Marcus & Millichap is pleased to present the opportunity to acquire a vacant, free-standing retail building located at 265 N Union Street in Olean, New York 14760 (the “Property”). Formerly occupied by Rite Aid, the Property is being offered significantly below replacement cost—providing an excellent opportunity for owner/users or investors to acquire a highly visible, strategically positioned asset at a significant discount. FIRST BID MEETS RESERVE! Constructed in 1999, the Property features a ±11,399-square-foot, single-story retail building on a ±1.159-acre parcel (±50,468 SF). The site includes a drive-thru, two curb cuts for convenient ingress/egress, and 50 surface parking spaces. Positioned at a hard-corner intersection, the Property offers outstanding visibility with ±269 feet of frontage along N Union Street (±10,508 VPD) and ±188 feet along W Sullivan Street (±2,972 VPD).Previously leased to Rite Aid on a triple net (NNN) basis, the Property presents a value-add opportunity through re-tenanting at prevailing market lease rates (CoStar estimated rents of $10-12/SF NNN retail). Located directly across from Jamestown Community College: Cattaraugus County Campus, the site is zoned “CC” City Center Use District, offering favorable and flexible zoning that accommodates a broad range of retail and commercial uses. The Property is located in Olean, New York, the largest city in Cattaraugus County and the county’s primary retail and service hub. Strategically positioned at the hard-corner intersection of N Union Street and W Sullivan Street, the site offers excellent visibility and accessibility within Olean’s main commercial corridor. Directly across from Jamestown Community College: Cattaraugus County Campus with over 3,750 students, the Property also benefits from proximity to employers, healthcare providers, and community institutions that generate steady daytime traffic. The Property is situated caddy-corner to the Olean Center Mall, currently anchored by Kohl’s and JCPenney, which is slated for a proposed $40 million redevelopment featuring a 60-unit, three-story multifamily tower—bringing additional activity and investment to the area. Olean’s location along State Route 16 and within minutes of Interstate 86 ensures seamless connectivity to regional markets, including Buffalo, NY (±1.5 hours north), Erie, PA (±1.5 hours west), and Rochester, NY (just under 2 hours east). The surrounding 5-mile trade area is home to more than 23,300 residents with an average household income (AHHI) of ±$70,500, supported by a diverse economic base that includes healthcare, higher education, manufacturing, and retail. These fundamentals reinforce Olean’s role as a central hub for commerce and services in southwestern New York and northern Pennsylvania, while providing a strong foundation for re-tenanting and long-term investment stability.