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Key Details
Property Type Multi-Family, Mobile Home
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,052 sqft
Price per Sqft $81
MLS Listing ID R1679872
Bedrooms 3
Full Baths 3
Construction Status Existing
HOA Y/N No
Year Built 1952
Annual Tax Amount $5,007
Lot Dimensions 200X43
Property Sub-Type Multi Family
Property Description
Excellent opportunity to own a well-maintained and substantially updated 3-unit multifamily property in Elmira, NY. This income-producing asset offers strong rental history, major capital improvements, and additional upside potential with ample parking, garage space, and room for future development.
The property currently generates $2,850/month in rental income with no delinquency issues, providing immediate cash flow for an investor or owner-operator.
Major improvements include:
• New roof installed July 2024
• Most windows replaced
• All work fully permitted
• Significant electrical and plumbing upgrades
• Two apartments completely renovated down to the studs
One of the standout features is a massive nearly 1,000 square foot efficiency apartment converted from a former yoga studio, offering an open-concept layout with unique character and flexibility.
Additional highlights include:
• Large parking lot with abundant off-street parking
• Detached garage
• Coin-operated laundry room for additional income
• Two units with separated utilities
• Space and potential for future expansion or additional development
• Strong tenant payment history
This property combines stability, modernized systems, and future upside — ideal for investors looking for a solid multifamily asset with value-add potential already built into the site.
Whether you are expanding your portfolio or looking for a property with long-term appreciation potential, 403 Walnut Street offers a compelling mix of cash flow, updates, and opportunity.
Location
State NY
County Chemung
Area Elmira-City-070400
Direction On corner of West 2nd Street and Walnut Street
Rooms
Basement Full
Interior
Interior Features Other, See Remarks
Heating Ductless, Gas, Forced Air, Wall Furnace
Cooling Ductless
Flooring Carpet, Laminate, Varies, Vinyl
Fireplace No
Appliance Gas Water Heater
Exterior
Utilities Available Sewer Connected, Water Connected
Roof Type Flat,Shingle
Building
Lot Description Rectangular, Rectangular Lot
Story 2
Sewer Connected
Water Connected, Public
Level or Stories Two
Structure Type Vinyl Siding
Construction Status Existing
Schools
School District Elmira
Others
Senior Community No
Tax ID 070400-089-018-0001-031-000-0000
Acceptable Financing Other, See Remarks
Listing Terms Other, See Remarks
Special Listing Condition Standard
Nearby School & Business
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Grant Pettrone
Licensed Real Estate Broker, Founder | License ID: 10491209675
Licensed Real Estate Broker, Founder License ID: 10491209675