Medical Office
For Sale
$275,000
2860 Westinghouse Rd, Horseheads, NY 14845
Office building with a foyer entry, large waiting room, private rooms currently used for dental work, and central air.
Property Size2,376 SF
Price / SF$115.74
Days on Market396
Property Features for 2860 Westinghouse Rd
General Information
Standard status
Active
Size
2,376 SF
Property subtype
Office
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$7,778
Amenities
foyer entry
large waiting room
reception/secretarial area
storage shelving and closets
storage
large storage shed
central air
Central Air, Gas
3
Carpet
Shingle
COM
15 Parking Spaces. On Site.
Irregular
180X164
Irregular.
Building Details
Year Built
1976
Listing Agency:
(607) 733-2700
Listed By:
Howard Hanna Elmira
(607) 738-8900
Source:
Xome
Added: Aug 8, 2025
Changed: Sep 1
Last Checked: Sep 6 at 4:53AM
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 well-built, well-maintained office building is laid out for professional use, with a foyer entry, a large waiting room, and a reception/secretarial area that includes storage shelving and closets. The interior also features seven private rooms currently used for dental work, along with two half baths and additional storage. Central air and all public utilities are in place, and the property includes plenty of blacktop parking. A large storage shed is also on site, and there is a double lot that can support building expansion or an additional building.
The building is described as centrally located with high visibility on Westinghouse Rd in Horseheads, NY.
The dental equipment is not included.
The building is described as centrally located with high visibility on Westinghouse Rd in Horseheads, NY.
The dental equipment is not included.
Key Highlights
- Office building with a foyer entry and a large waiting room
- Reception/secretarial area with storage shelving and closets, plus 7 private rooms currently used for dental work
- Includes 2 half baths, additional storage, and carpet flooring
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
$22,582
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
8.21%
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%
$451,640
$451.6K
Cap Rate 7%
$322,600
$322.6K
Cap Rate 9%
$250,911
$250.9K
Market Conditions
NOI Build-Up for 2,376 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
$34.2K $14.40/SF
− Vacancy
−$4.1K −$1.73/SF
EGI
$30.1K $12.67/SF
− OpEx
−$7.5K −$3.17/SF
NOI
$22.6K $9.50/SF
Area
Chemung County, NY
Vacancy
12.00%
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%
$451,640
Cap Rate 7%
$322,600
Cap Rate 9%
$250,911
Alternative Uses
Best Use
Office B
$322.6K
$282.3K – $376.4K
NOI $22,582 @ 7.0% cap · market cap 8.21%
Second Best
Healthcare Medical
$280.4K
$245.3K – $327.1K
NOI $19,625 @ 7.0% cap · market cap 7.14%
Theoretical Best
Multifamily LT 5
$21.63M
$18.93M – $25.23M
NOI $1,514,018 @ 7.0% cap · market cap 550.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
190
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14845, NY
20,628
Population
9,370
Households
2.2
Avg Household Size
46
Median Age
35%
College-Educated
96%
High-School Grad
78.2 sq mi
ZIP Area
264
Density / Sq Mi
$76,617
Median Household Income
$45,909
Median Earnings
$1,175
Median Rent
$183,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- P.A.W.S of NY — 517 Gardner Rd, Horseheads, NY 14845
- All Ears Veterinary Clinic PLLC Horseheads — 2912 Westinghouse Rd, Horseheads, NY 14845
Frequently Asked Questions
What type of property is this?
Medical Office Space - Office building with a foyer entry, large waiting room, private rooms currently used for dental work, and central air.
Where is this medical office space located?
The property is located at 2860 Westinghouse Rd Horseheads, NY.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Office building with a foyer entry and a large waiting room; Reception/secretarial area with storage shelving and closets, plus 7 private rooms currently used for dental work; Includes 2 half baths, additional storage, and carpet flooring
