406 Dewitt Avenue Elmira City NY 14901 MLS #R1687931

Potential for $3,800 per month gross rents!
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