Auto Repair Shop with Two
New
For Sale
$295,000
2646 Route 16 N, Olean, NY 14760
Established automotive service property with office, customer reception, repair bays, storage, and substantial outdoor parking.
Property Size1,464 SF
Lot Size1.40 Acres
Price / SF$201.50
Days on Market3
Property Features for 2646 Route 16 N
General Information
Standard status
Active
Size
1,464 SF
Total Parking Spaces
40
Lot size
1.40 Acres
Additional Details
Road Access
Yes
Service Bays
2
Amenities
office/reception area
storage area
restroom
overhead sign
Building Details
Buildings
1
Listing Agency:
Century 21 Turner Brokers
(716) 763-7506
Listed By:
Rae Ellen Kyler · License #10401343841
(716) 904-3038
Source:
Nicholcityrealty
Added: Sep 20
Last Checked: Sep 22 at 3:57PM
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 Century 21 Turner Brokers
Investment Insights
Based on property information with market context.
This auto repair property includes a 1,464-square-foot building on 1.4 acres, with the rear parcel extending to the railroad tracks. The interior provides a large office and reception area, storage, a restroom, and a garage equipped with two lifts and two 10' overhead doors. An overhead sign and approximately 40+ parking spaces support customer access and on-site operations.
Located at 2646 Route 16 N in Olean, the property includes a well and septic system remaining on the back lot. Two former underground storage tanks have been removed. An established customer list may be provided to the purchaser, and equipment is available separately under a personal property rider. The building has operated as an automotive shop for 23 years.
Located at 2646 Route 16 N in Olean, the property includes a well and septic system remaining on the back lot. Two former underground storage tanks have been removed. An established customer list may be provided to the purchaser, and equipment is available separately under a personal property rider. The building has operated as an automotive shop for 23 years.
Key Highlights
- 1,464‑square‑foot repair building on 1.4 acres
- Garage includes two lifts and two 10' overhead doors/bays
- Large office and reception area with storage and restroom
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
$13,281
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
4.50%
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%
$265,620
$265.6K
Cap Rate 7%
$189,729
$189.7K
Cap Rate 9%
$147,567
$147.6K
Market Conditions
NOI Build-Up for 1,464 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
$21.1K $14.40/SF
− Vacancy
−$2.1K −$1.44/SF
EGI
$19.0K $12.96/SF
− OpEx
−$5.7K −$3.89/SF
NOI
$13.3K $9.07/SF
Area
Cattaraugus County, NY
Vacancy
10.00%
Lease Rate
$14.40 /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%
$265,620
Cap Rate 7%
$189,729
Cap Rate 9%
$147,567
Alternative Uses
Best Use
Retail
$189.7K
$166.0K – $221.4K
NOI $13,281 @ 7.0% cap · market cap 4.50%
Second Best
Industrial
$129.3K
$113.2K – $150.9K
NOI $9,054 @ 7.0% cap · market cap 3.07%
Theoretical Best
Healthcare Medical
$289.3K
$253.2K – $337.6K
NOI $20,254 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Service bays
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Similar Off Market Nearby
- Sage's Automotive — 2646 NY-16, Olean, NY 14760
- Paul Brown Chevrolet — 2808 NY-16, Olean, NY 14760
Frequently Asked Questions
What type of property is this?
Auto shop - Established automotive service property with office, customer reception, repair bays, storage, and substantial outdoor parking.
Where is this auto shop located?
The property is located at 2646 Route 16 N Olean, NY.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1,464‑square‑foot repair building on 1.4 acres; Garage includes two lifts and two 10' overhead doors/bays; Large office and reception area with storage and restroom
