Multi-Tenant Retail
For Sale
Contact for pricing
971 County Rd 64, Elmira, NY 14903
Retail center combining a former bank branch with office space in an established commercial corridor.
Property Size13,257 SF
Price / SF$105.60
Days on Market133
Property Features for 971 County Rd 64
General Information
Standard status
Active
Size
13,257 SF
Property subtype
RETAIL
Building Details
Tenancy
Multi
Listing Agency:
CBRE | Rochester
(315) 569-2254
Listed By:
Andrew Gearhart
(315) 569-2254
Source:
Moodyscre
Added: Apr 20
Changed: Aug 30
Last Checked: Aug 30 at 6:08AM
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 CBRE | Rochester
Investment Insights
Based on property information with market context.
This multi-tenant retail property contains 13,257 square feet across a former bank branch and office space. The configuration provides a combination of retail and office-oriented improvements within one commercial asset.
The property is situated in the Town of Big Flats at 971 County Rd 64, Elmira, NY 14903. Its setting in a primary commercial corridor supports direct commercial access and prominent exposure from the surrounding roadway.
The property is situated in the Town of Big Flats at 971 County Rd 64, Elmira, NY 14903. Its setting in a primary commercial corridor supports direct commercial access and prominent exposure from the surrounding roadway.
Key Highlights
- 13,257‑square‑foot multi‑tenant retail property
- Former bank branch and office space
- Positioned in a primary commercial corridor
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
$102,450
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
7.32%
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%
$2,049,000
$2.0M
Cap Rate 7%
$1,463,571
$1.5M
Cap Rate 9%
$1,138,333
$1.1M
Market Conditions
NOI Build-Up for 13,257 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
$159.1K $12.00/SF
− Vacancy
−$12.7K −$0.96/SF
EGI
$146.4K $11.04/SF
− OpEx
−$43.9K −$3.31/SF
NOI
$102.5K $7.73/SF
Area
Chemung County, NY
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,049,000
Cap Rate 7%
$1,463,571
Cap Rate 9%
$1,138,333
Alternative Uses
Best Use
Specialty Retail
$1.96M
$1.71M – $2.28M
NOI $136,876 @ 7.0% cap · market cap 9.78%
Second Best
Retail
$1.46M
$1.28M – $1.71M
NOI $102,450 @ 7.0% cap · market cap 7.32%
Theoretical Best
Multifamily LT 5
$120.68M
$105.59M – $140.79M
NOI $8,447,533 @ 7.0% cap · market cap 603.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
563
Businesses Nearby
429k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 32%
Superstores 23%
Shops & Services 17%
Home Improvements & Furnishings 10%
Target
Superstores
98,890 visits/mo
0.3 miles
Kohl's
Apparel
54,502 visits/mo
0.5 miles
DICK'S Sporting Goods
Apparel
45,928 visits/mo
0.5 miles
Hobby Lobby
Shops & Services
43,672 visits/mo
0.4 miles
Lowe's
Home Improvements & Furnishings
42,173 visits/mo
0.3 miles
Demographics for 14903, NY
7,279
Population
3,344
Households
2.2
Avg Household Size
42
Median Age
28%
College-Educated
95%
High-School Grad
21.6 sq mi
ZIP Area
337
Density / Sq Mi
$66,142
Median Household Income
$41,182
Median Earnings
$943
Median Rent
$123,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Big Flats Consumer Square — 830 County Rd 64, Big Flats, NY 14814
- Big Flats Commons — 950 Big Flats Rd, Elmira, NY 14903
- Southern Tier Crossing — 1-86 Ann Page Road, Horseheads, NY 14845
- Arnot Mall — 3300 Chambers Rd, Horseheads, NY 14845
- ChargeItSpot — 3300 chambers rd, horseheads, ny 14845
Frequently Asked Questions
What type of property is this?
Shopping center - Retail center combining a former bank branch with office space in an established commercial corridor.
Where is this shopping center located?
The property is located at 971 County Rd 64 Elmira, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 13,257‑square‑foot multi‑tenant retail property; Former bank branch and office space; Positioned in a primary commercial corridor
