Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Restaurant Building on 2+ Acres Title is generated by Realmo AI

    2447-2451 Corning Rd, Elmira, NY

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Former restaurant with large parking and high visibility.

    Type:RETAIL
    Property size:
    6,250 SF
    Lot size:
    2.04 Acres
    Price / SF:
    $104/SF
    Added:
    Jan 17, 2024
    Days on Market:
    851
    Last Refresh:
    Apr 5 at 11:23 pm

    Property Features for 2447-2451 Corning Rd

    General Information

    Standard status
    Active
    Size
    6,250 SF
    Lot size
    2.04 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Ronald Panosian
    Ronald Panosian

    Listing agent Ronald Panosian License #10301203376

    Listing office Cushman & Wakefield | Pyramid Brokerage - Corning \ Elmira

    Listing date Jan 17, 2024

    Source Moodyscre

    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 Cushman & Wakefield | Pyramid Brokerage - Corning \ Elmira

    HighLights

    • Tremendous visibility along primary north/south commercial corridor
    • Approx. 6,250 sf building with 230’ of frontage on nys rt. 14
    • Paved parking lot for 84 cars with room for expansion on adjoining lot
    • Two parcel assemblage totaling 2+ acres
    • Large open floor plan with adjoining banquet/meeting room
    • Large roadside pylon sign

    Overview

    The property features a former restaurant building of approximately 6,250 square feet. It includes a large open floor plan with an adjoining banquet or meeting room. The property has 230 feet of frontage on New York State Route 14. The site consists of two parcels totaling over 2 acres. A paved parking lot accommodates 84 cars, with room for expansion on the adjoining lot. A large roadside pylon sign provides visibility along the primary north-south commercial corridor.
    Location Intelligence

    Current Use by Public Records

    Restaurants

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.8341
    Latitude
    42.1492

    Nearby Similar for Sale

    • $299,000
      4,000 SF

      Elmira Office Building For Sale

      Freestanding 4,000 SF office building in downtown Elmira, NY.
      215 W Church Street, Elmira, NY 14901
      View Details
    • $350,000
      8,761 SF

      Elmira Restaurant Opportunity

      Fully operational restaurant with equipment, furniture, and additional parking.
      500 S Main Street, Elmira, NY 14904
      View Details
    • $109,900
      4,378 SF

      Updated Commercial Space in Elmira

      Move-in-ready commercial space with modern updates and excellent visibility.
      108 Lake Street, Elmira, NY 14901
      View Details
    • $99,900
      4,988 SF

      Versatile Commercial Space in Elmira

      Adaptable commercial space in downtown Elmira with high visibility.
      210 W Water Street, Elmira, NY 14901
      View Details
    • $599,000
      21,257 SF

      Spacious Elmira Commercial Redevelopment Opportunity

      Over 20,000 sq ft property suitable for redevelopment.
      1050 Pennsylvania Ave, Elmira, NY 14904
      View Details
    • $185,000
      2,559 SF

      Two-Unit Building with Salon

      Two-unit building with salon and apartment in Elmira, NY.
      1105 Walnut Street, Elmira, NY 14905
      View Details
    • $575,000
      3,960 SF

      Elmira Multifamily Investment Opportunity

      Eight-unit apartment complex in West Elmira, excellent investment property.
      919-921 W 1st Street, Elmira, NY 14905
      View Details
    • $96,000
      2,600 SF

      Elmira Commercial Special-Purpose Building

      Special-purpose commercial building suitable for various uses in Elmira.
      115 Westside Avenue, Elmira, NY 14901
      View Details
    • $164,900

      Adaptable Commercial Space in Elmira

      Highly visible corner property with flexible space and parking.
      357 East 5th Street, Elmira City, NY 14901
      View Details
    • $190,000
      2,883 SF

      Elmira Triplex: Investment Opportunity

      Well-maintained triplex in Elmira, NY with strong income potential.
      708 W Water Street, Elmira, NY 14905
      View Details
    • $89,900
      2,584 SF

      Well-Maintained Two-Unit Multifamily Property

      Updated two-unit property with long-term tenants and separate utilities.
      372 Diven Avenue, Elmira, NY 14901
      View Details
    • $135,000
      2,426 SF

      Elmira Commercial Space Available

      Commercial space with parking, overhead door, and storefront display.
      1252 College Avenue, Elmira, NY 14901
      View Details

    FAQs

    What type of property is this?
    Restaurant - Former restaurant with large parking and high visibility.
    Where is this restaurant located?
    The property is located at 2447-2451 Corning Rd Elmira, NY.
    What is the asking price?
    The asking price for this property is $655,000.
    What are key features of this property?
    This property features: Tremendous visibility along primary north/south commercial corridor; Approx. 6,250 sf building with 230’ of frontage on nys rt. 14; Paved parking lot for 84 cars with room for expansion on adjoining lot
    (607) 426-5282 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Ronald Panosian
    Ronald Panosian
    Real Estate License ID: 10301203376
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2447-2451 Corning Rd, Elmira, NY
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!