103 Barry St Olean, NY 14760-3626

Property Details for 103 Barry St

Year built

1880

Lot size

0.17 lot acres

Property size

6,004 SF

Property type

Office buildings

APN

041200 94.065-7-18.1

APU

41200940657181

Description

This exceptional mixed-use property, located at 103 S Barry St & 202 E State St in Olean, NY, presents a compelling investment opportunity. The three-building complex, totaling 20,814 square feet, sits on a 0.65-acre lot and boasts a prominent location on well-traveled E State Street, ensuring high visibility and accessibility. Built in 1917 and renovated in 2020, this four-story building currently operates at 40% occupancy with a gross lease structure. The property features a diverse tenant mix, including a long-term tenant (a law firm) occupying two floors for over 25 years. A former medical clinic connected to the main building offers significant redevelopment potential. The property's zoning permits multi-family use, opening doors to various business opportunities, including professional offices, multi-family units, banks, and medical practices. Ample on-site parking is available. The asking price is $499,000, translating to $23.97 per square foot. The current lease expires January 1, 2030, leaving a remaining term of 5.1 years. The property is classified as Class B and is considered a value-add investment. Its strategic location near the Southern Tier Expressway and surrounded by numerous amenities, including restaurants, retailers, and banks, further enhances its appeal. This property offers a unique blend of established tenancy and significant upside potential for a savvy investor. The property is zoned for multi-family use.

Location Insight

City

Olean

County

Cattaraugus

State

New York

Longitude

-78.4276

Latitude

42.0774

CBSA code

36460

CBSA name

OLEAN, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments