Historic Corning Estate with Commercial
For Sale
Contact for pricing
9 Park Pl, Corning, NY 14830
Landmark property suited for hotel, venue, restaurant, or headquarters.
Property Size13,673 SF
Price / SF$69.48
Days on Market697
Property Features for 9 Park Pl
General Information
Standard status
Active
Size
13,673 SF
Class
B
Property subtype
Office
Zoning
R1 - Res Low Density
Building Details
Year Built
1916
Buildings
1
Stories
3
Tenancy
Single
Listing Agency:
SVN Innovative Commercial Advisors
(607) 621-0439
Listed By:
Scott Warren · License #10301220936
Source:
Crexi
Added: Oct 4, 2024
Changed: Aug 22
Last Checked: Aug 31 at 1:20PM
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 SVN Innovative Commercial Advisors
Investment Insights
Based on property information with market context.
Once the largest residence in Corning, NY, The Knoll is a landmark property on Southside Hill with views of the city. Formerly owned by the Houghton Family, this historic estate features 22 rooms, 14 bedrooms, and 11 bathrooms. It has been updated with modern amenities including central air and three-phase electric. The property includes 14 fireplaces, many converted to gas. Its location near the Corning Museum of Glass makes it suited for uses such as a boutique hotel, event venue, upscale restaurant, or corporate headquarters. The property includes a 30’ x 26’ library, a three-bay garage, and a dedicated room for President Eisenhower. The property size is 13673 square feet.
Key Highlights
- Historic estate "The Knoll," once owned by the Houghton Family, the largest residence in Corning, NY.
- Sweeping views of the city from its Southside Hill location.
- Updated with modern amenities including central air, three‑phase electric, and gas‑converted fireplaces.
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
$43,839
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
4.61%
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%
$876,780
$876.8K
Cap Rate 7%
$626,271
$626.3K
Cap Rate 9%
$487,100
$487.1K
Market Conditions
NOI Build-Up for 13,673 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
$205.1K $15.00/SF
− Vacancy
−$112.8K −$8.25/SF
EGI
$92.3K $6.75/SF
− OpEx
−$48.5K −$3.54/SF
NOI
$43.8K $3.21/SF
Area
Steuben County, NY
Vacancy
55.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$876,780
Cap Rate 7%
$626,271
Cap Rate 9%
$487,100
Alternative Uses
Best Use
Hotel Hospitality
$626.3K
$548.0K – $730.7K
NOI $43,839 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.33M
$2.92M – $3.89M
NOI $233,329 @ 7.0% cap · market cap 24.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
Explore this area
Business Placement
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Landmark property suited for hotel, venue, restaurant, or headquarters.
Where is this hotel located?
The property is located at 9 Park Pl Corning, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Historic estate "The Knoll," once owned by the Houghton Family, the largest residence in Corning, NY.; Sweeping views of the city from its Southside Hill location.; Updated with modern amenities including central air, three‑phase electric, and gas‑converted fireplaces.
