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    Aviation Facility with Tarmac Access Title is generated by Realmo AI

    41 Aviation Dr, Horseheads, NY

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    70,000 SF aviation facility with direct tarmac access.

    Type:INDUSTRIAL
    Property size:
    70,000 SF
    Lot size:
    662.50 Acres
    Price / SF:
    $78/SF
    Added:
    Jun 23, 2024
    Days on Market:
    716
    Last Refresh:
    May 20 at 8:43 pm

    Property Features for 41 Aviation Dr

    General Information

    Standard status
    Active
    Size
    70,000 SF
    Lot size
    662.50 Acres
    Property subtype
    INDUSTRIAL

    We can help!

    Listing Contact
    Michael Manzari, SIOR, CCIM

    Listing agent Michael Manzari, SIOR, CCIM

    Listing office Cushman & Wakefield | Pyramid Brokerage - Corning \ Elmira

    Listing date Jun 23, 2024

    Source Moodyscre

    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 Cushman & Wakefield | Pyramid Brokerage - Corning \ Elmira

    HighLights

    • Direct tarmac/runway access at Elmira Corning Regional Airport (ELM).
    • 70,000sf aviation/aeronautical facility suitable for multiple aviation‑related uses.
    • 30,000sf of hangar space with a 30' x 120' hangar door.
    • Completely renovated in 2012.
    • Air piped throughout the building from a large IR air compressor.
    • Fenced and gated property with guard shack.

    Overview

    This 70,000 square foot aviation/aeronautical facility, renovated in 2012, is suitable for manufacturing/assembly, aviation maintenance, or air cargo shipping, among other aviation-related uses. Located on the Elmira Corning Regional Airport (ELM), the property offers direct access to the tarmac/runway. The facility includes 30,000 square feet of hangar space featuring a 30' x 120' hangar door. The remaining space is configured with a reception area, training rooms, a cafeteria, open floor plans, ADA-compliant restrooms, an executive office suite with a meeting room, a machine shop, a parts room, and storage areas. An air compressor provides piped air throughout the building. The property is on a ground lease with the airport, with acreage and lease terms to be negotiated. The site is fenced and gated, with a guard shack at the entrance.

    Local Financial Insights For Industrial

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $546.0k $7.80
    − Vacancy −$41.0k −$0.59
    EGI $505.1k $7.22
    − OpEx −$151.5k −$2.16
    NOI $353.5k $5.05
    70,000 SF · lease $7.80/SF/yr · vacancy 7.50% · expense 30.00%

    Alternative Uses

    Best Use
    Industrial
    $5.05M
    $4.42M – $5.89M (±1% cap)
    NOI $353,535 @ 7.0% cap · market cap 6.43%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Multifamily LT 5
    $637.21M
    $557.56M – $743.42M (±1% cap)
    NOI $44,604,910 @ 7.0% cap · market cap 811.00%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Manufacturing properties

    Suggested Use

    Restaurant Spa & Massage Center Auto Repair Shop Hair Salon Pharmacy Skin Care Clinic Food Market Grocery & Convenience Store Furniture & Home Goods Electronics & Wireless Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Horseheads
    County
    Chemung
    State
    New York
    Longitude
    -76.8923
    Latitude
    42.1691

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    FAQs

    What type of property is this?
    Manufacturing property - 70,000 SF aviation facility with direct tarmac access.
    Where is this manufacturing property located?
    The property is located at 41 Aviation Dr Horseheads, NY.
    What is the asking price?
    The asking price for this property is $5,500,000.
    What are key features of this property?
    This property features: Direct tarmac/runway access at Elmira Corning Regional Airport (ELM).; 70,000sf aviation/aeronautical facility suitable for multiple aviation‑related uses.; **30,000sf of hangar space with a 30' x 120' hangar door.**
    (607) 738-8458 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michael Manzari, SIOR, CCIM
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