Six-Bay Auto
New
For Sale
$450,000
Pending
2410 Corning Road, Horseheads, NY 14845
Rectangular commercial building with service lifts, customer areas, office space, storage, and on-site parking.
Property Size4,542 SF
Days on Market5
Property Features for 2410 Corning Road
General Information
Standard status
Pending
Size
4,542 SF
Listing Agency:
Howard Hanna Elmira
(607) 425-5100
Listed By:
Steven Martin McNamara · License #10401226515
(607) 425-5100
Source:
Nicholcityrealty
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 10:54AM
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 Howard Hanna Elmira
Investment Insights
Based on property information with market context.
The rectangular 4,542-square-foot building is configured as an automotive service property with six bays equipped with lifts. Interior features include a customer waiting room, office, employee bathroom, and substantial storage area. The property previously operated as a muffler shop for a national chain.
Situated on a 0.75-acre lot along NY14 in Horseheads, the site includes on-site parking and road frontage. The existing layout supports automotive service use, while the building’s customer-facing areas and storage component may also accommodate other retail or commercial applications, subject to applicable approvals.
Situated on a 0.75-acre lot along NY14 in Horseheads, the site includes on-site parking and road frontage. The existing layout supports automotive service use, while the building’s customer-facing areas and storage component may also accommodate other retail or commercial applications, subject to applicable approvals.
Key Highlights
- Six service bays with lifts
- 4,542‑square‑foot rectangular building
- 0.75‑acre lot along NY14
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
$35,101
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
7.80%
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%
$702,020
$702.0K
Cap Rate 7%
$501,443
$501.4K
Cap Rate 9%
$390,011
$390.0K
Market Conditions
NOI Build-Up for 4,542 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
$54.5K $12.00/SF
− Vacancy
−$4.4K −$0.96/SF
EGI
$50.1K $11.04/SF
− OpEx
−$15.0K −$3.31/SF
NOI
$35.1K $7.73/SF
Area
Chemung County, NY
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$702,020
Cap Rate 7%
$501,443
Cap Rate 9%
$390,011
Alternative Uses
Best Use
Retail
$501.4K
$438.8K – $585.0K
NOI $35,101 @ 7.0% cap · market cap 7.80%
Second Best
Industrial
$327.7K
$286.7K – $382.3K
NOI $22,939 @ 7.0% cap · market cap 5.10%
Theoretical Best
Multifamily LT 5
$41.35M
$36.18M – $48.24M
NOI $2,894,221 @ 7.0% cap · market cap 643.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
26k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 70%
Shops & Services 26%
Home Improvements & Furnishings 4%
Arby's
Dining
10,153 visits/mo
0.3 miles
Dunkin' Donuts
Dining
8,202 visits/mo
0.4 miles
U-Haul Moving & Storage Of Elmira
Shops & Services
2,238 visits/mo
0.4 miles
Ferrario Ford
Shops & Services
2,037 visits/mo
0.3 miles
M&T Bank
Shops & Services
1,428 visits/mo
0.3 miles
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 Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Jdl auto — 1854 Grand Central Ave, Horseheads, NY 14845
- Ideal Auto Repair — 1855 Grand Central Ave, Elmira, NY 14903
- Gooden’s Auto Sales LLC — 1899 Grand Central Ave, Horseheads, NY 14845
- Steve's American Lifetime Muffler Inc. — 2372 Corning Rd, Elmira, NY 14903
- Steves American Lifetime — 2372 corning rd, elmira, ny 14903
Frequently Asked Questions
What type of property is this?
Auto shop - Rectangular commercial building with service lifts, customer areas, office space, storage, and on-site parking.
Where is this auto shop located?
The property is located at 2410 Corning Road Horseheads, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Six service bays with lifts; 4,542‑square‑foot rectangular building; 0.75‑acre lot along NY14
