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    Property profile & analytics

    417 W State St Olean, NY 14760

    • Investment properties
    • 15,320 SF
    • 0.38 lot acres
    For Sale
    View listing
    $499,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1342880
    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

    • Investment properties

    Property Details for 417 W State St

    Year built
    1993
    Lot size
    0.38 lot acres
    Property size
    15,320 SF
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    041200 94.065-11-44.1
    APU
    412009406511441

    Description

    This exceptional commercial property, located at 417 W State St, Olean, NY, presents a compelling investment opportunity. Situated on a 0.7-acre lot at the highly visible intersection of S 4th St and W State St, this 15,320 square foot building offers unparalleled exposure to a high volume of traffic. Constructed in 1993, the building is in good overall condition, although the air conditioning units may require some attention. The versatile interior space is well-suited for a variety of commercial uses, including retail, office, or a mixed-use configuration. A significant feature is the spacious rear warehouse area, boasting high ceilings and a mezzanine level, providing ample storage capacity. Convenient loading and unloading access further enhances the property's functionality. This substantial property offers significant potential for businesses seeking a prominent location with ample space and high visibility, making it an ideal choice for investors or companies looking to establish a strong presence in Olean. The property's size and location make it a rare find in the Olean market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $290,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Olean
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.4348
    Latitude
    42.0772
    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
    $28,900
    $446,100
    $475,000
    -
    $37,051
    $571,923
    $608,974

    Comparable in this City

    • Value Estimation
      $235,000
      5,832 SF

      1379 Olean Portville Rd

      STORE/OFFICE (MIXED USE) • 5,832 SF
      1379 Olean Portville Rd, Olean, NY 14760-9601
      View Details
    • Value Estimation
      $140,000
      1,128 SF

      618 State St

      STORE/OFFICE (MIXED USE) • 1,128 SF
      618 State St, Olean, NY 14760-2337
      View Details
    • Value Estimation
      $90,000
      1,728 SF

      1646 State St

      STORE/OFFICE (MIXED USE) • 1,728 SF
      1646 State St, Olean, NY 14760
      View Details
    • Value Estimation
      $55,000
      2,240 SF

      807 State St

      STORE/OFFICE (MIXED USE) • 2,240 SF
      807 State St, Olean, NY 14760-2245
      View Details
    • Value Estimation
      $280,000
      10,296 SF

      1102 State St

      STORE/OFFICE (MIXED USE) • 10,296 SF
      1102 State St, Olean, NY 14760-2134
      View Details
    • Value Estimation
      $365,000
      3,000 SF

      1628 State St

      STORE/OFFICE (MIXED USE) • 3,000 SF
      1628 State St, Olean, NY 14760
      View Details

    Similar Nearby for Sale

    • $144,900
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      Seven-Unit Multifamily Investment Opportunity

      Seven-unit apartment building with strong rental income potential and ample parking.
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      Mixed-Use Property: Live/Work Potential

      Mixed-use property with residential and commercial space on one parcel.
      1618-1620 Rte 417, Olean, NY 14760
      View Details
    • $299,900
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      Mixed-Use Building in Downtown Olean

      Mixed-use property with commercial space and remodeled residential unit.
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    • Contact for pricing
      5.68 Acres

      Route 16 Commercial Land, Olean NY

      Prime Olean land, ideal for development.
      639 Norton Dr, Olean, NY 14760
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Regional Mall Retail Space Available

      Retail spaces available in regional mall with high traffic.
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      Event-Ready Commercial Space in Olean

      8,234 sq ft commercial space ideal for events and fitness.
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    • $325,000
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      Versatile Commercial Property, Olean, NY

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    • $5 SF/Yr
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      Olean Warehouse & Office Space

      37,360 SF Industrial Space, Prime Location
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    • $14,000 /Mo
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      Turnkey Restaurant & Event Space

      Ready-to-go restaurant and entertainment venue with wow factor.
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      View Details
    • Contact for pricing
      13,600 SF

      Olean Office Space Available

      Office space with signage and easy highway access.
      420 N 9Th St, Olean, NY 14760
      View Details
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    417 W State St
    Olean, NY 14760
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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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