3,715 m² Commercial Retail Property in Geneva, New York — $579,000
A commercial and office building of 3,715 m² (39,986 sq. ft.) is for sale at 248-258 Exchange Street, Geneva, New York 14456. The property sits on a 34,412 sq. ft. lot (about 3,197 m²) in the city's central business district. Year built — 1900. Currently operating as a furniture store. Price — $579,000.
Location
Exchange Street is the main commercial artery of Geneva, a historic city in the Finger Lakes region, located at the northern tip of Seneca Lake. The Central Business District (CB) covers Main, Castle, and Exchange streets and is intended for high-density mixed-use development with shops, services, and housing. The area is known for its walkability and historic character. Nearby are restaurants, shops, and entertainment venues.
About the Property
The building is 3,715 m²; year built — 1900. It currently operates as a furniture store. The upper floors have potential for conversion into apartments or lofts with city views. The exact layout and condition of the building systems are confirmed during the viewing.
In the Complex
Information about the complex is not available in the source.
Price and Costs
- Price — $579,000.
- Price per square meter — $156.
When purchasing commercial real estate in New York State, the buyer pays a Real Estate Transfer Tax. The New York State tax rate is 0.4% of the transaction price. For a property valued at $579,000, the state tax will be $2,316. An additional supplemental tax applies to commercial properties valued at $2 million or more — this property is not subject to it. Legal support and title insurance costs are confirmed at closing.
The final transaction amount, including all fees, is calculated individually and disclosed before the contract is signed.
Annual expenses: property tax — calculated on the assessed value of the property; for commercial properties in Geneva, the rate depends on the zoning class. The exact rate is confirmed with the Ontario County tax department.
Ownership Structure and Transaction Format
Form of ownership — freehold. Foreign buyers may purchase commercial real estate in the United States. The transaction is closed at a title company with registration in Ontario County. Online viewings and remote execution via power of attorney are possible. Support language — English.
If You Are Considering It as an Investment
The building is located in the Central Business (CB) zone, which allows a wide range of commercial and residential uses, including mixed-use development. The owner is considering leasing the building or selling it together with the business. The Geneva commercial real estate market includes properties with comparable characteristics: for example, the building at 405 Exchange Street, 1,800 sq. ft. with three tenants, is listed at $599,900. No data on stated yields is available in the source.
This Is a Good Fit For
— Developers considering repurposing the upper floors into residential lofts or apartments.
— Investors seeking a property with mixed-use potential in the central business district.
— Buyers prepared to renovate a historic building constructed in 1900.
This May Not Be a Good Fit For
— If you need a property in a newer building — built in 1900.
— If you are not prepared for the costs of renovating a historic building in the CB zone, where approval from the Historic Preservation Commission may be required.
— If you are looking for a turnkey income property with existing tenants — the current use implies vacancy after the sale.
— If the budget does not account for additional costs above the price.
What to Know Before the Transaction
The building was constructed in 1900 — an inspection of the foundation, roof, building systems, and the presence of historic restrictions is mandatory. If the property is in a Historic Overlay District, any exterior changes will require a certificate of appropriateness from the Geneva Historic Preservation Commission. CB zoning allows mixed use, but some activities may require a special use permit. All changes require completion of an environmental review (SEQR).
How to View and Buy
Write to us with your travel plans and budget range. A Discount House manager will confirm the property's availability, send a full breakdown of transaction costs, and suggest alternatives in the same area. Viewings in person or by video. Response within 30 minutes.