Freestanding Retail Building with
For Sale
Contact for pricing
209 Mt Zoar St, Elmira, NY
Former pharmacy with drive-thru, suitable for retail or restaurant.
Property Size10,945 SF
Lot Size1.42 Acres
Price / SF$182.73
Days on Market257
Property Features for 209 Mt Zoar St
General Information
Standard status
Active
Size
10,945 SF
Lot size
1.42 Acres
Property subtype
RETAIL
Properties For Sale
at 209 Mt Zoar St Contact us- Floor
- Bldg
- Size
- 10,945 SF
- Type
- RETAIL
- Lease Type
- NNN
- Availability
- AVAILABLE, Now
- Sublease
- No
209 Mt Zoar St
- Former freestanding pharmacy with a drive-thru available for lease.
- The building...
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Contact us
Listing Agency:
Donovan Real Estate Services
(716) 998-2943
Listed By:
Brian P Donovan · License #10491202934
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:05AM
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 Donovan Real Estate Services
Investment Insights
Based on property information with market context.
This former freestanding pharmacy building, totaling 10,945 square feet, is available for lease. It features a drive-thru and a large parking lot. Located on a corner lot in downtown Elmira, the property benefits from multiple curb cuts and a pylon sign, enhancing visibility along with building signage. The property is suitable for a variety of retail or restaurant concepts. The property tax is $6.75 per square foot.
Key Highlights
- Drive‑thru for ultimate convenience.
- Large parking lot available.
- Pylon sign for added visibility**.
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
$113,005
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
5.65%
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%
$2,260,100
$2.3M
Cap Rate 7%
$1,614,357
$1.6M
Cap Rate 9%
$1,255,611
$1.3M
Market Conditions
NOI Build-Up for 10,945 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
$157.6K $14.40/SF
− Vacancy
−$6.9K −$0.63/SF
EGI
$150.7K $13.77/SF
− OpEx
−$37.7K −$3.44/SF
NOI
$113.0K $10.32/SF
Area
Chemung County, NY
Vacancy
4.40%
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%
$2,260,100
Cap Rate 7%
$1,614,357
Cap Rate 9%
$1,255,611
Alternative Uses
Best Use
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $113,005 @ 7.0% cap · market cap 5.65%
Second Best
Retail
$1.21M
$1.06M – $1.41M
NOI $84,583 @ 7.0% cap · market cap 4.23%
Theoretical Best
Multifamily LT 5
$99.63M
$87.18M – $116.24M
NOI $6,974,296 @ 7.0% cap · market cap 348.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
367
Businesses Nearby
80k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 73%
Groceries 19%
Dining 4%
Electronics 2%
Aldi
Groceries
15,225 visits/mo
0.4 miles
Dollar Tree
Shops & Services
13,672 visits/mo
0.3 miles
Byrne Dairy
Shops & Services
12,619 visits/mo
0.2 miles
Dollar General
Shops & Services
8,537 visits/mo
0.0 miles
Kwik Fill
Shops & Services
6,734 visits/mo
0.4 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Rite Aid Pharmacy — 209 Mt Zoar St, Elmira, NY 14904
- Gerould's Professional Pharmacy Inc — 130 S Main St, Elmira, NY 14904
- Rite Aid Pharmacy — 402 Pennsylvania Ave, Elmira, NY 14904
- Mary Volino, RPh — 209 Mt Zoar St, Elmira, NY 14904
- Robert Humphries — 209 Mt Zoar St, Elmira, NY 149041231
Frequently Asked Questions
What type of property is this?
Drug store - Former pharmacy with drive-thru, suitable for retail or restaurant.
Where is this drug store located?
The property is located at 209 Mt Zoar St Elmira, NY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Drive‑thru for ultimate convenience.; Large parking lot available.; Pylon sign for added visibility**.
