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    Property profile & analytics

    601-603 Church St Elmira, NY 14901

    • Investment properties
    • 8,934 SF
    • 0.81 lot acres
    OFF-MARKET
    Last Sale
    May 29, 2025
    $450,000
    Value Estimations
    $530,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0334894
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Investment properties

    Property Details for 601-603 Church St

    Year built
    1990
    Lot size
    0.81 lot acres
    Property size
    8,934 SF
    Zone code
    UMU
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    070400 89.16-6-70
    APU
    704008916670

    Description

    This 8,934 square foot free-standing medical office building in Elmira, NY, is available for sale at $500,000 ($55.97/sq ft). Recently renovated for medical use, the property boasts a highly visible corner location with two points of access, offering excellent "retail" exposure. Situated directly across from Arnett Health St. Joseph's Hospital Campus and minutes from I-86, this location provides exceptional convenience and accessibility. The building features a recently renovated exterior, ample parking (38 spaces), and a prominent monument sign. The interior is adaptable, presenting an opportunity for conversion to flex warehouse space with grade-level access. The modified lease terms offer flexibility for potential buyers or tenants. This property represents a unique opportunity to acquire a well-maintained, strategically located medical office building in a thriving area of Elmira, New York, within Chemung County, zip code 14901. The building's recent improvements and prime location make it an attractive investment for both medical professionals and investors seeking a strong return. The property is situated at 601-603 E Church St.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $525,000
      ML approach
      $525,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $636,000
      Market price range: $212k - $636k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.7977
    Latitude
    42.0934
    CBSA code
    21300
    CBSA name
    ELMIRA, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $0.00
    $69,000
    $331,000
    $400,000
    -
    $104,552
    $501,548
    $606,100

    Comparable in this City

    • Value Estimation
      $265,000
      2,580 SF

      411 Baldwin St

      STORE/OFFICE (MIXED USE) • 2,580 SF
      411 Baldwin St, Elmira, NY 14901-2223
      View Details
    • Value Estimation
      $270,000
      1,260 SF

      418 Madison Ave

      STORE/OFFICE (MIXED USE) • 1,260 SF
      418 Madison Ave, Elmira, NY 14901-2505
      View Details
    • Value Estimation
      $255,000
      1,321 SF

      1000 College Ave

      STORE/OFFICE (MIXED USE) • 1,321 SF
      1000 College Ave, Elmira, NY 14901-1820
      View Details
    • Value Estimation
      $130,000
      535 SF

      702 Main St

      STORE/OFFICE (MIXED USE) • 535 SF
      702 Main St, Elmira, NY 14901-2140
      View Details
    • Value Estimation
      $85,000
      2,380 SF

      900 Walnut St

      STORE/OFFICE (MIXED USE) • 2,380 SF
      900 Walnut St, Elmira, NY 14901-1836
      View Details
    • Value Estimation
      $180,000
      1,961 SF

      501 Walnut St

      STORE/OFFICE (MIXED USE) • 1,961 SF
      501 Walnut St, Elmira, NY 14901-2436
      View Details

    Similar Nearby for Sale

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    • $99,900
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      Turnkey Restaurant and Mixed-Use Building

      Established restaurant with mixed-use building for sale in Elmira.
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      17-unit mixed-use property with income potential on high-visibility street.
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    • Contact for pricing
      0.18 Acres

      Elmira Land For Sale

      Land available in Elmira, close to downtown amenities.
      722 German St, Elmira, NY 14901
      View Details

    Similar Nearby for Lease

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    • $4 SF/Yr
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      View Details
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      Hatch Street Warehouse Opportunity

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      View Details
    • $10 SF/Yr
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      1316 College Avenue, Elmira, NY,

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      View Details
    • Contact for pricing
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      Elmira Retail Center: Lease Space Now

      High-visibility retail space; ample parking.
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      View Details
    • $6 SF/Yr
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      Commercial Building with Fenced Storage

      4,400 SF commercial building with fenced storage yard available for lease.
      904 Grand Central Ave, Elmira, NY 14901
      View Details
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    Elmira, NY 14901
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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.

    More about this property
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