Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    52 Elm St Cortland, NY 13045-2215
    Back to Search
    Property profile & analytics

    52 Elm St, Cortland, NY 13045-2215

    View on Map
    • Turn key restaurants
    • 6,467 SF
    • 0.21 lot acres
    Off-Market
    Property ID
    US63-1639002
    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

    • ATM / Atm
    • Palm Gardens / Bar & Pub / Restaurant

    Property Details for 52 Elm St

    Year built
    1972
    Lot size
    0.21 lot acres
    Zone code
    05 - COMMERCIAL
    Property type
    Turn key restaurants
    APN
    110200 86.51-02-28.000
    APU
    11020086510228000

    Description

    This exceptional 8,854 square foot mixed-use building, situated on a 0.21-acre lot at 52 Elm Street in Cortland, NY, presents a unique investment opportunity. Boasting a rich history as a former fire station, this property currently operates as a thriving bar and tavern, complete with a dining area, an attractive bar, a fully equipped kitchen featuring an Ansul fire suppression system and exhaust hood. Recent upgrades include a new rubber roof (installed within the last five years), the addition of central air conditioning, new flooring throughout, updated electrical systems, and a new furnace. Significant improvements have also been made to the apartments. The second floor comprises two 2-3 bedroom apartments, while the third floor offers two 2-bedroom apartments. Each apartment currently rents for $650 per month plus utilities. The fourth floor provides ample attic storage space. A comprehensive sprinkler system is installed throughout the building for enhanced safety. This turnkey operation offers a blend of commercial and residential income streams, making it an attractive proposition for discerning investors seeking a well-maintained, historically significant property with strong rental potential in a desirable location. The property's combination of historical charm and modern updates creates a compelling investment opportunity.

    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
    Cortland
    County
    Cortland
    State
    New York
    Longitude
    -76.1734
    Latitude
    42.6024
    CBSA code
    18660
    CBSA name
    CORTLAND, 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
    2023
    $5,543
    $24,100
    $125,900
    $150,000
    -
    $33,014
    $172,465
    $205,479

    Comparable in this City

    • Value Estimation by Request
      1,250 SF

      105 Main St

      RESTAURANT
      105 Main St, Cortland, NY 13045-2610
      View Details
    • Value Estimation by Request
      4,040 SF

      25-27 Groton Ave

      RESTAURANT
      25-27 Groton Ave, Cortland, NY 13045
      View Details
    • Value Estimation by Request
      5,500 SF

      1307 Lk Rd

      RESTAURANT
      1307 Lk Rd, Cortland, NY 13045-8911
      View Details
    • Value Estimation
      $610,000
      10,219 SF

      21 Locust Ave

      RESTAURANT
      21 Locust Ave, Cortland, NY 13045-1411
      View Details
    • Value Estimation
      $555,000
      5,238 SF

      873 State Rte 13

      RESTAURANT
      873 State Rte 13, Cortland, NY 13045-3525
      View Details
    • Value Estimation by Request
      3,418 SF

      3638 State Rte 281

      RESTAURANT
      3638 State Rte 281, Cortland, NY 13045
      View Details

    Similar Nearby for Sale

    • $1,200,000

      Established Ice Cream Shop Portfolio

      Three ice cream shops for sale with real estate.
      109 Homer Ave, Cortland, NY 13045
      View Details
    • $385,000
      Pending

      Cortland Commercial Building with Restaurant Potential

      Commercial building near SUNY Cortland, ideal for restaurant or other ventures.
      219-1/2 Tompkins Street Ext, Cortland, NY 13045
      View Details
    • Contact for pricing
      Pending

      Cortland Commercial Building For Sale

      Commercial building near SUNY Cortland, suitable for various enterprises.
      219-1/2 Tompkins St, Cortland, NY 13045
      View Details
    • Contact for pricing

      Restaurant Opportunity Near SUNY Cortland

      Restaurant-ready building near SUNY Cortland with owner financing available.
      219 Tompkins St, Cortland, NY 13045
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      39,500 SF

      Prime Commercial Space in Cortland

      Premier commercial space in revitalized Downtown Cortland landmark building.
      110 Main St, Cortland, NY 13045
      View Details
    • Contact for pricing

      Restaurant Space Near Greek Peak

      Restaurant space with outdoor seating near a ski resort.
      1208 Church St, Cortland, NY 13045
      View Details
    • $18 SF/Yr

      Retail Space in West Gate Plaza

      Bright, open retail spaces in a high-traffic, renovated plaza.
      3505 West Rd, Munsons Corners, NY 13045
      View Details
    • $795 /Mo

      Renovated Storefront on Main Street

      Recently renovated 1,300 SF storefront in high-traffic area.
      130 Main St, Cortland, NY 13045
      View Details
    • Contact for pricing

      Retail Space in Cortland Plaza

      Retail space for lease in Cortlandville Plaza, Cortland, NY.
      3662 Ny-281, Cortland, NY 13045
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    52 Elm St
    Cortland, NY 13045-2215
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    52 Elm St, Cortland, NY, 13045
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!