2096 College Ave, Elmira, NY 14903

Description

Mixed-use investment opportunity with over $30,000/year in current rental income and additional upside from a 4th unit! This well-maintained property features 3 income-producing residential units in the main building, each with a private entrance, plus a detached garage ADU that, with just a couple finishing projects, could generate an additional $800/month or more. Zoned for both commercial and residential use, the property offers excellent flexibility for investors, owner-occupants, or entrepreneurs. Formerly home to Angela's Hair Salon, the building has been thoughtfully converted to residential use while retaining the potential for future commercial use. The 1st floor includes a 2-bedroom apartment with laundry hookup and vaulted ceilings, plus a studio apartment with vaulted ceilings, kitchenette, walk-in shower, and flexible living space. Upstairs is a 1-bedroom apartment with separate utilities and its own furnace. The lower rear unit is handicap accessible with ramp access. Everything is in great shape and well maintained. A large paved parking lot accommodates approximately 12 cars and includes exterior lighting. Commercial signage on the front and side of the building conveys with the sale. The basement offers 2 laundry hookups and additional finished space formerly used as a salon break room, complete with electricity and a sink, providing flexibility for storage, tenant amenities, or future use. The detached garage ADU is a hidden bonus. Take a look at the photos—who would have guessed a secret studio could be so gorgeous? All it needs is a range and completion of the bathroom to become a possible 4th unit. Current rents: Unit A $975/month (utilities included), Unit B $763/month plus utilities, and Unit C $800/month (utilities included). Unit D, the garage ADU, has never been rented and offers significant additional income potential. Current rents are below market rates. Add the potential 4th unit and you have true cash flow potential, PLUS the sellers also own the 2-unit next door and may be willing to sell both properties together for the right package price. Showings require 48 hours' notice and must be accompanied by the seller's agent.