Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    642 w water st Elmira, NY 14905

    View on Map
    Claim this Listing
    New
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $1,200 /Mo

    Commercial space on high-traffic corner with multiple rooms and entrances.

    Type:Commercial
    Property size:
    1,500 SF
    Added:
    Apr 24, 2026
    Days on Market:
    5
    Last Refresh:
    Apr 24 at 5:59 pm

    Property Features for 642 w water st

    General Information

    Standard status
    Active
    Size
    1,500 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1950

    We can help!

    Listing Contact
    Charles Cerio

    Listing agent Charles Cerio License #10401363210

    Listing office Keller Williams Realty Southern Tier & Finger Lakes

    Listing date Apr 24, 2026

    Source Elliman

    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 Keller Williams Realty Southern Tier & Finger Lakes

    Overview

    Elmira Commercial Space Available

    This commercial space, located on a high-traffic corner in Elmira, offers approximately 1500 square feet of space. The layout includes three office rooms, three storage rooms, and a large open concept area. The property features three entrances. Situated on the main artery of Elmira, the location offers high visibility and borders the West Elmira neighborhood. The property is somewhat bikeable with a bike score of 40 and car-dependent with a walk score of 49.
    Location Intelligence

    Current Use by Public Records

    American Capital RE, ... Property Management Company

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.8217538
    Latitude
    42.0838471

    Nearby Similar for Lease

    • $1,650/Mo

      Elmira Office Space Available

      Clean, ready-to-go office spaces in Elmira, NY for lease.
      170 E 14th Street, Elmira, NY 14903
      View Details
    • $1,200/Mo

      Elmira Commercial Space For Rent

      Commercial space on a high traffic, visible corner in Elmira.
      642 W water st, Elmira, NY 14905
      View Details
    • $12,000/Mo

      Elmira Industrial/Manufacturing Warehouse

      29,000 sq ft warehouse on 5 acres for lease.
      145 Philo Road W, Elmira, NY 14903
      View Details
    • $1,000/Mo

      Modern Office Space in Elmira

      Office space for rent featuring reception, offices, and storage.
      170 North Park Lane, Elmira, NY 14903
      View Details
    • $950/Mo

      Professional Office Space in Elmira

      Professional 5-room office suite in Commerce Center Building.
      400 E Church Street, Elmira, NY 14901
      View Details
    • $16 SF/Yr

      Freestanding Retail Building with Drive-Thru

      Former pharmacy with drive-thru, suitable for retail or restaurant.
      119 W Second Street, Elmira, NY 14901
      View Details
    • Contact for pricing

      Former Fridays Restaurant Sublease Opportunity

      Turnkey restaurant space available in a high-traffic retail center.
      830 County Rd 64, Elmira, NY 14903
      View Details
    • Contact for pricing

      Retail Center with Redevelopment Potential

      574,215 SF retail center with excellent visibility and access.
      830 County Route 64, Elmira, NY 14814
      View Details
    • Contact for pricing

      Retail Space in Big Flats

      Retail space available in a large shopping center.
      831-845 County Rd 64, Elmira, NY
      View Details
    • Contact for pricing

      Retail Center Space Available

      Retail spaces for lease in a high-traffic shopping center.
      830 County Rd 64, Elmira, NY 14903
      View Details
    • Contact for pricing

      Retail Space Near Arnot Mall

      Inline retail spaces available in busy shopping complex.
      950 County Rd 64, Elmira, NY
      View Details
    • Contact for pricing

      Downtown Elmira Retail Space Available

      Retail space in a neighborhood shopping center with high visibility.
      303 N Main St, Elmira, NY 14901
      View Details

    FAQs

    What type of property is this?
    Retail space - Commercial space on high-traffic corner with multiple rooms and entrances.
    Where is this retail space located?
    The property is located at 642 w water st Elmira, NY.
    What is the lease rate?
    The lease rate is $1,200 /Mo.
    What are key features of this property?
    This property features: High‑traffic, **highly visible corner location** on Elmira's main street.; **Large commercial space with approximately 1500 sq ft**.; Includes 3 office rooms, 3 storage rooms, and a large open concept area.
    (607) 731-9443
    We can help!
    Listing Contact
    Charles Cerio
    Real Estate License ID: 10401363210
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!