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Property profile & analytics
OFF-MARKET
Estimated value
$2,045,000
Medical Office Space
48 Colonial Dr, Horseheads, NY 14845-8532
Entity Owned
~
Est. High Equity
Property ID
US63-4235873
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Year built
1967
Total area
27,440 SF
Lot
11.48 ac (500,069 SF)
Zoning code
TH08
APN
073489 58.04-1-19
UPID
US63-4235873
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Karin Gaul Physician
-
Maple Creek Eliot Nursing & Rehabilitation Center Nursing Home
-
Ivy Obstetrics & Gynecology: Melendez Barbara A MD Physician
-
Sam Thompson Physician
-
Shoemaker Barbara K Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.02M
Blend (final)
Blend
$2.05M
Owner & transaction history
Elcor Nr Realty LLC
Elcor Nr Realty LLC
since 2025
2 recorded transactions
Zoning & alternative use
TH08 · Horseheads, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.8M
+87.0%
Restaurant
$2.3M
+56.3%
Office building
$1.9M
+26.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Horseheads submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Horseheads submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,475,000
Current use
COMMERCIAL (GENERAL)
$2,760,000
Change: +87% · Conversion: Easy
RESTAURANT
$2,305,000
Change: +56% · Conversion: Difficult
OFFICE BUILDING
$1,870,000
Change: +27% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,790,000
Change: +21% · Conversion: Difficult
Blend value · Realmo final
$2.05M
Range $1.84M – $2.25M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$75 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$29,114
Tax year 2020
Assessed value
$2,700,000
Assessed 2023
Previous assessed
$2,700,000
+0.0% YoY
Effective rate
1.08%
On assessed value
Assessed land
$1,470,500
Assessed improvement
$1,229,500
Land market value
$1,485,354
Improvement market value
$1,241,919
Total market value
$2,727,273
Applied tax rate
73,401.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Status
Off-Market
Year built
1967
Heating
NONE
Buildings
1
Stories
1
Total area
27,440 SF
Lot
11.48 ac (500,069 SF)
Zoning code
TH08
APN
073489 58.04-1-19
UPID
US63-4235873
Jurisdiction
CHEMUNG
Zoning & alternative use
TH08 · Horseheads, NY
Zoning TH08 · permitted uses
TH08 · Horseheads, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Horseheads. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$1.5M
COMMERCIAL (GENERAL)
Est. value
$2.8M
RESTAURANT
Est. value
$2.3M
OFFICE BUILDING
Est. value
$1.9M
AUTO REPAIR, GARAGE
Est. value
$1.8M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
RESTAURANT
OFFICE BUILDING
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1967
Heating
NONE
Stories
1
Buildings
1
Lot
11.48 ac
Current owner
From public records · entity-resolved
Elcor Nr Realty LLC
Entity
Mailing address
48 COLONIAL DR, HORSEHEADS, NY 14845-8532
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 28, 2025
—
Elcor Nr Realty LLC
—
Deed
related
$13,242,015 · Metropolitan Commercial Bank
Jun 28, 2023
—
Elcor Nr Realty LLC
—
Deed
related
$4,042,407 · Metropolitan Commercial Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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