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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2472 Corning Rd Elmira, NY 14903-1044

    • Automotive properties
    • 41,070 SF
    • 11.37 lot acres
    OFF-MARKET
    Value Estimations
    $785,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0053842
    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

    • Ferrario Ford Collision / Auto Body Shop
    • Ferrario Auto Team / Auto Body Shop / Ram Dealer
    • Ferrario Ford Service / Auto Repair Shop
    • Ferrario Ford Parts / Auto Parts Store
    • Ferrario Ford / Ford Dealer

    Property Details for 2472 Corning Rd

    Year built
    1960
    Lot size
    11.37 lot acres
    Property size
    41,070 SF
    Zone code
    TH04
    Property type
    Automotive properties
    APN
    073489 69.05-1-5
    APU
    73489690515

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $785,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.832
    Latitude
    42.1492
    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
    $20,940
    $2,251,400
    $248,600
    $2,500,000
    -
    $2,274,142
    $251,111
    $2,525,253

    Comparable in this City

    • Value Estimation
      $245,000
      2,016 SF

      1855 Grand Central Ave

      VEHICLE SALES, RENTALS • 2,016 SF
      1855 Grand Central Ave, Elmira, NY 14903-1430
      View Details
    • Value Estimation
      $235,000
      1,395 SF

      1854 Grand Central Ave

      VEHICLE SALES, RENTALS • 1,395 SF
      1854 Grand Central Ave, Elmira, NY 14903-1429
      View Details
    • Value Estimation
      $375,000
      15,420 SF

      945 County Rd 64

      VEHICLE SALES, RENTALS • 15,420 SF
      945 County Rd 64, Elmira, NY 14903-9701
      View Details
    • Value Estimation
      $360,000
      18,946 SF

      2463 Corning Rd

      VEHICLE SALES, RENTALS • 18,946 SF
      2463 Corning Rd, Elmira Heights, NY 14903-1049
      View Details
    • Value Estimation
      $285,000
      10,844 SF

      3000 Lk Rd

      VEHICLE SALES, RENTALS • 10,844 SF
      3000 Lk Rd, Elmira, NY 14903-1864
      View Details
    • Value Estimation
      $90,000
      1,408 SF

      2056 Lk Rd, Unit 1

      VEHICLE SALES, RENTALS • 1,408 SF
      2056 Lk Rd, Elmira, NY 14903-1857
      View Details

    Similar Nearby for Sale

    • $655,000
      6,250 SF

      Elmira Restaurant - $655,000

      Prime Retail Opportunity: 6,250 SF Restaurant
      2447 Corning Rd, Elmira, NY 14903
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    • $655,000
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      Restaurant Building on 2+ Acres

      Former restaurant with large parking and high visibility.
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    • $189,999

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      3,238 SF building, formerly a bar, for sale.
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    • $655,000
      6,250 SF

      Former Restaurant Building on 2+ Acres

      6,250 SF restaurant building with 230' frontage on 2+ acres.
      2447 Corning Rd, Elmira, NY 14903
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    • $2,950,000
      7.36 Acres

      Elmira Commercial Land - $2.95M

      7.36-acre commercial lot, ideal for development.
      89 Fisherville Rd, Elmira, NY 14903
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    • $1,389,000
      57,000 SF

      Elmira Industrial Building - $1.39M

      57,000 SF Warehouse, Excellent Location
      2070 Lake Rd, Elmira, NY 14903
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    Similar Nearby for Lease

    • Contact for pricing
      174,758 SF

      Big Flats Retail Center Investment

      High-traffic retail spaces available.
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      36,123 SF

      Prime Elmira Retail Space

      New Build-to-Suit, 36,123 SF Available
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      290,981 SF

      Elmira, NY Retail & Office Opportunity

      Prime Elmira location, multiple spaces available.
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    • Contact for pricing
      10,000 SF

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      Retail space available in a large shopping center.
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      4,220 SF

      Retail Space Near Arnot Mall

      Inline retail spaces available in busy shopping complex.
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    • $3,500 /Mo
      3,670 SF

      Turnkey Restaurant Space in Elmira

      3,670 SF commercial space with fully equipped kitchen.
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    Property Visit Statistics

    • Visits by month
      2.9k
    • Visitors by month
      2.0k
    • Avg Time on site
      38 min
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    Elmira, NY 14903-1044
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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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