2005 College Avenue includes a reception area, two private office rooms, a kitchen, and a bathroom. The property also provides a single-car garage, an Amish-made shed with electric installed in 2020, and a second story that can support storage or additional workspace. Shingle roofs serve the main building and garage, both updated in 2020. Natural gas forced-air heat, public water, and public sewer are in place.
The 0.1767-acre commercially zoned property occupies a corner lot along College Avenue, also identified as Route 14, in Elmira. Reported average daily traffic is approximately 9,200 to 10,700 vehicles. Sixteen parking spaces provide on-site vehicle accommodation, while the 1942 construction date and wood siding further define the existing improvements.
The 0.1767-acre commercially zoned property occupies a corner lot along College Avenue, also identified as Route 14, in Elmira. Reported average daily traffic is approximately 9,200 to 10,700 vehicles. Sixteen parking spaces provide on-site vehicle accommodation, while the 1942 construction date and wood siding further define the existing improvements.
Key Highlights
- 785‑square‑foot office unit on a 0.1767‑acre corner lot
- Reception area, two private offices, kitchen, and bathroom
- 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
$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
—
—
no second resolved use
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
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?
Office units - Corner-lot office property with reception, private offices, kitchen, bathroom, and on-site parking.
Where is this office units 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: 785‑square‑foot office unit on a 0.1767‑acre corner lot; Reception area, two private offices, kitchen, and bathroom; 16 parking spaces plus a single‑car garage
