Building Details

Building Size 5,076 SF

Year Built 1994

Buildings 1

Listing Agency: Signature Properties

Listed By: Lauren Groth · License #10301222236 Show Phone

Source: Griffith-realty

Added: Oct 14, 2025 Changed: Oct 9 Last Checked: Oct 12 at 11:48PM

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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 Signature Properties

Investment Insights

Based on property information with market context.

Built in 1994, the 5,076-square-foot office building combines an entry lobby and reception area with a conference room, open workspace configured with 8 cubicles, storage, a private storefront-style office area, and three additional private offices. The property also includes a kitchenette and two restrooms, each with multiple stalls. Major building systems have been regularly serviced.

The 2-acre site provides on-site parking and room identified for future expansion. The property is zoned Com 1, Commercial, and offers access to major routes. Its mix of open and enclosed work areas accommodates multiple office configurations within a single building.

Key Highlights

• 5,076 SQFT office building built in 1994
• 2‑acre site with ample parking and room for future expansion
• Open office area currently configured with 8 cubicles and storage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$48,242

Cap Rate

4.82%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$964,840 $964.8K

Cap Rate 7%

$689,171 $689.2K

Cap Rate 9%

$536,022 $536.0K

Market Conditions

NOI Build-Up for 5,076 SF

Gross rent

$73.1K $14.40/SF

− Vacancy

−$8.8K −$1.73/SF

EGI

$64.3K $12.67/SF

− OpEx

−$16.1K −$3.17/SF

NOI

$48.2K $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 Rate 5%

$964,840

Cap Rate 7%

$689,171

Cap Rate 9%

$536,022

Alternative Uses

Best Use

Office B

$689.2K

$603.0K – $804.0K (±1% cap)

NOI $48,242 @ 7.0% cap · market cap 4.82%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$46.21M

$40.43M – $53.91M (±1% cap)

NOI $3,234,493 @ 7.0% cap · market cap 323.45%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Office buildings

Suggested Use

Top Pick Building Supply Electrical Service Garden Center Parking Lot & Garage Grocery & Convenience Store Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

503

Businesses Nearby

Explore this area Business Placement

Demographics for 14845, NY

20,628

Population

9,370

Households

2.2

Avg Household Size

46

Median Age

35%

College-Educated

96%

High-School Grad

78.2 sq mi

ZIP Area

264

Density / Sq Mi

$76,617

Median Household Income

$45,909

Median Earnings

$1,175

Median Rent

$183,900

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office building - Lobby, conference room, private offices, kitchenette, and two restrooms support varied workplace layouts.

Where is this office building located?

The property is located at 226 Colonial Drive Big Flats, NY.

What is the asking price?

The asking price for this property is $999,999.

What are key features of this property?

This property features: 5,076 SQFT office building built in 1994; 2‑acre site with ample parking and room for future expansion; Open office area currently configured with 8 cubicles and storage