Convenience Store with Vacant
For Sale
Contact for pricing
406 WALNUT ST, Elmira, NY 14901
Sale includes two buildings: an operating convenience store and a vacant storefront, plus ATM and lottery services.
Property Size2,372 SF
Price / SF$84.32
Days on Market135
Property Features for 406 WALNUT ST
General Information
Standard status
Active
Size
2,372 SF
Property subtype
Business for Sale
Zoning
Commercial
Lease Type
NNN
Additional Details
Business Included
Yes
Building Details
Year Built
1956
Stories
1
Units
2
Listing Agency:
Howard Hanna Corning Denison
Listed By:
Scott Swimley · License #10301216780
(607) 684-3945
Source:
Crexi
Added: Apr 23
Changed: Aug 7
Last Checked: Sep 3 at 3:48AM
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 Corning Denison
Investment Insights
Based on property information with market context.
This for-sale package includes two buildings with an operating convenience store and a vacant storefront. The first building is a well-established convenience store that has been serving the community for 9 years. The second building is currently vacant and could support a variety of retail uses.
The property includes ATM and lottery services on site, which are established as additional revenue streams. A built-in fire wall separates the two buildings for safety.
Also included in the sale are the land, buildings, business, and full inventory, offering a turnkey transition for an owner-operator or buyer looking to add a second storefront within the same site.
The property includes ATM and lottery services on site, which are established as additional revenue streams. A built-in fire wall separates the two buildings for safety.
Also included in the sale are the land, buildings, business, and full inventory, offering a turnkey transition for an owner-operator or buyer looking to add a second storefront within the same site.
Key Highlights
- Two‑building package with a 1956‑built operating convenience store plus a vacant storefront
- Operating convenience store has served the community for 9 years
- Vacant storefront offers flexibility for uses such as liquor store, restaurant, retail, or dispensary
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
$18,331
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
9.17%
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%
$366,620
$366.6K
Cap Rate 7%
$261,871
$261.9K
Cap Rate 9%
$203,678
$203.7K
Market Conditions
NOI Build-Up for 2,372 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
$28.5K $12.00/SF
− Vacancy
−$2.3K −$0.96/SF
EGI
$26.2K $11.04/SF
− OpEx
−$7.9K −$3.31/SF
NOI
$18.3K $7.73/SF
Area
Chemung County, NY
Vacancy
8.00%
Lease Rate
$12.00 /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%
$366,620
Cap Rate 7%
$261,871
Cap Rate 9%
$203,678
Alternative Uses
Best Use
Specialty Retail
$349.9K
$306.1K – $408.2K
NOI $24,490 @ 7.0% cap · market cap 12.25%
Second Best
Retail
$261.9K
$229.1K – $305.5K
NOI $18,331 @ 7.0% cap · market cap 9.17%
Theoretical Best
Multifamily LT 5
$21.59M
$18.89M – $25.19M
NOI $1,511,469 @ 7.0% cap · market cap 755.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
58k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Groceries 37%
Dining 7%
Beauty & Spa 2%
Weis Markets
Groceries
21,549 visits/mo
0.4 miles
Mobil
Shops & Services
9,177 visits/mo
0.3 miles
Sunoco
Shops & Services
8,074 visits/mo
0.4 miles
Dollar General
Shops & Services
5,568 visits/mo
0.3 miles
SUBWAY
Dining
3,757 visits/mo
0.4 miles
Demographics for 14901, NY
14,893
Population
6,739
Households
2.2
Avg Household Size
38
Median Age
16%
College-Educated
80%
High-School Grad
33.2 sq mi
ZIP Area
449
Density / Sq Mi
$40,524
Median Household Income
$28,369
Median Earnings
$835
Median Rent
$90,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Sale includes two buildings: an operating convenience store and a vacant storefront, plus ATM and lottery services.
Where is this grocery and convenience store located?
The property is located at 406 WALNUT ST Elmira, NY.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Two‑building package with a 1956‑built operating convenience store plus a vacant storefront; Operating convenience store has served the community for 9 years; Vacant storefront offers flexibility for uses such as liquor store, restaurant, retail, or dispensary
