Office Building with
For Sale
$189,900
47 Main Street, Big Flats, NY 14814
CommercialSale, Big Flats, NY
Property Size1,984 SF
Lot Size0.49 Acres
Price / SF$95.72
Days on Market359
Property Features for 47 Main Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
05
Zoning description
Business
Parking
8
Parking features
Paved or Surfaced
Lot features
Rectangular, Rectangular Lot
Elementary school district
Horseheads
Middle school district
Horseheads
High school district
Horseheads
Directions
Route 86 to Exit 49, turn south, at "T" turn left, at stop sign turn right onto Canal. at "T" turn right onto Main St., also known as county route 64.
Subdivision
Big Flats-072400
Standard status
Active
APN
072400-066-004-0001-037-000-0000
Size
1,984 SF
Lot size
0.49 Acres
Taxes and HOA fees
Tax Annual Amount
2233
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Building materials
Block, WoodSiding
Roof type
Shingle
Listing Agency:
Howard Hanna Horseheads
(607) 739-1444
Listed By:
Carl Romans · License #10301200342
(607) 731-9060
Added: Sep 16, 2025
Changed: Sep 8
Last Checked: Sep 9 at 10:06AM
MLS# R1638130
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 1,984-square-foot office property occupies a 0.4873-acre lot and is currently configured as a full-service hair salon with a yoga studio. The layout can be adapted for office or retail use, and the property information also supports conversion to a single-family residence or an owner-occupied business. Construction includes block and wood siding, with a shingle roof, central air, public water, and septic service.
The property is located at 47 Main Street in Big Flats, New York. Paved parking is provided in both the front and rear, while the oversized rear portion of the lot offers additional outdoor area. The roof is 80% new in 2025, and the property also has a newer furnace.
The property is located at 47 Main Street in Big Flats, New York. Paved parking is provided in both the front and rear, while the oversized rear portion of the lot offers additional outdoor area. The roof is 80% new in 2025, and the property also has a newer furnace.
Key Highlights
- 1,984 SF office property on a 0.4873‑acre lot
- Currently configured as a full‑service hair salon with a yoga studio
- Conversion potential for office, retail, single‑family residence, or owner‑occupied business
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
$15,332
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
8.07%
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%
$306,640
$306.6K
Cap Rate 7%
$219,029
$219.0K
Cap Rate 9%
$170,356
$170.4K
Market Conditions
NOI Build-Up for 1,984 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
$23.8K $12.00/SF
− Vacancy
−$1.9K −$0.96/SF
EGI
$21.9K $11.04/SF
− OpEx
−$6.6K −$3.31/SF
NOI
$15.3K $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%
$306,640
Cap Rate 7%
$219,029
Cap Rate 9%
$170,356
Alternative Uses
Best Use
Office B
$269.4K
$235.7K – $314.3K
NOI $18,856 @ 7.0% cap · market cap 9.93%
Second Best
Retail
$219.0K
$191.7K – $255.5K
NOI $15,332 @ 7.0% cap · market cap 8.07%
Theoretical Best
Multifamily LT 5
$18.06M
$15.80M – $21.07M
NOI $1,264,231 @ 7.0% cap · market cap 665.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
173
Businesses Nearby
Explore this area
Business Placement
Demographics for 14814, NY
1,938
Population
737
Households
2.6
Avg Household Size
45
Median Age
59%
College-Educated
99%
High-School Grad
8.3 sq mi
ZIP Area
233
Density / Sq Mi
$105,625
Median Household Income
$64,702
Median Earnings
$1,385
Median Rent
$216,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible commercial property with paved parking, central air, and potential for office, retail, or residential conversion.
Where is this office units located?
The property is located at 47 Main Street Big Flats, NY.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: 1,984 SF office property on a 0.4873‑acre lot; Currently configured as a full‑service hair salon with a yoga studio; Conversion potential for office, retail, single‑family residence, or owner‑occupied business
