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    2494 Corning Rd Elmira, NY 14903-1044
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    Property profile & analytics

    2494 Corning Rd Elmira, NY 14903-1044

    View on Map
    • Warehouses
    • 13,468 SF
    • 4.07 lot acres
    Off-Market
    Property ID
    US63-3311999
    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
    $1,180,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Trailer Hitches at U-Haul / Auto Parts Store
    • U-Haul Moving & Storage of Elmira / Storage Facility
    • U-Box at U-Haul / Car Rental Facility
    • Trailer Rental at U-Haul / Car Rental Facility
    • Propane Refill at U-Haul / Self-Storage Facility / Trailer Rental Service

    Property Details for 2494 Corning Rd

    Year built
    1950
    Lot size
    4.07 lot acres
    Property size
    13,468 SF
    Zone code
    TH04
    Property type
    Warehouses
    APN
    073489 69.05-1-4
    APU
    73489690514

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      WASTE DISPOSAL, SEWAGE (PROCESSING, DISPOSAL, STORAGE, TREATMENT)
      $960,000
      Current use
      COMMERCIAL (GENERAL)
      $1,390,000
      Change: +44% Conversion: Difficult
      RESTAURANT
      $1,070,000
      Change: +11% Conversion: Difficult
      OFFICE BUILDING
      $880,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.8326
    Latitude
    42.1508
    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
    $59,780
    $639,500
    $4,360,500
    $5,000,000
    -
    $645,960
    $4,404,545
    $5,050,505

    Comparable in this City

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      63,936 SF

      250 Prescott Ave

      WAREHOUSE, STORAGE • 63,936 SF
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    • Value Estimation by Request
      12,396 SF

      1592 Sears Rd

      STORAGE YARD (JUNK, SALVAGE) • 12,396 SF
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      274,678 SF

      340 Uppr Oakwood Ave

      WAREHOUSE, STORAGE • 274,678 SF
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    • Value Estimation by Request
      6,400 SF

      1836 Grand Central Ave

      WAREHOUSE, STORAGE • 6,400 SF
      1836 Grand Central Ave, Elmira, NY 14903-1429
      View Details

    Similar Nearby for Sale

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      Versatile Warehouse and Retail Building

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      6,250 SF

      Former Restaurant on Two Acres

      6,250 SF former restaurant with two-acre assemblage.
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      0.44 Acres

      Elmira Building Lot For Sale

      Residential land for sale in a convenient location, Elmira, NY.
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      Prime Commercial Land For Sale

      6.68 acres of commercial land available for ground lease/redevelopment.
      1025 County Road 64, Elmira, NY 14903
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    • $30,000
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      Elmira Land Opportunity

      Large lot with existing structure and utilities available.
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    Similar Nearby for Lease

    • $12,000 /Mo
      28,906 SF

      Elmira Industrial/Manufacturing Warehouse

      29,000 sq ft warehouse on 5 acres for lease.
      145 Philo Rd W, Elmira, NY 14903
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      Elmira Distribution Center for Rent

      270,000 SF distribution center with loading docks and recent renovations.
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      Retail Center Space Available

      Retail spaces for lease in a high-traffic shopping center.
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    • $1,000 /Mo
      825 SF

      Modern Office Space in Elmira

      Office space for rent featuring reception, offices, and storage.
      170 North Park Ln, Elmira, NY 14903
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      Restaurant & Retail Pads Available

      Restaurant and retail pads available for rent.
      1025 County Road 64, Elmira, NY 14903
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    • Contact for pricing

      Retail Space Available For Lease

      Retail space for lease at 2446 Corning Rd, Elmira.
      2446 Corning Rd, Elmira, NY 14903
      View Details

    Property Visit Statistics

    • Visits by month
      3.0k
    • Visitors by month
      2.2k
    • Avg Time on site
      17 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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