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Property profile & analytics
OFF-MARKET
Estimated value
$3,795,000
Medical Office Space
48 Colonial Dr Horseheads, NY 14845-8532
Entity Owned
15-yr Hold
Free & Clear
Property ID
US63-5435843
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Year built
1978
Total area
54,664 SF
Lot
5.14 ac (223,898 SF)
Zoning code
TH08
APN
073489 58.04-1-4.2
UPID
US63-5435843
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
$3.67M
Blend (final)
Blend
$3.80M
Owner & transaction history
Elcor Nr Realty, LLC · 15 yrs held
Elcor Nr Realty, LLC
since 2011
1 recorded transaction
Zoning & alternative use
TH08 · Horseheads, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$5.5M
+87.0%
Restaurant
$4.6M
+56.3%
Office building
$3.7M
+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
$2,940,000
Current use
COMMERCIAL (GENERAL)
$5,500,000
Change: +87% · Conversion: Easy
RESTAURANT
$4,595,000
Change: +56% · Conversion: Difficult
OFFICE BUILDING
$3,725,000
Change: +27% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,560,000
Change: +21% · Conversion: Difficult
Blend value · Realmo final
$3.80M
Range $3.42M – $4.17M · ±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
$69 / 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
$43,373
Tax year 2020
Assessed value
$4,900,000
Assessed 2023
Previous assessed
$4,900,000
+0.0% YoY
Effective rate
0.89%
On assessed value
Assessed land
$2,064,500
Assessed improvement
$2,835,500
Land market value
$2,085,354
Improvement market value
$2,864,141
Total market value
$4,949,495
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
1978
Cooling
PARTIAL
Buildings
1
Stories
2
Total area
54,664 SF
Lot
5.14 ac (223,898 SF)
Zoning code
TH08
APN
073489 58.04-1-4.2
UPID
US63-5435843
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
$2.9M
COMMERCIAL (GENERAL)
Est. value
$5.5M
RESTAURANT
Est. value
$4.6M
OFFICE BUILDING
Est. value
$3.7M
AUTO REPAIR, GARAGE
Est. value
$3.6M
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
1978
Cooling
Yes
Stories
2
Buildings
1
Lot
5.14 ac
Current owner
From public records · entity-resolved
Elcor Nr Realty, LLC
Entity
Free & Clear · 15 yrs held
Mailing address
48 COLONIAL DR, HORSEHEADS, NY 14845-8532
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 27, 2011
$3,600,000
Elcor Nr Realty, LLC
Elcor Mm LLC
Deed
—
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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