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    Elmira Redevelopment Opportunity Title is generated by Realmo AI

    906 Johnson Street, Elmira, NY 14901

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    Claim this Listing
    For Sale
    $59,000

    COMMERCIAL - Elmira, NY

    Property size:
    35,885 SF
    Lot size:
    0.56 Acres
    Price / SF:
    $1.64/SF
    Added:
    Mar 4, 2026
    Days on Market:
    73
    Last Refresh:
    May 16 at 12:06 pm

    Property Features for 906 Johnson Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    13 CC
    Parking
    25
    Parking features
    Paved or Surfaced
    Standard status
    Active
    APN
    070400-089-010-0003-026-000-0000
    Size
    35,885 SF
    Lot size
    0.56 Acres

    Taxes and HOA fees

    Tax Annual Amount
    10606

    Utilities

    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1955
    Floors in Building
    1
    Flooring type
    Hardwood, Vinyl, Carpet, Varies, Linoleum, Concrete
    Roof type
    Flat, Metal

    We can help!

    Listing Contact
    Leonard Ostrander

    Listing agent Leonard Ostrander License #10401387515

    Listing office Howard Hanna Elmira 215 W CHURCH ST, Corning, NY

    Listing date Mar 4, 2026

    MLS# R1664928

    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.

    HighLights

    • Massive 35,885 SF footprint suitable for redevelopment or conversion.
    • Priced for condition, offering significant value‑add potential.
    • Includes parking lots at 907 Davis St and 408 W Washington Ave.
    • High ceilings and wide open interior spans.
    • Ideal for warehouse, self‑storage, indoor recreation, or event center conversion.
    • Rare opportunity of this size and scale in Elmira.

    Overview

    This 35,885 square foot property, formerly a bowling alley, is located at 906 Johnson Street in Elmira. The property is in poor condition and requires substantial renovation or possible redevelopment, making it a heavy value-add project suited for experienced investors or developers. The property features a large footprint with wide open interior spans and high ceilings. It is an ideal candidate for warehouse conversion, self-storage, indoor recreation, event center, flex space, or potential redevelopment, subject to municipal approvals. The property is being sold strictly as-is, and the seller will make no repairs. Cash buyers or commercial rehab financing are strongly recommended. The sale includes parking lots at 907 Davis St and 408 W Washington Ave. The property is zoned 13 CC and sits on a 0.5629-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    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.

    Similar Places Nearby

    • Wegmans Catering — 1100 Clemens Center Pkwy, Elmira, NY 14901

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.820364
    Latitude
    42.097715

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    FAQs

    What type of property is this?
    Flex space - 35,885 SF former bowling alley ready for transformation.
    Where is this flex space located?
    The property is located at 906 Johnson Street Elmira, NY.
    What is the asking price?
    The asking price for this property is $59,000.
    What are key features of this property?
    This property features: Massive 35,885 SF footprint suitable for redevelopment or conversion.; Priced for condition, offering significant value‑add potential.; Includes parking lots at 907 Davis St and 408 W Washington Ave.
    (607) 857-6684
    We can help!
    Listing Contact
    Leonard Ostrander
    Real Estate License ID: 10401387515
    Learn More
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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.

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