718 Lk St Elmira, NY 14901-2539
recognize the unique role which the historic distri ct has played in the formation, growth and life of the City of Elmira. Due to the locatio n along a major transportation route in the City, the area has evolved into a mixed use service/residential area that is close in, but functions secondary to the Central Business Distric t. Because this area is within…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2020Comparables
6 recent transactions · within 1.5 miComparable in this City
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Property description
Physical attributes from public recordsZoning & alternative use
CT · Elmira, NYrecognize the unique role which the historic distri ct has played in the formation, growth and life of the City of Elmira. Due to the locatio n along a major transportation route in the City, the area has evolved into a mixed use service/residential area that is close in, but functions secondary to the Central Business Distric t. Because this area is within an historic district many of the structures have remai ned in-tact and green landscaping has taken priority over parking lots. The intent is to preserve the use, function, and appearance that exists as of the date of this ordinance. 250.10 Business E District Intent. [General Commercial] This district is intended to create, preserve and e nhance business areas devoted to general commercial services and wholesaling activities. Su ch areas would include a variety of commercial enterprises which are essential to the e conomy of the City, but which are frequently incompatible with residential areas and with the operations of a retail shopping City of Elmira Zoning Ordinance Adopted December 21, 1998, a s amended Elmira City Hall E-Document 23 Revised 2/10 or office area, or other types of business areas, b ut are typically appropriate to centralized areas near major arterials, industrial concentratio ns, or in the vicinity of transportation lines or transportation terminal points. 250.11 Business G District Intent. [Gateway Commercial] This district is intended to protect and enhance th e primary gateways into the City of Elmira from NYS Route 17 along E. Church and E. Wat er Streets. It is characterized by its location along a major thoroughfare and proximi ty to commercial, cultural and employment centers. In permitting mixed uses, this district will maximize the benefits of location and existing infrastructure such as public transportation, sewer and water. The traffic and activity of this area lessens the desir ability for single family living, while the accessibility and exposure provide an environment s uitable for certain professional and business offices which can exist in close proximity to dwellings without adversely affecting the residential environment. The locatio n of commercial and office uses in this district should not necessarily be related to retai l trade. Rather, the commercial and office uses should complement and provide basic ser vices to the residential use. All development within this district should maintain a high quality of development so as to enhance, through landscape plantings and minimal cu rb-cuts along E. Church Street, the City’s primary gateway.
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Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.