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Classic Auction - Industrial

50,000 SF Commercial Building – Full City Block

201 Baldwin Street, Elmira, NY 14901

ClosedDecember 17th, 2020
This asset was part of the November 12th, 2020 sale event, resulting in a successful transaction that closed in just 35 days.

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  • Asset Type
  • Real Estate
  • Property Type
  • Industrial
  • Land Area
  • 1.64 Acres
  • Year Built
  • 1963
  • Number of Floors
  • 2
  • Number of Buildings
  • 1
  • Occupancy
  • 0%
  • Occupancy as of
  • Sep 29, 2020
  • Industrial Type
  • Flex
  • Property Size
  • 49,881 Sq Ft

50,000 SF Commercial Building – Full City Block

Investment Highlights

  • ±49,881 SF office/industrial building on full city block in downtown Elmira, NY
  • Zoned BB, Central Business District
  • Federal Opportunity Zone
  • Economic Development Grants available
  • Well positioned within submarket with easy access to I-86


Offering Details

CBRE and RealINSIGHT Marketplace are proud to present 201 Baldwin St and 201 Market St E, offering investors the rare opportunity to acquire a ±49,881 SF building on a full city block in downtown Elmira, New York.

Formerly home to the Elmira Star-Gazette newspaper, the office building features private offices, bullpen areas, conference rooms and press rooms.  This building and adjacent parking lot sit on 1.64 acres directly across the street from Clemens Center entertainment complex, numerous downtown office buildings and Chemung County Municipal buildings. The Property is in a mature market with solid rents and low occupancy. Office vacancies were essentially in line with the ten-year average and industrial rents in the Elmira Market were rising at a 4.6% annual rate during the fourth quarter of 2020 and have posted an average annual gain of 4.4% over the past three years.  The Property is in a Federal Opportunity Zone and has potential for a single user or for an investor to subdivide into a multi-tenant facility for incubator space, manufacturing, office, and warehouse. The property falls within Elmira's target redevelopment zone with a myriad of economic development programs available to assist redevelopment. This is the largest available building on the market in Elmira and being offered below replacement value.

Elmira is the largest city and county seat of Chemung County located near the Pennsylvania border in in the stunning Finger Lakes region of southern New York. Greater Elmira and the Southern Tier of New York is an area rich in history for the United States. Mark Twain penned several of his literary classics and summered in Elmira for more than 20 years. Propelled by price-conscious buyers of all generations interested in urban living, Elmira is known for its housing affordability compared to New York City and other nearby larger cities, its population density, accessibility, higher education, quality of life, commute times, health care costs, arts vibrancy and a budding wine destination in the picturesque Finger Lakes Region.

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

ClosedDecember 17th, 2020
This asset was part of the November 12th, 2020 sale event, resulting in a successful transaction that closed in just 35 days.

Ready to sell your asset on the platform with the highest trade rate in the industry?
Get Started Today!

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.

Auctioneer

  • Ralph Passono, Jr.

    c/o Fisher Auction Company Inc.

    License: 1 NY Broker No.:10311203946