Two-Story Mixed-Use
For Sale
$189,900
2423 N Nys Rte 16, Olean, NY 14760
COMMERCIAL - Olean, NY
Property Size2,583 SF
Lot Size0.74 Acres
Price / SF$73.52
Days on Market13
Property Features for 2423 N Nys Rte 16
General Information
Property type
Commercial Sale
Property subtype
Apartment
Zoning
Com 1
Zoning description
Commercial
Parking
6
Lot features
Rectangular, Rectangular Lot
Elementary school district
Olean
Middle school district
Olean
High school district
Olean
Subdivision
Olean- Town-046600
Standard status
Active
APN
046600-094-007-0001-004-000-0000
Size
2,583 SF
Lot size
0.74 Acres
Taxes and HOA fees
Tax Annual Amount
4430
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas
Building Details
Year built
1960
Floors in Building
2
Flooring type
Carpet, Vinyl, Linoleum, Concrete
Building materials
Block, FiberCement, Concrete
Roof type
Flat
Listing Agency:
Howard Hanna Professionals - Olean
(716) 372-1155
Listed By:
Regis Handley · License #10301215129
(716) 307-9256
Added: Aug 15
Changed: Aug 19
Last Checked: Aug 27 at 8:06AM
MLS# R1707403
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 two-story mixed-use building combines a ground-level commercial area with a residential apartment spanning the entire second floor. The apartment includes four bedrooms and two full bathrooms, while the commercial portion offers storefront-style space suited to retail, workshop, studio, office, showroom, or service operations. On-site parking supports both components. The building has block, fiber cement, and concrete construction materials, with carpet, vinyl, linoleum, and concrete flooring. Forced-air heating is provided by natural gas, and the property uses a private well and septic tank.
Located at 2423 N Nys Rte 16 in Olean, the property sits along NYS Route 16 outside the City of Olean, providing access to Olean and surrounding communities. The parcel measures 0.7438 acres, with a 180' x 180' lot, and is zoned Com 1. Built in 1960, the property offers commercial and residential space within one building.
Located at 2423 N Nys Rte 16 in Olean, the property sits along NYS Route 16 outside the City of Olean, providing access to Olean and surrounding communities. The parcel measures 0.7438 acres, with a 180' x 180' lot, and is zoned Com 1. Built in 1960, the property offers commercial and residential space within one building.
Key Highlights
- 2,583‑square‑foot mixed‑use building with commercial and residential components
- Second‑floor apartment includes 4 bedrooms and 2 full bathrooms
- 0.7438‑acre parcel with a 180' x 180' lot
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
$15,599
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
8.21%
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%
$311,980
$312.0K
Cap Rate 7%
$222,843
$222.8K
Cap Rate 9%
$173,322
$173.3K
Market Conditions
NOI Build-Up for 2,583 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
$31.0K $12.00/SF
− Vacancy
−$2.6K −$1.02/SF
EGI
$28.4K $10.98/SF
− OpEx
−$12.8K −$4.94/SF
NOI
$15.6K $6.04/SF
Area
Cattaraugus County, NY
Vacancy
8.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$311,980
Cap Rate 7%
$222,843
Cap Rate 9%
$173,322
Alternative Uses
Best Use
Office B
$388.6K
$340.0K – $453.3K
NOI $27,199 @ 7.0% cap · market cap 14.32%
Second Best
Mixed Use
$365.3K
$319.7K – $426.2K
NOI $25,572 @ 7.0% cap · market cap 13.47%
Theoretical Best
Healthcare Medical
$510.5K
$446.7K – $595.6K
NOI $35,735 @ 7.0% cap · market cap 18.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 14760, NY
18,031
Population
8,917
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
91%
High-School Grad
65.1 sq mi
ZIP Area
277
Density / Sq Mi
$52,569
Median Household Income
$35,754
Median Earnings
$777
Median Rent
$99,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space occupies the ground level, with a full-floor apartment above.
Where is this mixed-use property located?
The property is located at 2423 N Nys Rte 16 Olean, NY.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: 2,583‑square‑foot mixed‑use building with commercial and residential components; Second‑floor apartment includes 4 bedrooms and 2 full bathrooms; 0.7438‑acre parcel with a 180' x 180' lot
