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    Mixed-Use 4-Unit Property Title is generated by Realmo AI

    406 Dewitt Avenue, Elmira, NY 14901

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    For Sale
    $149,900

    MULTI_FAMILY - Elmira, NY

    Property size:
    2,452 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $61/SF
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 5:06 pm

    Property Features for 406 Dewitt Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    4
    Rooms
    Bedroom 5, Bedroom 4, Bathroom 4, Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 1, Basement
    Appliances
    GasWaterHeater
    Standard status
    Active
    APN
    070400-089-016-0001-032-000-0000
    Size
    2,452 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2520

    Utilities

    Heating system
    Natural Gas, Forced Air
    Water source
    Public

    Building Details

    Year built
    1910
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Vinyl
    Building materials
    CompositeSiding

    We can help!

    Listing Contact
    Nicholas Magera

    Listing agent Nicholas Magera License #10401326121

    Listing office Howard Hanna Horseheads 2783 WESTINGHOUSE RD, Corning, NY

    Listing date Jun 4, 2026

    MLS# R1687931 Listing URL

    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.

    HighLights

    • Mixed‑use 4‑unit property in Elmira with three residential apartments and one commercial/storage space
    • Three residential units: 1BR rented $900/mo, 2BR/1BA rented $1,200/mo, and 2BR/1BA rented $900/mo (plus gas and garbage)
    • Commercial space previously rented for $800/mo (utilities included except garbage); currently vacant and used for storage
    • All residential tenants on month‑to‑month leases, offering flexibility for future rent adjustments or owner occupancy
    • Recent updates include refreshed interiors and modern vinyl flooring; building is composite siding
    • Heating: forced air with natural gas; water source: public; building built in 1910 and sold as‑is

    Overview

    This mixed-use property offers four total units, consisting of three residential apartments and one commercial space. The residential layout includes one 1-bedroom apartment and two 2-bedroom/1-bath apartments. Reported current rents are $900/month for one unit, $1,200/month for another 2-bedroom/1-bath, and $900/month for the third unit where utilities include gas and garbage. One apartment includes a tiled shower and updated bathroom finishes. The commercial space is currently vacant and used for storage. The building has been recently updated with modern flooring and refreshed interiors, and the property is being sold as-is.

    The property is located at 406 Dewitt Avenue in Elmira, New York. The listing notes that all residential tenants are on month-to-month leases, providing flexibility for future arrangements depending on an owner’s plans.

    From an owner-operator or buyer perspective, the mix of residential units and a separate commercial space supports operational flexibility. With the commercial area currently available for re-leasing and the residential units already occupied, an operator can focus on maintaining the updated living spaces while determining the next use for the commercial portion. Residential utilities are described as included except garbage for certain units, with one unit including gas and garbage, and the property’s leasing terms may help streamline near-term management decisions.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.799675
    Latitude
    42.094398

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    FAQs

    What type of property is this?
    Mixed-use property - Well-maintained mixed-use building with three residential apartments and one commercial space now used for storage.
    Where is this mixed-use property located?
    The property is located at 406 Dewitt Avenue Elmira, NY.
    What is the asking price?
    The asking price for this property is $149,900.
    What are key features of this property?
    This property features: Mixed‑use 4‑unit property in Elmira with three residential apartments and one commercial/storage space; Three residential units: 1BR rented $900/mo, 2BR/1BA rented $1,200/mo, and 2BR/1BA rented $900/mo (plus gas and garbage); Commercial space previously rented for $800/mo (utilities included except garbage); currently vacant and used for storage
    (607) 426-4541
    We can help!
    Listing Contact
    Nicholas Magera
    Real Estate License ID: 10401326121
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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.

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