A large-scale redevelopment opportunity is available at 301 Grove Street, Elmira, New York 14905, with an asking price of $89,900. The property is a three-story, 8,152-square-foot former assisted living facility situated on approximately 0.49 acres.

Previously operated as an adult or assisted living home, this substantial building offers a potential starting point for investors, contractors, and developers interested in renovating and repurposing an existing property. Its size and former use may make it worth examining for a range of residential redevelopment concepts.

However, this is not a move-in-ready property. The listing states that extensive renovation is required, and any proposed future use will depend on zoning, building regulations, inspections, and the necessary approvals.

Property Overview

Asking Price: $89,900
Address: 301 Grove Street, Elmira, NY 14905
Property Type: Multifamily
Building Area: 8,152 square feet
Bedrooms: 20 (approximate; buyer to verify)
Bathrooms: 3 (2 full and 1 half)
Lot Size: Approximately 0.49 acres
Year Built: 1975
Stories: 3
Construction: Stucco
Parking: 2 spaces / garage spaces listed
Annual Property Tax: $6,458
Listing Terms: Cash

The property is listed at approximately $11 per square foot based on the stated building area. This figure is only a basic asking-price calculation and should not be treated as an indication of the property’s market value or the cost of completing renovations.

A Former Assisted Living Facility with Significant Space

One of the main features of 301 Grove Street is its history as an assisted living or adult care facility. The building contains approximately 8,152 square feet of interior space across three stories.

The existing layout and room configuration may provide a foundation for a future redevelopment project. However, the current bedroom and bathroom counts should be treated as approximate. Buyers should inspect the building and confirm the actual room dimensions, layout, condition, and suitability for their intended project.

The property is being sold in its present condition. Anyone considering purchasing it should be prepared for a substantial renovation project rather than expecting a completed residential building.

Potential Redevelopment Ideas

The listing highlights several possible future uses for the property. These are potential concepts rather than approved uses, and each would require professional assessment and the relevant permissions.

1. Multiple Residential Apartments

The building’s size may make apartment conversion worth investigating. The listing mentions the potential for 20 or more residential units, depending on the final design. The actual number of permitted units would depend on zoning, building codes, fire safety, parking, accessibility, and other requirements.

2. Student Housing

The property is described as being located just minutes from Elmira College. This may make student accommodation a concept worth evaluating. Any student housing proposal would need to meet applicable occupancy, safety, and local approval requirements.

3. Multifamily Redevelopment

An investor may consider redesigning the existing interior into a multifamily residential property. The feasibility of this approach would depend on the building’s structural condition, available space, utility capacity, and local regulations.

4. Senior or Supportive Housing

Because the building previously operated as an assisted living facility, buyers may wish to investigate whether a similar use could be permitted again. However, returning it to this type of operation could involve licensing, accessibility improvements, safety upgrades, and regulatory approvals.

5. Owner-Occupied and Investment Project

Another possible concept could involve combining owner-occupied space with rental units, if the layout and local regulations allow it.

Location in Elmira, New York

The property is located at 301 Grove Street in Elmira, New York 14905. The listing highlights its proximity to Elmira College as a potential advantage for developers considering student accommodation or other residential uses.

Its location may also be worth examining for buyers interested in providing housing in the surrounding area. However, investors should independently research local rental demand, comparable properties, vacancy rates, and achievable rents before preparing a financial plan.

Utilities and Building Features

According to the supplied listing information, the property has connected public water and sewer services. These connections may be useful when assessing a redevelopment project, but buyers should confirm that the existing systems are operational and have sufficient capacity for any proposed increase in residential units.

Other listed features include:

Three-story building
Hardwood and varied flooring
Attic
Dirt-floor basement
Gas and other heating descriptions
Cooling listed as other or to be verified
Gas water heater
Paved parking
Two garage spaces listed

The heating and cooling descriptions are not sufficiently detailed to establish the condition or capacity of the systems. A qualified contractor should inspect the mechanical, electrical, plumbing, and structural components before a purchase decision.

Renovation and Investment Considerations

At an asking price of $89,900, the property may attract attention from buyers seeking a large redevelopment project. However, the purchase price is only one part of the total investment.

Potential buyers should obtain professional estimates for structural repairs, interior renovation, fire protection, electrical upgrades, plumbing, heating, cooling, accessibility, and any required changes to the building layout.

The annual property tax is listed as $6,458. Buyers should also calculate insurance, utilities, maintenance, professional fees, permits, financing costs, and ongoing operating expenses.

Since the listing specifies cash terms, interested buyers should confirm the seller’s exact payment requirements and whether any alternative financing arrangements are available.

Important Due Diligence Before Buying

Before making an offer, buyers should consider the following:

Confirm current zoning and whether the intended redevelopment use is permitted.
Obtain written guidance from the relevant local authorities regarding the proposed number of residential units.
Arrange a professional structural and building inspection.
Verify the actual condition of the roof, foundation, windows, and exterior.
Inspect all electrical, plumbing, heating, cooling, and fire-safety systems.
Confirm public water and sewer connections, their operating condition, and capacity.
Investigate fire exits, occupancy limits, accessibility, and code compliance.
Verify the actual bedroom and bathroom counts and usable interior area.
Confirm parking requirements for the intended use.
Obtain detailed renovation estimates before calculating potential returns.
Review property taxes, insurance costs, permits, and any outstanding property-related obligations.

Is 301 Grove Street Worth Investigating?

301 Grove Street presents a substantial redevelopment concept for buyers who have the experience, professional support, and capital required to renovate a large former assisted living facility.

Its approximately 8,152 square feet of building space, three-story layout, public water and sewer connections, and location near Elmira College are features worth investigating. Possible future concepts include apartment conversion, student accommodation, multifamily housing, or a permitted senior housing use.

Nevertheless, the property requires extensive renovation, and none of the proposed redevelopment concepts should be considered guaranteed. The final feasibility will depend on inspections, project costs, zoning, building regulations, and approvals.

For experienced investors and developers, this property may deserve a closer look as a renovation and redevelopment project rather than a conventional residential purchase.

Disclaimer: This article is based on the property details supplied for informational purposes. Listing information, property condition, measurements, room counts, price, and availability have not been independently verified. Potential uses are not guaranteed or approved. Buyers should conduct their own inspections and due diligence and confirm all information with the seller, listing representative, qualified professionals, and relevant local authorities before making a purchase decision.