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451 Market St 17 Unit Apartment Building $1,150,556 CAD ($67,680 CAD/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 (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$200,608
|
$7.77
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$200,608
|
$7.77
|
| Taxes |
$21,280
|
$0.82
|
| Operating Expenses |
$72,373
|
$2.80
|
| Total Expenses |
$93,653
|
$3.63
|
| Net Operating Income |
$106,955
|
$4.14
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $200,608 |
| Annual Per SF | $7.77 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $200,608 |
| Annual Per SF | $7.77 |
| Taxes (CAD) | |
|---|---|
| Annual | $21,280 |
| Annual Per SF | $0.82 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $72,373 |
| Annual Per SF | $2.80 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $93,653 |
| Annual Per SF | $3.63 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $106,955 |
| Annual Per SF | $4.14 |
Property Facts
| Price | $1,150,556 CAD | Building Class | C |
| Price Per Unit | $67,680 CAD | 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 | $1,150,556 CAD |
| Price Per Unit | $67,680 CAD |
| 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 | $243,476 CAD |
| Land Assessment | $32,000 CAD | Annual Taxes | $21,280 CAD ($0.82 CAD/SF) |
| Improvements Assessment | $211,476 CAD | Tax Year | 2024 |
Property Taxes
Parcel Number
070400-089-020-0001-031-000-0000
Land Assessment
$32,000 CAD
Improvements Assessment
$211,476 CAD
Total Assessment
$243,476 CAD
Annual Taxes
$21,280 CAD ($0.82 CAD/SF)
Tax Year
2024
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451 Market St
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