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451 Market St 15 Unit Apartment Building $1,163,509 CAD ($77,567 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 |
$202,866
|
$7.86
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$202,866
|
$7.86
|
| Taxes |
$21,519
|
$0.83
|
| Operating Expenses |
$73,188
|
$2.84
|
| Total Expenses |
$94,707
|
$3.67
|
| Net Operating Income |
$108,159
|
$4.19
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $202,866 |
| Annual Per SF | $7.86 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $202,866 |
| Annual Per SF | $7.86 |
| Taxes (CAD) | |
|---|---|
| Annual | $21,519 |
| Annual Per SF | $0.83 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $73,188 |
| Annual Per SF | $2.84 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $94,707 |
| Annual Per SF | $3.67 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $108,159 |
| Annual Per SF | $4.19 |
Property Facts Under Contract
| Price | $1,163,509 CAD | Building Class | C |
| Price Per Unit | $77,567 CAD | Lot Size | 0.21 AC |
| Sale Type | Investment | Building Size | 25,804 SF |
| Cap Rate | 9.30% | Average Occupancy | 82% |
| No. Units | 15 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2016 |
| Property Subtype | Apartment | Parking Ratio | 0.88/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | BB - Central Commercial District | ||
| Price | $1,163,509 CAD |
| Price Per Unit | $77,567 CAD |
| Sale Type | Investment |
| Cap Rate | 9.30% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 25,804 SF |
| Average Occupancy | 82% |
| 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
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 9 | - | - |
| 3+1 | 2 | - | - |
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 | $242,398 CAD (2025) |
| Land Assessment | $31,858 CAD (2025) | Annual Taxes | $21,519 CAD ($0.83 CAD/SF) |
| Improvements Assessment | $210,540 CAD (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
070400-089-020-0001-031-000-0000
Land Assessment
$31,858 CAD (2025)
Improvements Assessment
$210,540 CAD (2025)
Total Assessment
$242,398 CAD (2025)
Annual Taxes
$21,519 CAD ($0.83 CAD/SF)
Tax Year
2024
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451 Market St
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