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    101 Main St Phelps, NY 14532

    Sponsored
    For Sale
    $400,000

    Historic building, 5 units, high ROI.

    Property size:
    8,298 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional Phelps, NY property presents a unique investment opportunity. The 8,298 square foot building, constructed in 1839 and situated at 101 Main St, boasts a compelling blend of commercial and residential space. The property includes three spacious upper-level apartments, each offering comfort and convenience, and featuring an open rear deck. Below, find versatile retail spaces, ideal for a variety of uses such as a storefront, restaurant, or event space. Large front windows ensure maximum visibility and appeal. The building's prime location in a high-traffic area promises lucrative returns. Recent upgrades include a new rubber roof (2015) and new back stairs, ensuring long-term value and minimizing maintenance concerns. The property's strong rental income potential, coupled with the commercial space, makes this an attractive investment. With a pro-forma NOI of $46,735 and a pro-forma cap rate of 11.68%, this landmark property offers significant future potential. The asking price is $400,000, with a price per unit of $80,000. The property is currently available for sale by owner and the occupancy date is October 9, 2024. This is a rare chance to acquire a piece of Phelps history with substantial upside.

    Property Features for 101 Main St

    General Information

    Property type
    Individual retail properties
    Square Feet
    8,298 SF

    Building Details

    Year Built
    1839
    Stories
    2
    Units
    5

    HighLights

    • $400,000 asking price for a mixed‑use property in Phelps, NY.
    • 8,298 square feet with 5 units (3 residential, 2 commercial).
    • 11.68% pro‑forma cap rate and $46,735 pro‑forma NOI.
    • Located at 101 Main St, Phelps, NY 14532.
    • Features include a restaurant, storefront, and single‑family rental units.
    • Built in 1839, the two‑story building includes recent upgrades such as a new roof (2015) and back stairs.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Clothing Store Building Supply Gym & Fitness Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Phelps
    County
    Ontario
    State
    New York
    Longitude
    -77.0334179
    Latitude
    42.9564

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    FAQs

    What type of property is this?
    Individual retail property - Historic building, 5 units, high ROI.
    Where is this individual retail property located?
    The property is located at 101 Main St Phelps, NY.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: $400,000 asking price for a mixed-use property in Phelps, NY.; 8,298 square feet with 5 units (3 residential, 2 commercial).; 11.68% pro-forma cap rate and $46,735 pro-forma NOI.
    Request Owner's contact information
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    Realmo Value Estimation

    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.

    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.

    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
    101 Main St Phelps, NY 14532
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