Versatile Industrial/Commercial Property in Olean

1020 E State St, Olean, NY 14760

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For Sale

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2550 SF building with frontage on E. State St.

Type:Industrial

Property size:

2,500 SF

Price / SF:

$96/SF

HighLights

Ideal location on E. State St. in Olean, NY, with high visibility and approximately 190 feet of frontage.
Versatile property suitable for various business or industrial uses due to its zoning and existing structure.
Large 2550 SF steel pole barn structure with open warehouse space, two offices, and a bathroom.
Easy access to major routes including Route 417, Route 16, and the New York State Thruway I‑86.
Close proximity to restaurants, businesses, downtown Olean, and residential areas.
Currently used as a boat storage and maintenance shop, demonstrating its practical utility.

We can help!

Contact an agent

Rick Recckio

For Sale

Contact for pricing

2550 SF building with frontage on E. State St.

Type:Industrial

Property size:

2,500 SF

Price / SF:

$96/SF

Added:: Apr 7, 2024
Days on Market:: 823
Last Refresh:: Jul 5 at 4:48 am

Property Features for 1020 E State St

General Information

Standard status: Active
Size: 2,500 SF
Property subtype: Industrial

Building Details

Year Built: 1910

We can help!

Contact an agent

Rick Recckio

Listing office Recckio Real Estate and Development

Listing date Apr 7, 2024

Source Crexi

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 and Development

HighLights

Ideal location on E. State St. in Olean, NY, with high visibility and approximately 190 feet of frontage.
Versatile property suitable for various business or industrial uses due to its zoning and existing structure.
Large 2550 SF steel pole barn structure with open warehouse space, two offices, and a bathroom.
Easy access to major routes including Route 417, Route 16, and the New York State Thruway I‑86.
Close proximity to restaurants, businesses, downtown Olean, and residential areas.
Currently used as a boat storage and maintenance shop, demonstrating its practical utility.

Overview

Located on E. State St. in Olean, New York, this property comprises three separate parcels with approximately 190 feet of frontage on the main road. The property, currently situated within industrial zoning parameters, is on the border of general business zoning, offering a number of potential uses for any business or corporation. The structure is a steel pole barn, approximately 2550 square feet. Currently used as a boat storage and maintenance shop, the space includes two small offices and a bathroom, with the majority of the building being open warehouse space. The back of the building has multiple docks that are not in use. The property is in close proximity to restaurants, businesses, downtown Olean, and residential houses. It offers easy access from Route 417 and is just minutes from Route 16 and New York State Thruway I-86.

Local Financial Insights For Warehouse

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$23.7k	$9.48
− Vacancy	−$1.6k	−$0.64
EGI	$22.1k	$8.84
− OpEx	−$3.3k	−$1.33
NOI	$18.8k	$7.51

2,500 SF · lease $9.48/SF/yr · vacancy 6.80% · expense 15.00%

Alternative Uses

Best Use

Warehouse

$268.2K

$234.7K – $312.9K (±1% cap)

NOI $18,775 @ 7.0% cap · market cap 7.82%

Second Best

Industrial

$220.9K

$193.3K – $257.7K (±1% cap)

NOI $15,462 @ 7.0% cap · market cap 6.44%

Theoretical Best

Healthcare Medical

$494.1K

$432.3K – $576.5K (±1% cap)

NOI $34,587 @ 7.0% cap · market cap 14.41%

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

Property Profile Location Intelligence

Current Use by Public Records

Warehouses

Suggested Use

Location Insight

Map
Local Demand

City: Olean
County: Cattaraugus
State: New York
Longitude: -78.409908
Latitude: 42.0745715

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For sale
Warehouses
NY
Olean
14760
1020 E State St

What type of property is this?

Warehouse - 2550 SF building with frontage on E. State St.

Where is this warehouse located?

The property is located at 1020 E State St Olean, NY.

What is the asking price?

The asking price for this property is $240,000.

What are key features of this property?

This property features: Ideal location on E. State St. in Olean, NY, with high visibility and approximately 190 feet of frontage.; Versatile property suitable for various business or industrial uses due to its zoning and existing structure.; Large 2550 SF steel pole barn structure with open warehouse space, two offices, and a bathroom.