Versatile Industrial/Commercial Property in
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1020 E State St, Olean, NY 14760
2550 SF building with frontage on E. State St.
Property Size2,500 SF
Price / SF$96
Days on Market869
Property Features for 1020 E State St
General Information
Standard status
Active
Size
2,500 SF
Class
C
Property subtype
Industrial
Zoning
I
Building Details
Year Built
1910
Listing Agency:
Recckio Real Estate and Development
(716) 834-7777
Listed By:
Rick Recckio · License #NY 31RE0821429
Source:
Crexi
Added: Apr 7, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:21AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$18,775
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
7.82%
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%
$375,500
$375.5K
Cap Rate 7%
$268,214
$268.2K
Cap Rate 9%
$208,611
$208.6K
Market Conditions
NOI Build-Up for 2,500 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
$23.7K $9.48/SF
− Vacancy
−$1.6K −$0.64/SF
EGI
$22.1K $8.84/SF
− OpEx
−$3.3K −$1.33/SF
NOI
$18.8K $7.51/SF
Area
Cattaraugus County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$375,500
Cap Rate 7%
$268,214
Cap Rate 9%
$208,611
Alternative Uses
Best Use
Warehouse
$268.2K
$234.7K – $312.9K
NOI $18,775 @ 7.0% cap · market cap 7.82%
Second Best
Industrial
$220.9K
$193.3K – $257.7K
NOI $15,462 @ 7.0% cap · market cap 6.44%
Theoretical Best
Healthcare Medical
$494.1K
$432.3K – $576.5K
NOI $34,587 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
138
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14760, NY
18,031
Population
8,917
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
91%
High-School Grad
65.1 sq mi
ZIP Area
277
Density / Sq Mi
$52,569
Median Household Income
$35,754
Median Earnings
$777
Median Rent
$99,400
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
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.
