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    Property profile & analytics

    2801 State St Olean, NY 14760-1885

    • Community centers
    • 117,946 SF
    • 11.62 lot acres
    OFF-MARKET
    Last Sale
    Jul 29, 2024
    $6,625,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2493689
    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

    • Marshalls / Children'S Clothing Store / Department Store
    • Ollie's Bargain Outlet / Appliance Store / Discount Store
    • Hobby Lobby / Home Goods Store / Craft Store

    Property Details for 2801 State St

    Year built
    1994
    Lot size
    11.62 lot acres
    Property size
    117,946 SF
    Property type
    Community centers
    APN
    041200 94.070-2-1
    APU
    412009407021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Olean
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.4622
    Latitude
    42.0742
    CBSA code
    36460
    CBSA name
    OLEAN, 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
    $769,300
    $2,380,700
    $3,150,000
    -
    $986,282
    $3,052,180
    $4,038,462

    Comparable in this City

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      1899 Cinema Dr

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      461 Un St

      MINI-MALL • 7,975 SF
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      $305,000
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      1900 Constitution Ave

      MINI-MALL • 19,097 SF
      1900 Constitution Ave, Olean, NY 14760-1881
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    • Value Estimation
      $295,000
      20,100 SF

      3094 Nys Rte 417

      MINI-MALL • 20,100 SF
      3094 Nys Rte 417, Olean, NY 14760-1833
      View Details
    • Value Estimation
      $300,000
      10,350 SF

      415 Un St

      MINI-MALL • 10,350 SF
      415 Un St, Olean, NY 14760-2617
      View Details

    Similar Nearby for Sale

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      Olean Commercial Property For Sale

      Commercial property in Olean, NY, ideal for various businesses.
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      High Visibility Retail Store Location

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      Mixed-Use Building with Rental Income

      Six-unit commercial/residential building with high visibility and rental income.
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      NNN Leased Dollar General Investment

      Absolute NNN leased Dollar General in Olean, NY for sale.
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      Olean Commercial Property For Sale

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      Established Restaurant Franchise For Sale

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    Similar Nearby for Lease

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      Regional Mall Retail Space Available

      Retail spaces available in regional mall with high traffic.
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      Retail Space in Walmart Plaza

      Retail space available within a high-traffic shopping center.
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      Event-Ready Commercial Space in Olean

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      Versatile Commercial Property, Olean, NY

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      Turnkey Restaurant & Event Space

      Ready-to-go restaurant and entertainment venue with wow factor.
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    • Contact for pricing
      82,626 SF

      2610 State St

      Restaurants • 82,626 SF
      2610 State St, Olean, NY 14760
      View Details

    Property Visit Statistics

    • Visits by month
      74.7k
    • Visitors by month
      50.1k
    • Avg Time on site
      37 min
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    2801 State St
    Olean, NY 14760-1885
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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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