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    Converted School Building Apartments Title is generated by Realmo AI

    27 Sunnyside Avenue, Bemus Point, NY 14712

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    For Sale
    $1,125,000

    19-unit apartment building near Chautauqua Lake.

    Type:Multifamily
    Property size:
    23,500 SF
    Price / SF:
    $47/SF
    Added:
    Nov 21, 2025
    Days on Market:
    182
    Last Refresh:
    Jan 27 at 8:28 pm

    Property Features for 27 Sunnyside Avenue

    General Information

    Standard status
    Active
    Size
    23,500 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1958

    We can help!

    Listing Contact
    JOE ORR
    JOE ORR

    Listing agent JOE ORR License #15385

    Listing office WEICHERT, REALTORS Joe Orr & Associates

    Listing date Nov 21, 2025

    Source Huntcommercial

    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 WEICHERT, REALTORS Joe Orr & Associates

    HighLights

    • Excellent 8% CAP Rate
    • $400,000 in improvements almost completed, including new windows & exterior doors, new central boiler, new electrical panel and installation of mini‑split HVAC units in all apartments.
    • Nine of 19 units completely renovated
    • Potential to convert to market rate apartments at end of HUD contract
    • Potential to construct additional apartments within 5000/SF vacant gymnasium and on excess land (12‑13 units)
    • Walking distance of Chautauqua Lake

    Overview

    This former two-story brick school building has been converted into a 19-unit apartment building. The apartments are currently HUD subsidized with government-guaranteed rents and are age and low-income restricted. At the end of the HUD contract, the property can be converted to market-rate apartments. The 23,500 square foot building includes a 5,000 square foot vacant gymnasium, which could be converted into additional apartments. Excess land on the property could accommodate approximately 12 to 13 more units. The property features a coin-operated laundry on site and ample parking. The building is located within walking distance of Chautauqua Lake. Tenants are responsible for paying their electric bills. Nine of the 19 units have been completely renovated, with approximately $400,000 in improvements almost completed. Recent improvements include new windows and exterior doors, a new central boiler, a new electrical panel, and the installation of mini-split HVAC units in all apartments.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sunnyside Apartments Apartment Building

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Hotel & Motel Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Bemus Point
    County
    Chautauqua
    State
    New York
    Longitude
    -79.39
    Latitude
    42.1602

    FAQs

    What type of property is this?
    Apartment building - 19-unit apartment building near Chautauqua Lake.
    Where is this apartment building located?
    The property is located at 27 Sunnyside Avenue Bemus Point, NY.
    What is the asking price?
    The asking price for this property is $1,125,000.
    What are key features of this property?
    This property features: Excellent 8% CAP Rate; $400,000 in improvements almost completed, including new windows & exterior doors, new central boiler, new electrical panel and installation of mini‑split HVAC units in all apartments.; Nine of 19 units completely renovated
    (716) 481-3325
    We can help!
    Listing Contact
    JOE ORR
    JOE ORR
    Real Estate License ID: 15385
    Learn More
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    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
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