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    1140 Sullivan St Elmira, NY 14901
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    Property profile & analytics

    1140 Sullivan St, Elmira, NY 14901

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    • Manufacturing properties
    • 82,162 SF
    • 5.30 lot acres
    For Lease
    $4 SF/Yr
    View Listing →
    Elmira Flex Space Available For Lease
    $4 SF/Yr
    13,250 SF

    Elmira Flex Space Available

    Flexible industrial, office, and flex spaces available for lease.

    1140 Sullivan St, Elmira, NY 14901
    View Listing
    Property ID
    US63-3237052
    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.
    Value Estimations
    $1,025,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • ABC Supply Co., Inc. / Big Box & Wholesale Store / Building Supply

    Property Details for 1140 Sullivan St

    Year built
    1973
    Lot size
    5.30 lot acres
    Zone code
    IA
    Property type
    Manufacturing properties
    APN
    070400 79.19-7-4
    APU
    70400791974

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 16, 2019 $900,000 Cayuga 84 Props LLC Emhart Glass Manufacturin Deed —

    Description

    This exceptional 86,892 square foot creative office building in Elmira, NY, offers 10,700 square feet of immediately available space, divisible to a minimum of 3,100 square feet. The single-story building, zoned Light Industrial (APN 79.19-7-4), boasts a flexible design adaptable to various business needs. Multiple space configurations are possible, allowing for customization to suit specific requirements. The space is move-in ready, featuring a blend of private offices, open work areas, conference/training rooms, a break room, and restrooms. Abundant natural light streams in through numerous windows. Turnkey options include existing office furniture and cubicles. Convenient on-site parking is available at the front door. Lease rates are highly competitive, starting at $4.95 per square foot, NNN, with net and utility costs estimated at $2.00 per square foot. The owner is open to renovating the space into a flex/shop configuration, including the addition of an overhead door, to meet specific tenant needs. This prime location presents a unique opportunity for businesses seeking high-quality, adaptable office space in Elmira.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $735,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,317,000
      Market price range: $1.32M - $3.14M

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.8017
    Latitude
    42.1094
    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
    $57,100
    $689,900
    $747,000
    -
    $86,514
    $1,045,286
    $1,131,800

    Comparable in this City

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      46,800 SF

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      MANUFACTURING (LIGHT)
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      201 Baldwin St

      MANUFACTURING (LIGHT)
      201 Baldwin St, Elmira, NY 14901-3002
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      3365 Lowr Maple Ave

      MANUFACTURING (LIGHT)
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    • Value Estimation
      $1,470,000
      143,790 SF

      541 Clinton St

      MANUFACTURING (LIGHT)
      541 Clinton St, Elmira, NY 14901-2553
      View Details
    • Value Estimation by Request
      10,000 SF

      1322 College Ave

      MANUFACTURING (LIGHT)
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      View Details

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      4,400 SF

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    Similar Nearby for Lease

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      Spacious Flex Space in Elmira

      14,000+ SF flex space with parking available for rent.
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      Elmira Flex Space Available

      Flexible industrial, office, and flex spaces available for lease.
      1140 Sullivan St, Elmira, NY 14901
      View Details
    • $16 SF/Yr

      Freestanding Retail Building with Drive-Thru

      Former pharmacy with drive-thru, suitable for retail or restaurant.
      119 W 2Nd St, Elmira, NY 14901
      View Details
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      Prime Pad Site For Lease

      Ground lease opportunity in a high-traffic Elmira location.
      801 Lake St, Elmira, NY 14901
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    View Listing
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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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