Log In/Sign Up
Your email has been sent.
Value-Add High-Traffic Retail Investment 299 S Main St 98,330 SF 19% Leased Retail Building Online Auction Sale Elmira, NY 14904
INVESTMENT HIGHLIGHTS
- High-traffic retail center with a lease upside to fill the vacant, 77,000-SF anchor space formerly occupied by Tops Markets.
- Convenient proximity to downtown demand drivers such as the LECOM Event Center, the Clemens Center, the Arnot Art Museum, and St Joseph’s Hospital.
- Supported by a 10-mile population of over 77,000 that produced annual consumer spending of more than $923 million during 2024.
- Located just off Highway 14, with exceptional visibility to over 7,700 daily vehicles, and just a short distance from Interstate 86 / Route 17.
- Performing retail market with vacancies of just 6.5%, a five-year annual average rent growth of 3.9%, and no competing inventory under construction.
- Within a designated Opportunity Zone, benefiting long-term reuse and redevelopment with significant capital gains tax incentives.
EXECUTIVE SUMMARY
Atlantic Capital Partners is pleased to present this exclusive opportunity to acquire 299 S Main Street in Elmira, New York, offering a high-impact retail center with significant lease upside. Currently ±19% occupied by industry-leading tenants such as Dollar Tree and H&R Block, this perfectly positioned shopping center includes substantial growth potential through the leasing of a 77,000-square-foot anchor space formerly occupied by Tops Markets.
Spanning a total of 98,330 square feet originally built in 1996, 299 S Main Street has been well-maintained and is positioned to bring exceptional value for a new owner. The property is situated on an 8.32-acre lot with immediate access from Highway 14. The site is equipped for elevated traffic counts, with on-site parking for 450+ vehicles and prominent pylon signage, which can be seen by more than 7,700 daily vehicles.
299 S Main Street is surrounded by a number of traffic-driving retailers and amenities, benefitting businesses with strong cross-traffic opportunities. An outparcel at the site is occupied by national brands such as Pizza Hut, Zoomtan, and AT&T, while an Aldi and Family Dollar sit directly across the street. The building’s convenient proximity to downtown Elmira also allows for added customer traffic traveling from the area’s most visited destinations, including the LECOM Event Center, the Clemens Center, the Arnot Art Museum, and St. Joseph’s Hospital.
Elmira delivers a valuable environment for retail investment, supported by long-term fundamentals. The region boasts retail vacancies of just 6.5%, while rents have climbed by an average of 3.9% annually during the past five years. With no new space currently under construction, there is little to no supply-side competition impacting leasing efforts at 299 S Main Street. Supporting the area’s appeal for retail tenants, a 10-mile population of more than 77,000 provides an avid shopper base, with average household incomes of over $75,000 and annual consumer spending exceeding $923 million during 2024.
Realize the untapped potential of this lucrative retail investment, combining an easily accessible location, a performing mix of national tenants, and a significant lease upside at 299 S Main Street.
Property tours are by appointment only. Please contact the listing broker to schedule.
Spanning a total of 98,330 square feet originally built in 1996, 299 S Main Street has been well-maintained and is positioned to bring exceptional value for a new owner. The property is situated on an 8.32-acre lot with immediate access from Highway 14. The site is equipped for elevated traffic counts, with on-site parking for 450+ vehicles and prominent pylon signage, which can be seen by more than 7,700 daily vehicles.
299 S Main Street is surrounded by a number of traffic-driving retailers and amenities, benefitting businesses with strong cross-traffic opportunities. An outparcel at the site is occupied by national brands such as Pizza Hut, Zoomtan, and AT&T, while an Aldi and Family Dollar sit directly across the street. The building’s convenient proximity to downtown Elmira also allows for added customer traffic traveling from the area’s most visited destinations, including the LECOM Event Center, the Clemens Center, the Arnot Art Museum, and St. Joseph’s Hospital.
Elmira delivers a valuable environment for retail investment, supported by long-term fundamentals. The region boasts retail vacancies of just 6.5%, while rents have climbed by an average of 3.9% annually during the past five years. With no new space currently under construction, there is little to no supply-side competition impacting leasing efforts at 299 S Main Street. Supporting the area’s appeal for retail tenants, a 10-mile population of more than 77,000 provides an avid shopper base, with average household incomes of over $75,000 and annual consumer spending exceeding $923 million during 2024.
Realize the untapped potential of this lucrative retail investment, combining an easily accessible location, a performing mix of national tenants, and a significant lease upside at 299 S Main Street.
Property tours are by appointment only. Please contact the listing broker to schedule.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Property Information
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Register to Bid Instructions
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Building Size
98,330 SF
Building Class
B
Year Built
1996
Percent Leased
19%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.27
Lot Size
8.32 AC
Opportunity Zone
Yes
Parcel Number
070400-099-007-0006-001-000-0000
Zoning
UMU
Walk Score®
Very Walkable (76)
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
14,917
39,168
47,904
2020 Population
14,224
39,833
49,090
2029 Population
14,772
38,410
46,887
2024-2029 Projected Population Growth
-1.0%
-1.9%
-2.1%
Daytime Employees
11,511
23,165
26,800
Total Businesses
1,138
2,217
2,655
Average Household Income
$51,955
$65,713
$67,961
Median Household Income
$41,574
$50,371
$52,555
Total Consumer Spending
$143.2M
$422.3M
$534.2M
Median Age
37.8
40.8
41.5
2024 Households
6,494
16,574
20,514
Percent College Degree or Above
9%
11%
11%
Average Home Value
$110,099
$133,916
$148,578
NEARBY MAJOR RETAILERS
SALE ADVISOR
SALE ADVISOR
Chris Peterson, Executive Vice President
Chris is a Vice President for Atlantic Capital Partners, where he is responsible for overseeing all analytical and underwriting initiatives for the firm and expanding the Capital Markets Platform. In addition, he also provides advisory services throughout the northeast and mid-Atlantic. Having worked for a leading retail investment sales team and two institutional real estate owners, he’s been involved with the sale, acquisition, or disposition of over $1B in transactions. Prior to joining Atlantic, Chris was a Senior Transactions Associate at SITE Centers (NYSE: SITC) where he was responsible for managing and executing acquisitions and dispositions on a national level. He earned a Bachelor of Arts degree in History from Middlebury College and started his career in real estate working with the retail investment sales teams at Cushman & Wakefield and Newmark Knight Frank, which consistently ranked as the top retail investment sales team in New England.
Outside of the office, Chris is an active supporter of Project C.U.R.E, The Potomac Riverkeeper Network, and Off Their Plate. An active industry leader, he is a member of the International Council of Shopping Centers (ICSC) and NAIOP.
Outside of the office, Chris is an active supporter of Project C.U.R.E, The Potomac Riverkeeper Network, and Off Their Plate. An active industry leader, he is a member of the International Council of Shopping Centers (ICSC) and NAIOP.
ABOUT THE AUCTION TECHNOLOGY
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
Read More
AUCTION CONTACT
Cheri Mascitelli
Contact
Auctioneer License:
Ten-X, Inc. Vibhav Kapila RE Brkr 10991231490
1 of 16
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000
Maximum Transaction Fee
$300,000
Example Calculation
Winning Bid Amount
$5,000,000
Transaction Fee
$150,000 (3%)
Total Purchase Price
$5,150,000
Presented by
Value-Add High-Traffic Retail Investment | 299 S Main St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Presented by
Value-Add High-Traffic Retail Investment | 299 S Main St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.