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    Mixed-Use Building with Street Retail Title is generated by Realmo AI

    22 Monroe St, Ellicottville, NY 14731

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    For Lease
    $485,000

    Street-level commercial space plus an upstairs leased apartment make it a practical option for owner-occupants or mixed-use investors.

    Type:Commercial
    Added:
    Jun 4, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 6 at 3:05 am

    Property Features for 22 Monroe St

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1860

    We can help!

    Listing Contact
    Gregory Straus

    Listing agent Gregory Straus License #NY 10491211091

    Listing office 716 Realty Group WNY LLC

    Listing date Jun 4, 2026

    Source Elliman

    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 716 Realty Group WNY LLC

    HighLights

    • Year built 1860 mixed‑use property with street‑level commercial space and an upstairs rental apartment
    • Upstairs rental apartment is leased through October 2026 at $1,500 per month
    • Street‑level commercial space has a flexible layout for retail, professional office, boutique, studio, or service‑based business
    • Located in the Village center and historic district
    • Somewhat Bikeable with a bikeScore of 8 and car‑dependent with a walkScore of 13

    Overview

    22 Monroe St is a mixed-use property with street-level commercial space and an upstairs rental apartment. The apartment is currently leased through October 2026, providing continuing residential rental income. The ground-floor layout supports a range of business uses, making the space suitable for an owner operator or for leasing as part of a mixed-use strategy.

    Located in the heart of the Village of Ellicottville within the historic district, the building is positioned for exposure to both visitors and local activity. The property is also presented as an opportunity in a year-round resort community where activity can be driven by tourism and seasonal events.

    From a tenant and operator standpoint, the combination of a retail/service storefront below and a leased apartment above can simplify ownership by keeping residential income in place while you run or market the commercial space. For buyers evaluating acquisition with existing tenancy, the current apartment lease term through October 2026 is a key factor in underwriting and planning. For businesses seeking an owner-controlled presence in a downtown setting, the street-level space offers flexibility in how it can be used.
    Location Intelligence

    Current Use by Public Records

    Ava Grace Fashions Clothing & Fashion Store

    Suggested Use

    Restaurant Building Supply Dental Office Law Firm Big Box & Wholesale Store Auto Repair Shop Real Estate Agency Hair Salon Pharmacy Spa & Massage Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ellicottville
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.6707087
    Latitude
    42.2753993

    Nearby Similar for Lease

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      6133 Rt. 219 S, Ellicottville, NY 14731
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    • $1,250/Mo
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      Ellicottville Office Space For Lease

      Office space in prime location with high traffic.
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    FAQs

    What type of property is this?
    Mixed-use property - Street-level commercial space plus an upstairs leased apartment make it a practical option for owner-occupants or mixed-use investors.
    Where is this mixed-use property located?
    The property is located at 22 Monroe St Ellicottville, NY.
    What is the lease rate?
    The lease rate is $485,000.
    What are key features of this property?
    This property features: Year built 1860 mixed‑use property with street‑level commercial space and an upstairs rental apartment; Upstairs rental apartment is leased through October 2026 at $1,500 per month; Street‑level commercial space has a flexible layout for retail, professional office, boutique, studio, or service‑based business
    (716) 864-1055
    We can help!
    Listing Contact
    Gregory Straus
    Real Estate License ID: NY 10491211091
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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