24 Monroe Street

About this home

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.

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Tax & finance

Location

Ellicottville, NY 14731 · Cattaraugus County

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