Mixed-Use Building with
For Sale
$475,000
22 Monroe Street, Ellicottville, NY 14731
CommercialSale, Ellicottville, NY
Property Size1,920 SF
Lot Size0.04 Acres
Price / SF$247.40
Days on Market48
Property Features for 22 Monroe Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
01 - COMME
Zoning description
Commercial
Rooms
Basement
Lot features
Rectangular, Rectangular Lot
Elementary school
Ellicottville Elementary
High school
Ellicottville Middle High
Elementary school district
Ellicottville
Middle school district
Ellicottville
High school district
Ellicottville
Directions
From North: 219 South, right onto Route 242, left at the blinking light onto Monroe Street, building on the left. From South: 219 North, right on Route 242, right on Monroe Street at the blinking light, building on Left
Subdivision
Ellicottville-Village-043601
Standard status
Active
APN
043601-055-035-0006-003-000-0000
Size
1,920 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
4359
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
public water and sewer
natural gas forced-air heat
200-amp electric service
dry basement
open floor plan
Building Details
Year built
1860
Floors in Building
2
Flooring type
Vinyl, Linoleum
Building materials
Brick
Roof type
Flat
Listing Agency:
Keller Williams Realty Lancaster
(716) 324-2300
Listed By:
David A Blanchard · License #10301201493
(716) 474-7024
Added: Aug 5
Changed: Sep 14
Last Checked: Sep 21 at 9:06PM
MLS# B1702330
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 1,920-square-foot mixed-use building includes a street-level commercial suite and a two-bedroom, one-bath apartment above. The commercial area has an open layout and updated electrical, while the property also provides a dry basement, natural gas forced-air heat, 200-amp electric service, and a flat roof. Built in 1860, the structure has brick construction with linoleum and vinyl flooring.
Both components are leased, with the commercial tenancy extending through August 2027 and the apartment lease running through October 2026. Public water and sewer serve the property, which occupies 0.0386 acres in Ellicottville. The building is next to a restaurant and nightlife destination and is situated within a four-season resort community. An adjoining commercial building at 24 Monroe Street is also available; the properties were previously connected, although the doorway between the commercial spaces is now enclosed.
Both components are leased, with the commercial tenancy extending through August 2027 and the apartment lease running through October 2026. Public water and sewer serve the property, which occupies 0.0386 acres in Ellicottville. The building is next to a restaurant and nightlife destination and is situated within a four-season resort community. An adjoining commercial building at 24 Monroe Street is also available; the properties were previously connected, although the doorway between the commercial spaces is now enclosed.
Key Highlights
- 1,920‑square‑foot mixed‑use building with street‑level commercial space and a 2‑bedroom, 1‑bath apartment
- Commercial space leased through August 2027
- Apartment leased through October 2026
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
$19,008
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
4.00%
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%
$380,160
$380.2K
Cap Rate 7%
$271,543
$271.5K
Cap Rate 9%
$211,200
$211.2K
Market Conditions
NOI Build-Up for 1,920 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
$34.6K $18.00/SF
− Vacancy
−$4.1K −$2.16/SF
EGI
$30.4K $15.84/SF
− OpEx
−$11.4K −$5.94/SF
NOI
$19.0K $9.90/SF
Area
Cattaraugus County, NY
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$380,160
Cap Rate 7%
$271,543
Cap Rate 9%
$211,200
Alternative Uses
Best Use
Mixed Use
$271.5K
$237.6K – $316.8K
NOI $19,008 @ 7.0% cap · market cap 4.00%
Second Best
Retail
$248.8K
$217.7K – $290.3K
NOI $17,418 @ 7.0% cap · market cap 3.67%
Theoretical Best
Healthcare Medical
$379.5K
$332.0K – $442.7K
NOI $26,563 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
50k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Groceries 36%
Hotels & Casinos 4%
Kwik Fill
Shops & Services
24,925 visits/mo
0.0 miles
Tops Friendly Markets
Groceries
18,127 visits/mo
0.1 miles
M&T Bank
Shops & Services
3,428 visits/mo
0.0 miles
Five Star Bank
Shops & Services
2,072 visits/mo
0.0 miles
Wingate by Wyndham Ellicottville
Hotels & Casinos
1,930 visits/mo
0.1 miles
Demographics for 14731, NY
1,269
Population
2,501
Households
0.5
Avg Household Size
54
Median Age
37%
College-Educated
94%
High-School Grad
45.5 sq mi
ZIP Area
28
Density / Sq Mi
$64,091
Median Household Income
$37,750
Median Earnings
$908
Median Rent
$255,200
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?
Mixed-use property - Leased street-level retail space and an upstairs two-bedroom apartment occupy this brick building.
Where is this mixed-use property located?
The property is located at 22 Monroe Street Ellicottville, NY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,920‑square‑foot mixed‑use building with street‑level commercial space and a 2‑bedroom, 1‑bath apartment; Commercial space leased through August 2027; Apartment leased through October 2026
