Medical Office Building with Central
For Sale
Under Contract
$275,000
2860 Westinghouse Road, Horseheads, NY 14845
SINGLE_FAMILY - Horseheads, NY
Property Size2,376 SF
Lot Size0.63 Acres
Price / SF$115.74
Days on Market280
Property Features for 2860 Westinghouse Road
General Information
Property type
Residential
Property subtype
Office
Zoning
COM
Zoning description
Commercial
Parking
15
Parking features
Paved or Surfaced
Lot features
Irregular Lot
Elementary school district
Horseheads
Middle school district
Horseheads
High school district
Horseheads
Directions
Take Corning Road heading north to Westinghouse Road, The property will be on your right just before Gardner Road.
Subdivision
Horseheads-Village-073401
Standard status
Active Under Contract
APN
073401-048-020-0004-075-000-0000
Size
2,376 SF
Lot size
0.63 Acres
Taxes and HOA fees
Tax Annual Amount
7778
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating), Baseboard
Cooling system
Central Air
Water source
Public
Building Details
Year built
1976
Floors in Building
1
Number of units
1
Flooring type
Carpet
Roof type
Shingle
Listing Agency:
Howard Hanna Elmira
(607) 733-2700
Listed By:
Arthur D. Ambrose · License #30AM1081022
(607) 738-8900
Added: Nov 5, 2025
Changed: Aug 4
Last Checked: Aug 12 at 9:06PM
MLS# R1646346
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-built medical office building in Horseheads offers a professional layout designed for patient services. The interior includes a foyer entry, a large waiting room, and a reception/secretarial area with storage shelving and closets. The current configuration features 7 private rooms used for dental work, along with 2 half baths, additional storage, and carpet flooring throughout. Mechanical and comfort features include central air, natural gas heating, baseboard heat, and hot water heating. The roof is shingle, and public utilities are available, with public water and public sewer services. A brand new furnace was just installed, and a large storage shed is on site.
The property includes 0.63 acres and a paved/blacktop parking area. It also includes a double lot that could support building expansion or the addition of another building.
The dental equipment is not included, and the building is being marketed as an office space with multiple possibilities for professional use.
The property includes 0.63 acres and a paved/blacktop parking area. It also includes a double lot that could support building expansion or the addition of another building.
The dental equipment is not included, and the building is being marketed as an office space with multiple possibilities for professional use.
Key Highlights
- 0.63‑acre property with paved or surfaced blacktop parking
- 2,376 SF medical office building with carpet flooring and shingle roof
- Central air plus natural gas baseboard and hot water heating
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 - Centrally located medical office with central air, public utilities, paved parking, and multiple exam rooms.
Where is this medical office space located?
The property is located at 2860 Westinghouse Road 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: 0.63‑acre property with paved or surfaced blacktop parking; 2,376 SF medical office building with carpet flooring and shingle roof; Central air plus natural gas baseboard and hot water heating
