5 Beds
4 Baths
2,452 SqFt
5 Beds
4 Baths
2,452 SqFt
Key Details
Property Type Multi-Family, Mobile Home
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,452 sqft
Price per Sqft $52
MLS Listing ID R1687931
Bedrooms 5
Full Baths 3
Half Baths 1
Construction Status Existing
HOA Y/N No
Year Built 1910
Annual Tax Amount $2,520
Lot Size 4,700 Sqft
Acres 0.1079
Lot Dimensions 50X94
Property Sub-Type Multi Family
Property Description
Excellent opportunity to acquire a well-maintained mixed-use 4-unit property in Elmira featuring three residential apartments and one commercial space. The building has been recently updated with modern flooring, refreshed interiors, and overall well-maintained units, making it ideal for both seasoned investors and owner-operators.
The residential portion consists of one 1-bedroom apartment renting for $900/month (utilities included except garbage), one 2-bedroom/1-bath apartment renting for $1,200/month (utilities included except garbage), and one 2-bedroom/1-bath apartment renting for $900/month plus gas and garbage. One unit features a beautifully tiled shower and updated bathroom finishes. All residential tenants are currently on month-to-month leases, providing flexibility for future rent adjustments or owner occupancy.
The commercial space, previously rented for $800/month (utilities included except garbage), is currently vacant and used for storage, offering immediate upside potential through lease-up. Once the commercial space is re-rented, the projected gross rent roll would be just under $4,000 per month, with additional room to increase rents over time given the updated condition of the units and strong demand for quality rentals in the area.
This property offers a strong mix of residential stability and commercial income potential, with updated interiors and minimal deferred maintenance. Ideal opportunity to increase cash flow through lease-up of the commercial space and optimization of rents over time.
Don't miss this chance to add a versatile mixed-use asset to your portfolio in a steadily improving rental market. Building being sold as-is
Location
State NY
County Chemung
Area Elmira-City-070400
Rooms
Basement Full
Interior
Heating Gas, Forced Air, Wall Furnace
Flooring Luxury Vinyl
Fireplace No
Appliance Gas Water Heater
Exterior
Garage Spaces 2.0
Utilities Available Sewer Connected, Water Connected
Garage Yes
Building
Lot Description Rectangular, Rectangular Lot
Story 2
Sewer Connected
Water Connected, Public
Level or Stories Two
Structure Type Composite Siding
Construction Status Existing
Schools
School District Elmira
Others
Senior Community No
Tax ID 070400-089-016-0001-032-000-0000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Nearby Locations
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