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451 Market St 17 Unit Apartment Building $840,000 ($49,412/Unit) 9.30% Cap Rate Elmira, NY 14901
Investment Highlights
- Rare opportunity to invest in a stable, income-generating 17-unit mixed-use property on Elmira’s high-visibility East Market Street.
Executive Summary
Rare opportunity to invest in a stable, income-generating 17-unit mixed-use property on Elmira’s high-visibility East Market Street, featuring 15 residential apartments and 2 commercial spaces. The unit mix includes 4 one-bedroom, 9 two-bedroom, and 2 three-bedroom apartments; gas utilities are tenant-paid. The property also offers 6 secure basement storage units (four 15×20 ft and two 10×10 ft) that can generate additional income. Prime East Market Street location with included off-street parking at 154 & 158 Fox Street, and an 8.69% cap rate.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$146,460
|
$5.68
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$146,460
|
$5.68
|
| Taxes |
$15,536
|
$0.60
|
| Operating Expenses |
$52,838
|
$2.05
|
| Total Expenses |
$68,374
|
$2.65
|
| Net Operating Income |
$78,086
|
$3.03
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $146,460 |
| Annual Per SF | $5.68 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $146,460 |
| Annual Per SF | $5.68 |
| Taxes | |
|---|---|
| Annual | $15,536 |
| Annual Per SF | $0.60 |
| Operating Expenses | |
|---|---|
| Annual | $52,838 |
| Annual Per SF | $2.05 |
| Total Expenses | |
|---|---|
| Annual | $68,374 |
| Annual Per SF | $2.65 |
| Net Operating Income | |
|---|---|
| Annual | $78,086 |
| Annual Per SF | $3.03 |
Property Facts
| Price | $840,000 | Building Class | C |
| Price Per Unit | $49,412 | Lot Size | 0.21 AC |
| Sale Type | Investment | Building Size | 25,804 SF |
| Cap Rate | 9.30% | No. Stories | 2 |
| No. Units | 17 | Year Built/Renovated | 1920/2016 |
| Property Type | Multifamily | Parking Ratio | 0.88/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | BB - Central Commercial District | ||
| Price | $840,000 |
| Price Per Unit | $49,412 |
| Sale Type | Investment |
| Cap Rate | 9.30% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 25,804 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1920/2016 |
| Parking Ratio | 0.88/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | BB - Central Commercial District |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Gas Range
- Walk-Up
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 070400-089-020-0001-031-000-0000 | Total Assessment | $175,000 |
| Land Assessment | $23,000 | Annual Taxes | $15,536 ($0.60/SF) |
| Improvements Assessment | $152,000 | Tax Year | 2024 |
Property Taxes
Parcel Number
070400-089-020-0001-031-000-0000
Land Assessment
$23,000
Improvements Assessment
$152,000
Total Assessment
$175,000
Annual Taxes
$15,536 ($0.60/SF)
Tax Year
2024
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451 Market St
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