REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 525,000
Price Dropped by $24K
24 Monroe ST Ellicottville, NY 14731
2,206 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Rent
Square Footage 2,206 sqft
MLS Listing ID B1657936
Construction Status Existing
HOA Y/N No
Year Built 1900
Annual Tax Amount $5,704
Lot Size 1,598 Sqft
Acres 0.0367
Lot Dimensions 20X80
Property Description
Stabilized downtown Ellicottville investment opportunity in the absolute heart of one of Western New York's most sought after year round resort communities. 24 Monroe Street is a fully leased two story commercial building located directly in the Village center within the Ellicottville Historic District, offering investors immediate income in a premier destination market. The current tenant is secured under lease through 2027 at $4500 per month, providing long term stability and dependable cash flow from day one. Offered at an approximate 7% cap rate, this property presents an outstanding opportunity for the discerning investor seeking yield, preservation of capital, and long term appreciation. Ellicottville continues to attract strong year round traffic driven by its ski resorts, festivals, dining scene, shopping, and four season tourism, creating consistent demand for downtown commercial space. The building offers approximately 2200 square feet over two levels with a proven history of successful commercial use and excellent visibility along Monroe Street. This is the type of asset investors hold for decades due to the irreplaceable village location and limited supply of downtown inventory. In addition to the strong in place lease, the property offers future flexibility for a buyer seeking potential mixed use configuration with commercial on the lower level and possible residential use above, subject to all zoning and municipal approvals, or simply continue as a hands off income producing asset. This property is well suited for 1031 tax deferred exchange buyers, portfolio holders, or investors seeking to place capital in a high demand resort market with stable tenancy and long term upside. Buyer to verify all income, uses, zoning, and redevelopment possibilities through their own due diligence.
Location
State NY
County Cattaraugus
Area Ellicottville-Village-043601
Interior
Heating Gas, Forced Air
Inclusions Business Only
Fireplace No
Exterior
Utilities Available Sewer Connected, Water Connected
Roof Type Flat
Building
Lot Description Rectangular, Rectangular Lot
Story 2
Sewer Public Sewer
Water Public
Level or Stories Two
Construction Status Existing
Schools
School District Ellicottville
Others
Tax ID 043601-055-035-0006-004-000-0000
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition Standard
Listed by 716 Realty Group WNY LLC 716-864-1055
NEARBY SCHOOLS & PROPERTIES