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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    72 Market St Corning, NY 14830-2744

    • Investment properties
    • 8,400 SF
    • 0.04 lot acres
    OFF-MARKET
    Last Sale
    Oct 10, 2024
    $725,000
    Value Estimations
    $700,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5730659
    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

    • Glaswerk Optical / Ophthalmologist / (Bike/Boat/Book/etc) Store

    Property Details for 72 Market St

    Year built
    1893
    Lot size
    0.04 lot acres
    Property size
    8,400 SF
    Zone code
    C
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    460300 318.45-01-008.000
    APU
    4603003184501008000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $630,000
      ML approach
      $605,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $724,000
      Market price range: $464k - $842k
      AI Estimate
      $788,000
      Market price range: $436k - $925k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $630,000
      Current use
      RESTAURANT
      $780,000
      Change: +24% Conversion: Difficult
      OFFICE BUILDING
      $555,000
      Change: -12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Corning
    County
    Steuben
    State
    New York
    Longitude
    -77.0516
    Latitude
    42.1427
    CBSA code
    18500
    CBSA name
    CORNING, 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
    $40,000
    $690,000
    $730,000
    -
    $40,000
    $690,000
    $730,000

    Comparable in this City

    • Value Estimation by Request
      2,299 SF

      265 Pulteney St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,299 SF
      265 Pulteney St, Corning, NY 14830-2165
      View Details
    • Value Estimation by Request
      3,543 SF

      79 Denison W Pkwy

      OFFICE/RESIDENTIAL (MIXED USE) • 3,543 SF
      79 Denison W Pkwy, Corning, NY 14830
      View Details
    • Value Estimation by Request
      1,890 SF

      77 Denison W Pkwy

      OFFICE/RESIDENTIAL (MIXED USE) • 1,890 SF
      77 Denison W Pkwy, Corning, NY 14830-2515
      View Details
    • Value Estimation
      $965,000
      8,326 SF

      54-56 Market St

      OFFICE/RESIDENTIAL (MIXED USE) • 8,326 SF
      54-56 Market St, Corning, NY 14830
      View Details
    • Value Estimation by Request
      1,497 SF

      81 Market St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,497 SF
      81 Market St, Corning, NY 14830-2708
      View Details
    • Value Estimation by Request
      1,470 SF

      119 Market St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,470 SF
      119 Market St, Corning, NY 14830-2519
      View Details

    Similar Nearby for Sale

    • $149,900
      Pending

      Retail Building on Market Street

      Two-story retail building in Corning's historic Market Street.
      10 W Market St, Corning, NY 14830
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    • $1,495,000
      17,760 SF

      Prime Corning Office Building

      Mixed-use, Class A, high-return potential.
      76-82 Market St, Corning, NY 14830
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    • $400,000

      Remodeled Mixed-Use Building with Apartments

      Mixed-use building with remodeled apartments and retail space.
      9 Ontario St, Corning, NY 14830
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      9,816 SF

      Unique Corning Commercial Space

      Spacious church, 9,816 sq ft, 1.6 acres
      11189 Hendy Hollow Rd, Corning, NY 14830
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    • $225,000
      4,928 SF

      Medical Office with Parking

      Medical office building featuring exam rooms and parking.
      135 Walnut St, Corning, NY 14830
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    • $750,000

      Prime Commercial Out-Parcel Opportunity

      1-acre out-parcel in grocery-anchored center, development opportunity.
      360 W William St, Corning, NY 14830
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    Similar Nearby for Lease

    • Contact for pricing
      4,247 SF

      Market Street Retail/Office Space

      Retail and office spaces available in historic Market Street.
      54-58 E Market St, Corning, NY 14830
      View Details
    • $16 SF/Yr
      45,524 SF

      Githler Tanner Building Office Space

      Office building with 45,524 square feet available for rent.
      2 Denison Pkwy East, Corning, NY 14830
      View Details
    • $16 SF/Yr
      45,524 SF

      Medical Office Suite For Rent

      Turn-key medical office suite available for immediate occupancy.
      2 Denison Pkwy East, Corning, NY 14830
      View Details
    • $3,000 /Mo

      Market Street Office Space Available

      Office space for lease in Corning's Gaffer District.
      17-19 E Market St, Corning, NY 14830
      View Details
    • $22 SF/Yr

      Grocery Anchored Retail Space Available

      New 2,448 SF retail space in Corning, NY.
      360 Pulteney St West, Corning, NY 14830
      View Details
    • $12 SF/Yr
      4,000 SF

      Office Space Available For Lease

      Office space for lease, currently occupied until September 2025.
      71 Denison Pkwy West, Corning, NY 14830
      View Details
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    72 Market St
    Corning, NY 14830-2744
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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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