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    Property profile & analytics

    515 W State St Olean, NY 14760

    • Auto shops
    • 32,844 SF
    • 0.51 lot acres
    For Sale
    View listing
    $685,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1220784
    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

    • Dunn Tire / Auto Repair Shop / Car Repair And Maintenance Service

    Property Details for 515 W State St

    Year built
    1920
    Lot size
    0.51 lot acres
    Property size
    32,844 SF
    Property type
    Auto shops
    APN
    041200 94.064-14-2
    APU
    4120094064142

    Description

    This exceptional investment opportunity presents a two-unit, 32,844-square-foot retail building in Olean, NY, boasting a 10% cap rate and 100% occupancy. Located on a 0.51-acre lot at 515 W State St, this Class B property is situated in a high-traffic area of Olean's main commercial corridor, offering excellent visibility and proximity to numerous shops and restaurants. Currently occupied by Dunn Tire and WNY Glass & Door Co., the building features three garage doors, ample storage, and a two-story design. The asking price is $699,000, translating to $21.28 per square foot. Its prime location offers easy access to St. Bonaventure University, further enhancing its appeal and potential for strong rental income. This stabilized investment is ideal for discerning buyers seeking a high-return, multi-tenant property in a thriving commercial area. The property's strong tenant base and desirable location make it a compelling investment opportunity with significant long-term potential. This is a rare chance to acquire a well-positioned, income-producing asset in a growing market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $490,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $969,000
      Market price range: $969k - $3.43M

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

    Location Insight

    • Map
    • Local Demand
    City
    Olean
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.4359
    Latitude
    42.0771
    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
    $30,200
    $339,800
    $370,000
    -
    $38,718
    $435,641
    $474,359

    Comparable in this City

    • Value Estimation
      $590,000
      8,050 SF

      2450 Constitution Ave

      AUTO REPAIR, GARAGE • 8,050 SF
      2450 Constitution Ave, Olean, NY 14760-1840
      View Details
    • Value Estimation by Request
      2.15 Acres

      1712 State St

      AUTO REPAIR, GARAGE • 2.15 Acres
      1712 State St, Olean, NY 14760
      View Details
    • Value Estimation by Request
      6,818 SF

      813 State St

      AUTO REPAIR, GARAGE • 6,818 SF
      813 State St, Olean, NY 14760-3803
      View Details
    • Value Estimation
      $800,000
      26,068 SF

      921 4th St

      AUTO REPAIR, GARAGE • 26,068 SF
      921 4th St, Olean, NY 14760-1242
      View Details
    • Value Estimation by Request
      6,250 SF

      602 State St

      AUTO REPAIR, GARAGE • 6,250 SF
      602 State St, Olean, NY 14760-2337
      View Details
    • Value Estimation by Request
      2,520 SF

      911 Reed St

      AUTO REPAIR, GARAGE • 2,520 SF
      911 Reed St, Olean, NY 14760-2218
      View Details

    Similar Nearby for Sale

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    • $1,399,500
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      Olean Commercial Property For Sale

      2,696 SF commercial building in Olean, NY for sale.
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    • $685,000
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      Commercial Building with Redevelopment Potential

      Fully leased commercial building with redevelopment potential on second floor.
      515 W State St, Olean, NY 14760
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      High Visibility Retail Store Location

      Retail showroom/office with over 7,000 sq ft.
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    • $1,488,100
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      NNN Leased Dollar General Investment

      Absolute NNN leased Dollar General in Olean, NY for sale.
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    Similar Nearby for Lease

    • New
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      Pending

      Versatile Commercial Property, Olean, NY

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      High-visibility commercial property with flexible space and ample parking.
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    • $14,000 /Mo
      5,000 SF

      Turnkey Restaurant & Event Space

      Ready-to-go restaurant and entertainment venue with wow factor.
      800 E State Bar/Restaraunt St, Olean, NY 14760
      View Details
    • Contact for pricing

      Regional Mall Retail Space Available

      Retail spaces available in regional mall with high traffic.
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    • $8,000 /Mo
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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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      View Details
    • Contact for pricing
      82,626 SF

      2610 State St

      Restaurants • 82,626 SF
      2610 State St, Olean, NY 14760
      View Details
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    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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