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    452 Water St Elmira, NY 14905
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    Property profile & analytics

    452 Water St Elmira, NY 14905

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    • Commercial real estate
    • 4,724 SF
    Off-Market
    Property ID
    US63-1079514
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 452 Water St

    Year built
    1957
    Property size
    4,724 SF
    Property type
    Commercial real estate

    Description

    This exceptional investment opportunity presents a well-maintained six-unit apartment building located in the heart of Elmira, New York. The property boasts 4,724 square feet and offers a compelling 8.00% cap rate at an asking price of $369,900 ($78.30/sq ft). Built in 1957, this Class B multifamily property currently features six fully occupied units, providing immediate rental income and potential for future growth. Its prime location offers unparalleled convenience, situated within walking distance of shops, restaurants, and businesses. The proximity to Elmira College, St. Joseph's Hospital, and major roadways ensures high tenant demand and easy access to essential amenities. Nearby parks enhance the quality of life for residents. This property represents a strong investment opportunity in a thriving community. Potential buyers must provide proof of funds or prequalification and sign a non-disclosure agreement to access rent rolls and financial details. Interior photos are available upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmira
    County
    Chemung
    State
    New York
    Longitude
    -76.8152247
    Latitude
    42.0859456

    Comparable in this City

    • $575,000
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      West Elmira Eight-Unit Apartment Complex

      Eight-unit apartment complex in West Elmira, excellent investment opportunity.
      919-921 W 1St St, Elmira, NY 14905
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    • $575,000
      Pending

      Elmira Multifamily Investment Opportunity

      Eight-unit apartment complex in West Elmira, excellent investment property.
      919-921 W 1St St, Elmira, NY 14905
      View Details
    • New
      $110,000
      2,410 SF

      Elmira Multifamily Property For Sale

      Spacious units with recent updates in historic district.
      54 Hoffman St, Elmira, NY 14905
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    • $159,000
      0.18 Acres

      Spacious Two-Unit Investment Property

      Two-unit property with renovated unit, long-term tenants, and off-street parking.
      551-553 Grove St, Elmira, NY 14905
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    • $53,800

      Elmira Duplex: Blank Canvas Opportunity

      Versatile downtown Elmira duplex with potential for investors or homeowners.
      603-605 W 1St St, Elmira, NY 14905
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    • New
      $190,000
      2,883 SF

      Elmira Triplex: Investment Opportunity

      Well-maintained triplex in Elmira, NY with strong income potential.
      708 W Water St, Elmira, NY 14905
      View Details

    Similar Nearby for Sale

    • $575,000
      Pending

      West Elmira Eight-Unit Apartment Complex

      Eight-unit apartment complex in West Elmira, excellent investment opportunity.
      919-921 W 1St St, Elmira, NY 14905
      View Details
    • $575,000
      Pending

      Elmira Multifamily Investment Opportunity

      Eight-unit apartment complex in West Elmira, excellent investment property.
      919-921 W 1St St, Elmira, NY 14905
      View Details
    • New
      $110,000
      2,410 SF

      Elmira Multifamily Property For Sale

      Spacious units with recent updates in historic district.
      54 Hoffman St, Elmira, NY 14905
      View Details
    • $159,000
      0.18 Acres

      Spacious Two-Unit Investment Property

      Two-unit property with renovated unit, long-term tenants, and off-street parking.
      551-553 Grove St, Elmira, NY 14905
      View Details
    • $53,800

      Elmira Duplex: Blank Canvas Opportunity

      Versatile downtown Elmira duplex with potential for investors or homeowners.
      603-605 W 1St St, Elmira, NY 14905
      View Details
    • New
      $190,000
      2,883 SF

      Elmira Triplex: Investment Opportunity

      Well-maintained triplex in Elmira, NY with strong income potential.
      708 W Water St, Elmira, NY 14905
      View Details

    Similar Nearby for Lease

    • $1,200 /Mo
      1,500 SF

      Elmira Commercial Space For Rent

      Commercial space on a high traffic, visible corner in Elmira.
      642 W Water St, Elmira, NY 14905
      View Details
    • $1,200 /Mo

      Elmira Commercial Space Available

      Commercial space on high-traffic corner with multiple rooms and entrances.
      642 w Water St, Elmira, NY 14905
      View Details
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    452 Water St
    Elmira, NY 14905
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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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