Excellent investment opportunity! This well-maintained 3-unit property features all separate utilities, making management simple and efficient. Currently occupied by long-term tenants generating $2,250 per month in rental income, with strong potential for future rent increases. A solid addition to any portfolio with immediate cash flow and upside opportunity.
Central West Elmira, located between the Chemung River and the Elmira Corning Regional Airport, is a residential and civic Elmira neighborhood with tree-lined blocks and a river-adjacent setting. The neighborhood’s character concentrates around the West Water Street corridor near the West Elmira Fire Department, where corner storefronts, service counters, and everyday errands set a steady pace. Housing reads as early-to-mid 20th-century, with compact lots, front porches, and a mix of single-family homes and small multifamily buildings. The river edge and nearby parks shape a walk-and-pause rhythm, while the airport adds an open-sky horizon. Community touchstones include Eldridge Park’s historic carousel, the Clemens Center’s marquee nights, and the Arnot Art Museum’s gallery calm. Downtown Elmira’s grid sits close by for dining and events without changing the neighborhood’s quieter street feel.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
Varied interior finishes
Ceramic tile and tile surfaces
Hardwood flooring
Bedrooms
Three rental units: two 1-bedroom units and one 2-bedroom unit
Bathrooms
Three full bathrooms (one per unit)
Kitchen
Eat-in kitchens in the two 1-bedroom units
Formal dining room in the 2-bedroom unit
Laundry & utility
Electric water heater
Flooring
Hardwood
Ceramic tile
Tile
Varies
Heating & cooling
Heating present
Electric and gas heating
Baseboard and forced air systems
Exterior features
Rectangular lot
Lot dimensions approximately 60 x 183
Home design
Two-story building
Resale property
Wood siding
Parking
Two or more parking spaces
Construction
Wood siding construction
Existing (previously built)
Utilities
Public water connected
Public sewer connected
Financial info
Property configured as a 3-unit building
Each unit has a separate electric meter (3 separate electric meters)
One shared gas meter
Operating expenses include insurance
Tenants pay all utilities
Typical rents reported: $800, $750, $700
Electricity and solar
View estimated energy costs and solar savings for this home
This district is intended to create, preserve and enhance areas of the city composed primarily of single-family residences built at low or medium densities on quiet streets, but which were developed at a period of time in the past when lot sizes were somewhat smaller than those of more recently developed single-family neighborhoods. These areas are still stable and essentially in sound condition and should be protected from the intrusion of uses and activities incompatible with the character of a single-family area. Because of the older and more modest character of this type of neighborhood, a limited amount of uses not of the single family type may have found a place in the district in the past.
Permitted uses
Include but are not limited to:
Day care facility
Housing-Single unit
Educational/school
Park & open space
Climate risks
3/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
3/10 Heat Factor
8 days above 97° expected this year, 17 days in 30 years
1/10 Wind Factor
1% chance of strong winds in next 30 years
1/10 Air Factor
0 unhealthy days expected this year, 0 days in 30 years
Provided by First Street
Historical weather
Elmira, NY • 14905
Average low and high temperatures (°F)
30
18
35
19
53
30
62
39
67
47
80
58
85
64
81
56
76
51
63
41
49
33
36
22
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
86/ 100
Very good sunlight
Sunscore
This home receives average direct sun exposure in Elmira. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
9.1 hrs
5.2 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 708 West Water St
We cannot show automated home-value estimates for this home.
Nearby homes have recently sold between $115,000 and $220,000.
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $115K to $220K.