Former Restaurant Building on 2+
2447 Corning Road Elmira, NY
For Sale
$545,000
6,250 SF restaurant building with 230' frontage on 2+ acres.
Property Size6,250 SF
Price / SF$87.20
Days on Market306
Property Features for 2447 Corning Road
General Information
Standard status
Active
Size
6,250 SF
Property subtype
Retail
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: Jul 6
Last Checked: Jul 27 at 2:23AM
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 For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $75.0k | $12.00 |
| − Vacancy | −$6.0k | −$0.96 |
| EGI | $69.0k | $11.04 |
| − OpEx | −$20.7k | −$3.31 |
| NOI | $48.3k | $7.73 |
6,250 SF · lease $12.00/SF/yr · vacancy 8.00% · expense 30.00%
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
Location Intelligence
Current Use
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.
