Commercial Corner Development
For Sale
$749,000
Pending
6296 Route 242 E, Ellicottville, NY 14731
COMMERCIAL - Ellicottville, NY
Property Size2,542 SF
Lot Size2.70 Acres
Days on Market148
Property Features for 6296 Route 242 E
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Lot features
Corner Lot, Rectangular, Rectangular Lot, Level
Elementary school
Ellicottville Elementary
High school
Ellicottville Middle High
Elementary school district
Ellicottville
Middle school district
Ellicottville
High school district
Ellicottville
Directions
Located at the corner of Route 219 & Route 242 intersection in Ellicottville
Subdivision
Ellicottville-043689
Standard status
Pending
APN
043689-046-004-0001-041-000-0000
Size
2,542 SF
Lot size
2.70 Acres
Taxes and HOA fees
Tax Annual Amount
7362
Building Details
Year built
1873
Listing Agency:
Keller Williams Realty Lancaster
(716) 324-2300
Listed By:
David A Blanchard · License #10301201493
(716) 474-7024
Added: Mar 12
Changed: Aug 4
Last Checked: Aug 6 at 9:06PM
MLS# B1665900
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 2.7-acre commercial land offering comprises three parcels at the intersection of U.S. Route 219 and NYS Route 242. Public utilities are available, and existing structures are scheduled for removal before closing, leaving a cleared development opportunity.
The property is located at 6296 Route 242 E in Ellicottville, near Steelbound Brewery & Distillery, Tim Hortons, and Crosby's. Its setting within a four-season resort community supports consideration of retail, restaurant, hospitality, or mixed-use development, as identified for the site.
The property is located at 6296 Route 242 E in Ellicottville, near Steelbound Brewery & Distillery, Tim Hortons, and Crosby's. Its setting within a four-season resort community supports consideration of retail, restaurant, hospitality, or mixed-use development, as identified for the site.
Key Highlights
- 2.7‑acre commercial land offering comprising three parcels
- At the intersection of U.S. Route 219 and NYS Route 242
- All public utilities available
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
$25,166
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
3.36%
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%
$503,320
$503.3K
Cap Rate 7%
$359,514
$359.5K
Cap Rate 9%
$279,622
$279.6K
Market Conditions
NOI Build-Up for 2,542 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
$45.8K $18.00/SF
− Vacancy
−$5.5K −$2.16/SF
EGI
$40.3K $15.84/SF
− OpEx
−$15.1K −$5.94/SF
NOI
$25.2K $9.90/SF
Area
Cattaraugus County, NY
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$503,320
Cap Rate 7%
$359,514
Cap Rate 9%
$279,622
Alternative Uses
Best Use
Mixed Use
$359.5K
$314.6K – $419.4K
NOI $25,166 @ 7.0% cap · market cap 3.36%
Second Best
Retail
$329.4K
$288.3K – $384.4K
NOI $23,061 @ 7.0% cap · market cap 3.08%
Theoretical Best
Healthcare Medical
$502.4K
$439.6K – $586.1K
NOI $35,168 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Explore this area
Business Placement
Demographics for 14731, NY
1,269
Population
2,501
Households
0.5
Avg Household Size
54
Median Age
37%
College-Educated
94%
High-School Grad
45.5 sq mi
ZIP Area
28
Density / Sq Mi
$64,091
Median Household Income
$37,750
Median Earnings
$908
Median Rent
$255,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - Three-parcel commercial land offering public utilities and access to a major route intersection.
Where is this commercial land located?
The property is located at 6296 Route 242 E Ellicottville, NY.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 2.7‑acre commercial land offering comprising three parcels; At the intersection of U.S. Route 219 and NYS Route 242; All public utilities available
