Historic Market Street Mixed-Use
For Sale
$149,000
8 W Market St, Corning, NY 14830
Mixed-use property with established business and restaurant equipment included.
Property Size2,100 SF
Price / SF$212.86
Days on Market87
Property Features for 8 W Market St
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,220
Building Details
Building Size
2,100 SF
Year Built
1895
Stories
2
Listing Agency:
(607) 962-1966
Listed By:
Antoinette M. Fratarcangelo
(607) 962-1966
Source:
Elliman
Added: May 14
Changed: Aug 8
Last Checked: Aug 8 at 7:22AM
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 Antoinette M. Fratarcangelo
Investment Insights
Based on property information with market context.
Located in the heart of historic Market Street, this mixed-use property includes the building, established business, and all restaurant equipment. Home to a well-known and successful restaurant for 46 years, the commercial space is approximately 700 sq. ft. and offers potential. The second floor features an additional 700 sq. ft. with exposed brick walls and oversized windows overlooking historic Market Street. The upper level requires extensive repairs, but the unique architectural features make it a rare opportunity to restore and customize. Only two buildings on the block offer this approximate footprint, making it a unique investment. The walk score is 80, indicating it is very walkable, and the bike score is 43, indicating it is somewhat bikeable. The price reflects the current condition and repairs needed.
Key Highlights
- Established, successful restaurant business included in sale (46 years).
- Prime location in the heart of historic Market Street.
- Mixed‑use property offering commercial and residential/customizable space.
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
$9,053
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
6.08%
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%
$181,060
$181.1K
Cap Rate 7%
$129,329
$129.3K
Cap Rate 9%
$100,589
$100.6K
Market Conditions
NOI Build-Up for 700 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
$12.6K $18.00/SF
− Vacancy
−$529 −$0.76/SF
EGI
$12.1K $17.24/SF
− OpEx
−$3.0K −$4.31/SF
NOI
$9.1K $12.93/SF
Area
Steuben County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$181,060
Cap Rate 7%
$129,329
Cap Rate 9%
$100,589
Alternative Uses
Best Use
Specialty Retail
$129.3K
$113.2K – $150.9K
NOI $9,053 @ 7.0% cap · market cap 6.08%
Second Best
Mixed Use
$89.1K
$78.0K – $104.0K
NOI $6,237 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$170.6K
$149.3K – $199.1K
NOI $11,945 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,241
Businesses Nearby
116k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 53%
Dining 22%
Shops & Services 22%
Hotels & Casinos 2%
Wegmans
Groceries
62,003 visits/mo
0.5 miles
McDonald's
Dining
20,658 visits/mo
0.2 miles
Byrne Dairy
Shops & Services
12,473 visits/mo
0.2 miles
Burger King
Dining
5,414 visits/mo
0.3 miles
Mobil
Shops & Services
5,068 visits/mo
0.1 miles
Demographics for 14830, NY
18,949
Population
9,324
Households
2
Avg Household Size
40
Median Age
41%
College-Educated
96%
High-School Grad
90.6 sq mi
ZIP Area
209
Density / Sq Mi
$73,831
Median Household Income
$48,331
Median Earnings
$997
Median Rent
$168,100
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 - Mixed-use property with established business and restaurant equipment included.
Where is this mixed-use property located?
The property is located at 8 W Market St Corning, NY.
What is the asking price?
The asking price for this property is $149,000.
What are key features of this property?
This property features: Established, successful restaurant business included in sale (46 years).; Prime location in the heart of historic Market Street.; Mixed‑use property offering commercial and residential/customizable space.
