Automatic Car Wash with Additional
For Sale
$349,000
2454 Corning Road, Elmira, NY 14903
Operating facility includes public water and sewer, natural gas radiant heat, and 220-volt electrical service.
Property Size2,850 SF
Lot Size1.03 Acres
Price / SF$122.46
Days on Market49
Property Features for 2454 Corning Road
General Information
Standard status
Active
Size
2,850 SF
Lot size
1.03 Acres
Property subtype
Commercial
Zoning
COMM, Commercial
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$9,417
Amenities
natural gas radiant heat
220-volt electrical service
public water
public sewer
Building Details
Building Size
2,850 SF
Year Built
1963
Buildings
1
Stories
1
Abandoned
No
Listing Agency:
Howard Hanna Elmira
(607) 738-8900
Listed By:
Arthur D. Ambrose · License #30AM1081022
(607) 738-8900
Source:
Homeprocny
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 30 at 2:42AM
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.
This operating automatic car wash occupies a 2,850-square-foot commercial facility at 2454 Corning Road in Elmira. The building was constructed in 1963 and is equipped with natural gas radiant heat, 220-volt electrical service, public water, and public sewer. Established car wash infrastructure is already in place.
The property combines two parcels totaling 1.03 acres, including additional parcel #073489-069-005-0001-007-002-0000. Zoned COMM, Commercial, the offering includes the land and operating car wash business. Convenient access and its position along Corning Road provide a practical setting for continued automotive service use, subject to applicable approvals for any future changes or additional commercial use.
The property combines two parcels totaling 1.03 acres, including additional parcel #073489-069-005-0001-007-002-0000. Zoned COMM, Commercial, the offering includes the land and operating car wash business. Convenient access and its position along Corning Road provide a practical setting for continued automotive service use, subject to applicable approvals for any future changes or additional commercial use.
Key Highlights
- Operating automatic car wash business
- 2,850‑square‑foot facility constructed in 1963
- Combined 1.03 acres across two parcels
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
$29,426
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
8.43%
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%
$588,520
$588.5K
Cap Rate 7%
$420,371
$420.4K
Cap Rate 9%
$326,956
$327.0K
Market Conditions
NOI Build-Up for 2,850 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
$41.0K $14.40/SF
− Vacancy
−$1.8K −$0.63/SF
EGI
$39.2K $13.77/SF
− OpEx
−$9.8K −$3.44/SF
NOI
$29.4K $10.32/SF
Area
Chemung County, NY
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$588,520
Cap Rate 7%
$420,371
Cap Rate 9%
$326,956
Alternative Uses
Best Use
Specialty Retail
$420.4K
$367.8K – $490.4K
NOI $29,426 @ 7.0% cap · market cap 8.43%
Second Best
Retail
$314.6K
$275.3K – $367.1K
NOI $22,025 @ 7.0% cap · market cap 6.31%
Theoretical Best
Multifamily LT 5
$25.94M
$22.70M – $30.27M
NOI $1,816,057 @ 7.0% cap · market cap 520.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
48k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Dining 39%
Home Improvements & Furnishings 5%
Byrne Dairy
Shops & Services
18,046 visits/mo
0.1 miles
Arby's
Dining
10,153 visits/mo
0.2 miles
Dunkin' Donuts
Dining
8,202 visits/mo
0.2 miles
Ashley
Home Improvements & Furnishings
2,383 visits/mo
0.4 miles
U-Haul Moving & Storage Of Elmira
Shops & Services
2,238 visits/mo
0.2 miles
Demographics for 14903, NY
7,279
Population
3,344
Households
2.2
Avg Household Size
42
Median Age
28%
College-Educated
95%
High-School Grad
21.6 sq mi
ZIP Area
337
Density / Sq Mi
$66,142
Median Household Income
$41,182
Median Earnings
$943
Median Rent
$123,900
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.
Frequently Asked Questions
What type of property is this?
Car wash - Operating facility includes public water and sewer, natural gas radiant heat, and 220-volt electrical service.
Where is this car wash located?
The property is located at 2454 Corning Road Elmira, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Operating automatic car wash business; 2,850‑square‑foot facility constructed in 1963; Combined 1.03 acres across two parcels
