514 State St Olean, NY 14760
- Investment properties
- 6,120 SF
- 0.16 lot acres
Current Use by Public Records
- Gabriel Wigs & Hair Goods / Wig Shop / Beauty Salon
Property Details for 514 State St
- Year built
- 1910
- Lot size
- 0.16 lot acres
- Property size
- 6,120 SF
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 041200 94.064-9-13
- APU
- 4120094064913
Description
This exceptional six-unit property at 514 W State St, Olean, NY presents a compelling investment opportunity. Boasting a total of 9,180 square feet on a 0.16-acre lot, this building offers a unique blend of commercial and residential income streams. Two street-level commercial spaces are available, with one currently occupied, providing immediate rental income. The upper floors house four occupied residential apartments, totaling 3,060 square feet. The apartment layout includes one two-bedroom, one-bathroom unit and three one-bedroom, one-bathroom units. The building benefits from a recently installed roof (2022) and some newer windows, minimizing immediate maintenance concerns. Off-street parking is provided for three to four vehicles in the rear of the building. Its highly visible location on West State Street ensures excellent exposure for any commercial tenant. This property is priced at $189,000 and offers a rare chance to own a mixed-use building with established rental income and significant commercial potential. The substantial square footage and existing occupancy make this an attractive proposition for investors seeking a strong return on investment. The combination of commercial and residential units provides diversification and stability, making this a truly unique opportunity in the Olean market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Olean
- County
- Cattaraugus
- State
- New York
- Longitude
- -78.4359
- Latitude
- 42.0778
- CBSA code
- 36460
- CBSA name
- OLEAN, NY MICROPOLITAN STATISTICAL AREA
