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    Historic Building in Port Allegany Title is generated by Realmo AI

    78 West Mill Street, Port Allegany, PA 16743

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    Two-story brick building with retail and office space for lease.

    Type:Office
    Added:
    Nov 25, 2025
    Days on Market:
    179
    Last Refresh:
    Apr 16 at 5:48 pm

    Property Features for 78 West Mill Street

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 78 West Mill Street Contact us

    We can help!

    Listing Contact
    Rick Recckio
    Rick Recckio

    Listing agent Rick Recckio License #NY #31RE0821429

    Listing office Recckio Real Estate & Development

    Listing date Nov 25, 2025

    Source Recckio

    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 Recckio Real Estate & Development

    HighLights

    • Prime location directly across from the town square in Port Allegany, PA, offering high visibility and accessibility.
    • Substantial space available for lease, ranging from 500 SF to 16,463 SF, suitable for various business needs.
    • Updated with modern amenities including central HVAC, new energy‑efficient windows, updated electrical and plumbing, and a new wheelchair lift.
    • Features two large 'storefront' retail spaces and ample newly paved parking in the rear.
    • ADA compliant entrances and bathrooms, ensuring accessibility for all.
    • Unique historic building with architectural charm and grandeur, located on a heavily traveled road (Historic Route 6).

    Overview

    This two-story brick building offers 500 to 16,463 square feet of retail and office space for lease. Situated on a 0.89-acre lot directly across from the town square in Port Allegany, Pennsylvania, the property features ample parking in the rear. The building includes two large storefront retail spaces. This historic building, over 100 years old, combines early 1900s charm with modern updates. It features central HVAC, new energy-efficient double-paned windows, updated electrical and plumbing, and a new wheelchair lift. The front doors open to a large foyer with a double spiral staircase leading to the second-floor offices. The building has ADA-compliant entrances and bathrooms. Located at the corner of Mill Street and Main Street (Historic Route 6), the property offers high visibility on a heavily traveled road. Downtown Port Allegany features local businesses, including multiple restaurants, the Olean Medical Group, a US Post Office, Sheetz, Rite Aid, and the Fire Department. The building is located in McKean County, in the northwest section of Pennsylvania, characterized by a rural setting within the Allegheny High Plateau Region.
    Property Profile Location Intelligence

    Current Use by Public Records

    Port Allegany Smoke ... (Bike/Boat/Book/etc) Store Sagewood Corporate Office

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Nail Salon Building Supply Auto Repair Shop Pharmacy Accounting Firm Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Port Allegany
    County
    McKean
    State
    Pennsylvania
    Longitude
    -78.2805
    Latitude
    41.8105

    FAQs

    What type of property is this?
    Storefront property - Two-story brick building with retail and office space for lease.
    Where is this storefront property located?
    The property is located at 78 West Mill Street Port Allegany, PA.
    What are key features of this property?
    This property features: Prime location directly across from the town square in Port Allegany, PA, offering high visibility and accessibility.; Substantial space available for lease, ranging from 500 SF to 16,463 SF, suitable for various business needs.; Updated with modern amenities including central HVAC, new energy‑efficient windows, updated electrical and plumbing, and a new wheelchair lift.
    (716) 998-4422
    We can help!
    Listing Contact
    Rick Recckio
    Rick Recckio
    Real Estate License ID: NY #31RE0821429
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    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
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