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 Market742
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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
Listed By:
Scott Warren · License #10491212432
(607) 621-0439
Source:
Crexi
Added: Oct 4, 2024
Changed: Oct 15
Last Checked: Oct 14 at 11:25PM
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 / Yr
$43,839
Cap Rate
4.61%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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.
