Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    205 1st St Corning, NY 14830-2809

    • Medical Office Space
    • 49,384 SF
    • 1.19 lot acres
    OFF-MARKET
    Value Estimations
    $5,165,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2322895
    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.

    Current Use by Public Records

    • Corning Center / Nursing Home
    • Michael Satter / Physician
    • David Kunkler / Physician
    • Karen Adams / Physician
    • Travis Womer / Physician

    Property Details for 205 1st St

    Year built
    1970
    Lot size
    1.19 lot acres
    Property size
    49,384 SF
    Zone code
    C
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    460300 318.09-01-010.000
    APU
    4603003180901010000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $4,636,000
      Market price range: $597k - $4.65M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $3,520,000
      Current use
      AUTO REPAIR, GARAGE
      $5,655,000
      Change: +61% Conversion: Difficult
      RESTAURANT
      $5,195,000
      Change: +48% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $4,040,000
      Change: +15% Conversion: Easy
      RETAIL STORES
      $3,385,000
      Change: -4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Corning
    County
    Steuben
    State
    New York
    Longitude
    -77.0455
    Latitude
    42.1401
    CBSA code
    18500
    CBSA name
    CORNING, NY MICROPOLITAN 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
    0
    $0.00
    $160,000
    $5,000,000
    $5,160,000
    -
    $160,000
    $5,000,000
    $5,160,000

    Comparable in this City

    • Value Estimation by Request
      6,788 SF

      11751 Corning Rd

      MEDICAL CLINIC • 6,788 SF
      11751 Corning Rd, Corning, NY 14830-3657
      View Details
    • Value Estimation by Request

      8 Denison Pkwy

      Medical Office Space
      8 Denison Pkwy, Corning, NY 14830
      View Details
    • Value Estimation by Request
      5,168 SF

      8 Denison Pkwy

      Medical Office Space • 5,168 SF
      8 Denison Pkwy, Corning, NY 14830
      View Details
    • Value Estimation by Request
      4,928 SF

      131 Walnut St

      Office properties & Spaces • 4,928 SF
      131 Walnut St, Corning, NY 14830
      View Details
    • Value Estimation by Request
      0.01 Acres

      1851st Benjamin Rd

      RADIO OR TV STATION • 0.01 Acres
      1851st Benjamin Rd, Corning, NY 14830-9332
      View Details
    • Value Estimation
      $27,635,000
      302,250 SF

      6 Frnt Way

      OFFICE BUILDING • 302,250 SF
      6 Frnt Way, Corning, NY 14830
      View Details

    Similar Nearby for Sale

    • $225,000

      Office Building with Lab Space

      4,928 SF office building suitable for medical or office use.
      131-133 Walnut St, Corning, NY 14830
      View Details
    • $225,000

      Office Building with Lab Space

      4,928 SF office building suitable for medical or office use.
      131-133 Walnut St, Corning, NY 14830
      View Details
    • $950,000

      Historic Corning Estate with Views

      Landmark property ideal for boutique hotel or corporate headquarters.
      9 Park Pl, Corning, NY 14830
      View Details
    • $139,000
      3,316 SF

      Mixed-Use Property in Corning, NY

      Commercial storefront with apartments and additional commercial space.
      135 Bridge Street Ext, Corning, NY 14830
      View Details
    • $650,000
      5,880 SF

      Corning Investment Property with Tenant

      Four-unit building leased to Visionworks until 2027.
      107-113 W Market St, Corning, NY 14830
      View Details
    • $295,000
      4,928 SF

      Prime Corning Office Building

      4,928 SF Executive Office, Vacant
      131 Walnut St, Corning, NY 14830
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      6,193 SF

      Corning Medical Office Space for Lease

      Prime Medical Office, Corning, NY - 3,000 SF Available
      70 1St St, Corning, NY 14830
      View Details
    • $12 SF/Yr

      Professional Building Office Suite Available

      3,208 SF office suite in professional building for rent.
      2 Denison Pkwy East, Corning, NY 14830
      View Details
    • $16 SF/Yr
      45,524 SF

      Lower Level Office Suite For Rent

      Lower level office suite for rent near Historic Market St.
      2 Denison Pkwy East, Corning, NY 14830
      View Details
    • $16 SF/Yr
      45,524 SF

      Medical Office Suite For Rent

      Turn-key medical office suite available for immediate occupancy.
      2 Denison Pkwy East, Corning, NY 14830
      View Details
    • $12 SF/Yr
      26,460 SF

      Rockwell Building: Corning Office Space

      Historic Corning Office Building, Multiple Spaces Available
      23 Market St, Corning, NY 14830
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    205 1st St
    Corning, NY 14830-2809
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!