Mixed-Use Building with
New
For Sale
$525,000
24 Monroe St, Ellicottville, NY 14731
Street-level commercial space pairs with an updated one-bedroom apartment.
Property Size2,206 SF
Days on Market4
Property Features for 24 Monroe St
General Information
Standard status
Active
Size
2,206 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Gross Income
$54,000
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,355
Amenities
forced-air gas heat with central A/C
full kitchen
400-amp electric service
public water and sewer
clean basement with cooler and storage space
open kitchen
dining and living area
spacious walk-in closet
private rear deck
Building Details
Building Size
2,206 SF
Year Built
1890
Buildings
1
Stories
2
Units
2
Listing Agency:
Keller Williams Realty Lancaster
(716) 998-1126
Listed By:
Jennifer Courtney · License #10301201493
(716) 998-1126
Source:
Elliman
Added: Aug 8
Changed: Aug 10
Last Checked: Aug 10 at 5:15AM
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 Keller Williams Realty Lancaster
Investment Insights
Based on property information with market context.
Built in 1890, this mixed-use property combines a leased commercial suite on the ground floor with an updated one-bedroom, one-bath apartment above. The commercial portion includes forced-air gas heat, central A/C, a full kitchen, a dedicated second furnace for the kitchen area, and 400-amp electrical service. Public water and sewer serve the building, while the basement provides cooler and storage space. The apartment has an open kitchen, dining, and living layout, along with a walk-in closet and private rear deck.
The property is in Ellicottville’s downtown business district, within walking distance of restaurants, shops, entertainment, and year-round attractions. The building is leased through December 31, 2027, with the tenant responsible for utilities. Short-term rentals are permitted in the Village, providing an additional use option for the apartment. The adjoining mixed-use property at 22 Monroe Street is also available, and the formerly connected commercial spaces could potentially be reconnected.
The property is in Ellicottville’s downtown business district, within walking distance of restaurants, shops, entertainment, and year-round attractions. The building is leased through December 31, 2027, with the tenant responsible for utilities. Short-term rentals are permitted in the Village, providing an additional use option for the apartment. The adjoining mixed-use property at 22 Monroe Street is also available, and the formerly connected commercial spaces could potentially be reconnected.
Key Highlights
- Leased through December 31, 2027, with tenant‑paid utilities
- Updated 1‑bedroom, 1‑bath apartment with private rear deck
- Ground‑floor commercial space includes full kitchen and central A/C
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
$21,839
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
4.16%
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%
$436,780
$436.8K
Cap Rate 7%
$311,986
$312.0K
Cap Rate 9%
$242,656
$242.7K
Market Conditions
NOI Build-Up for 2,206 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
$39.7K $18.00/SF
− Vacancy
−$4.8K −$2.16/SF
EGI
$34.9K $15.84/SF
− OpEx
−$13.1K −$5.94/SF
NOI
$21.8K $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%
$436,780
Cap Rate 7%
$311,986
Cap Rate 9%
$242,656
Alternative Uses
Best Use
Mixed Use
$312.0K
$273.0K – $364.0K
NOI $21,839 @ 7.0% cap · market cap 4.16%
Second Best
Retail
$285.9K
$250.2K – $333.6K
NOI $20,013 @ 7.0% cap · market cap 3.81%
Theoretical Best
Healthcare Medical
$436.0K
$381.5K – $508.7K
NOI $30,520 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space pairs with an updated one-bedroom apartment.
Where is this mixed-use property located?
The property is located at 24 Monroe St Ellicottville, NY.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Leased through December 31, 2027, with tenant‑paid utilities; Updated 1‑bedroom, 1‑bath apartment with private rear deck; Ground‑floor commercial space includes full kitchen and central A/C
