Former Restaurant Building on 2+
For Sale
$545,000
2447 Corning Road, Elmira, NY
6,250 SF restaurant building with 230' frontage on 2+ acres.
Property Size6,250 SF
Price / SF$87.20
Days on Market331
Property Features for 2447 Corning Road
General Information
Standard status
Active
Size
6,250 SF
Property subtype
Retail
Building Details
Building Size
6,250 SF
Listing Agency:
Corning/Elmira Office
(607) 937-9720
Listed By:
Ronald N. Panosian · License #10301203376
(607) 937-9720
Source:
Pyramidbrokerage
Added: Sep 25, 2025
Changed: Aug 21
Last Checked: Aug 21 at 6:15AM
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 Corning/Elmira Office
Investment Insights
Based on property information with market context.
The property features a 6,250 square foot former restaurant building situated on a 2+ acre assemblage of two parcels. It has 230 feet of frontage on NYS Rt. 14 and includes a large open floor plan with an adjoining banquet/meeting room. Paved parking is available for 84 cars, with room for expansion on the adjoining undeveloped lot. A large roadside pylon sign provides visibility along the primary commercial corridor, which is close to a regional retail hub. The property is a former Ponderosa Steakhouse. The existing tenant has a Right of First Refusal, and the seller has the right to terminate the existing lease in the event of a sale.
Key Highlights
- Tremendous visibility on NYS Rt. 14 with 230' of frontage.
- Large open floor plan with adjoining banquet/meeting room.
- Two parcel assemblage totaling 2+ acres.
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
$48,300
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
8.86%
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%
$966,000
$966.0K
Cap Rate 7%
$690,000
$690.0K
Cap Rate 9%
$536,667
$536.7K
Market Conditions
NOI Build-Up for 6,250 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
$75.0K $12.00/SF
− Vacancy
−$6.0K −$0.96/SF
EGI
$69.0K $11.04/SF
− OpEx
−$20.7K −$3.31/SF
NOI
$48.3K $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%
$966,000
Cap Rate 7%
$690,000
Cap Rate 9%
$536,667
Alternative Uses
Best Use
Specialty Retail
$921.9K
$806.6K – $1.08M
NOI $64,530 @ 7.0% cap · market cap 11.84%
Second Best
Retail
$690.0K
$603.8K – $805.0K
NOI $48,300 @ 7.0% cap · market cap 8.86%
Theoretical Best
Multifamily LT 5
$56.89M
$49.78M – $66.38M
NOI $3,982,581 @ 7.0% cap · market cap 730.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
140
Businesses Nearby
44k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Dining 41%
Home Improvements & Furnishings 2%
Byrne Dairy
Shops & Services
18,046 visits/mo
0.3 miles
Arby's
Dining
10,153 visits/mo
0.1 miles
Dunkin' Donuts
Dining
8,202 visits/mo
0.2 miles
U-Haul Moving & Storage Of Elmira
Shops & Services
2,238 visits/mo
0.2 miles
Ferrario Ford
Shops & Services
2,037 visits/mo
0.1 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Restaurant - 6,250 SF restaurant building with 230' frontage on 2+ acres.
Where is this restaurant located?
The property is located at 2447 Corning Road Elmira, NY.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Tremendous visibility on NYS Rt. 14 with 230' of frontage.; Large open floor plan with adjoining banquet/meeting room.; Two parcel assemblage totaling 2+ acres.
