Mixed-Use Property with Loft
For Sale
$130,000
513 East High Street, Corning, NY 14870
First-floor commercial space includes dedicated office area, high ceilings, and a half bath.
Property Size1,512 SF
Days on Market11
Property Features for 513 East High Street
General Information
Standard status
Active
Size
1,512 SF
Property subtype
Mixed Use
Property Condition
Severity
Repairs Needed
Evidence
a little love
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 1BR+loft
Multifamily Units
1
Additional Details
Floor
Ground
Taxes and HOA fees
Annual Taxes
$3,257
Amenities
high ceilings
dedicated office space
half bath
Building Details
Building Size
1,512 SF
Year Built
1910
Buildings
1
Tenancy
Multi
Listing Agency:
Warren Real Estate
Listed By:
Valerie Clark · License #10401342432
(607) 329-7181
Source:
Griffith-realty
Added: Sep 10
Changed: Sep 17
Last Checked: Sep 20 at 11:39AM
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 Warren Real Estate
Investment Insights
Based on property information with market context.
Built in 1910, this mixed-use property combines a first-floor commercial space with a residential apartment above. The commercial level was formerly used as a photography studio and includes high ceilings, a dedicated office, and a half bath, offering a flexible starting point for a new business concept.
The upper level contains a one-bedroom apartment with bonus loft space. The apartment is occupied by a long-term tenant, providing an existing income component for the next owner. Located at 513 East High Street in Corning, the property also offers access to I-86.
The upper level contains a one-bedroom apartment with bonus loft space. The apartment is occupied by a long-term tenant, providing an existing income component for the next owner. Located at 513 East High Street in Corning, the property also offers access to I-86.
Key Highlights
- Mixed‑use property built in 1910
- First‑floor commercial space with high ceilings
- Dedicated office and half bath on the commercial level
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
$9,430
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
7.25%
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%
$188,600
$188.6K
Cap Rate 7%
$134,714
$134.7K
Cap Rate 9%
$104,778
$104.8K
Market Conditions
NOI Build-Up for 1,512 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
$18.1K $12.00/SF
− Vacancy
−$998 −$0.66/SF
EGI
$17.1K $11.34/SF
− OpEx
−$7.7K −$5.10/SF
NOI
$9.4K $6.24/SF
Area
Steuben County, NY
Vacancy
5.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$188,600
Cap Rate 7%
$134,714
Cap Rate 9%
$104,778
Alternative Uses
Best Use
Retail
$208.6K
$182.5K – $243.4K
NOI $14,601 @ 7.0% cap · market cap 11.23%
Second Best
Mixed Use
$192.5K
$168.4K – $224.5K
NOI $13,472 @ 7.0% cap · market cap 10.36%
Theoretical Best
Office A
$368.6K
$322.5K – $430.0K
NOI $25,802 @ 7.0% cap · market cap 19.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 86%
Hotels & Casinos 14%
Sunoco
Shops & Services
8,094 visits/mo
0.5 miles
Staybridge Suites Corning
Hotels & Casinos
1,268 visits/mo
0.3 miles
Demographics for 14870, NY
9,648
Population
4,691
Households
2.1
Avg Household Size
44
Median Age
41%
College-Educated
93%
High-School Grad
64.5 sq mi
ZIP Area
150
Density / Sq Mi
$88,514
Median Household Income
$58,864
Median Earnings
$1,128
Median Rent
$164,000
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?
Mixed-use property - First-floor commercial space includes dedicated office area, high ceilings, and a half bath.
Where is this mixed-use property located?
The property is located at 513 East High Street Corning, NY.
What is the asking price?
The asking price for this property is $130,000.
What are key features of this property?
This property features: Mixed‑use property built in 1910; First‑floor commercial space with high ceilings; Dedicated office and half bath on the commercial level
