305 Pennsylvania Ave Elmira, NY 14904
- Investment properties
- 6,822 SF
- 1.05 lot acres
Current Use by Public Records
- UPS Access Point location / Shipping And Mailing Service / Mailing Service
- Advance Auto Parts / Auto Parts Store / Car Accessories Store
Property Details for 305 Pennsylvania Ave
- Year built
- 2002
- Lot size
- 1.05 lot acres
- Property size
- 6,822 SF
- Zone code
- CT
- Property type
- Investment properties
- Property subtype
- Retail residential properties
- APN
- 070400 99.08-3-3.1
- APU
- 704009908331
Description
This exceptional investment opportunity presents a 7,000 square foot, single-tenant retail property in Elmira, NY, occupied by a credit-rated Advance Auto Parts. The property boasts a strong 6.50% cap rate and a substantial net operating income (NOI) of $91,000. The lease, classified as NN+, features a remaining term of 8.1 years with a lease expiration date of December 31, 2032. The tenant, a Fortune 500 company, has a long-standing operational history at this location, exceeding 20 years. The property includes 35 parking spaces and sits on a 1.07-acre lot. A new roof was installed in 2023, minimizing future maintenance responsibilities. The lease includes rent bumps of 4% in 2027 and 10% in an option period. This Class B building, constructed in 2002, benefits from its strategic location on Pennsylvania Ave, enjoying high visibility and traffic volume. The property's proximity to other major retailers further enhances its appeal. This is an ideal investment for those seeking a low-maintenance, high-return asset with a long-term, credit-worthy tenant. The property is offered for sale at $1,400,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Elmira
- County
- Chemung
- State
- New York
- Longitude
- -76.7999
- Latitude
- 42.0834
- CBSA code
- 21300
- CBSA name
- ELMIRA, NY METROPOLITAN STATISTICAL AREA
