720 Wayne StOlean, NY 14760

Property Details for 720 Wayne St

Year built

1920

Lot size

0.15 AC

Property size (Sq ft)

3,096 SF

Property type

Retail properties

Property subtype

Bars

APN

041200 94.048-2-61

APU

4120094048261

Description

This exceptional Olean, NY property at 720 Wayne Street presents a prime investment opportunity. The 4,292 square foot building sits on a 0.15-acre lot and boasts a fully operational restaurant in a high-traffic area, ensuring excellent visibility and customer accessibility. Ample parking accommodates 18 vehicles. Adding to the investment potential, two apartments above the restaurant generate a combined monthly rental income of $1,500. Currently, a retail space is owner-occupied, offering flexibility for expansion of the restaurant, leasing for additional income, or conversion to another use. The property's versatility allows for diverse business strategies, catering to both experienced restaurateurs and aspiring entrepreneurs. This established business, with its proven income stream and high-traffic location, presents a unique chance to acquire a profitable and adaptable commercial property in a thriving Olean market. The potential for growth and diverse revenue streams makes this an exceptional investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $825,615

  6.5%

  $762,106

  7%

  $707,670

• Comparable approach

  Method

  Valuation

  Relative Method

  $746,421

  Geo Method

  $490,819

• Alternative Use

  Use

  Valuation

  Residential

  $642,865

  Hospitality

  $588,861

  Educational

  $489,925

  Medical

  $506,775

  Retail

  $762,106

Location Insight

City

Olean

County

Cattaraugus

State

New York

Latitude

42.0854

Longitude

-78.4386

CBSA code

36460

CBSA name

OLEAN, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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