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    Historic Commercial Plaza Redevelopment Opportunity Title is generated by Realmo AI

    3162 Lake Rd #1, Horseheads, NY 14845

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    Picture of Office buildings at 3162 Lake Rd #1, Horseheads, NY
    For Lease
    $17,000/Mo $1.99 SF/Yr (calc)

    COMMERCIAL - Horseheads, NY

    Type:Office
    Property size:
    102,732 SF
    Lot size:
    13.37 Acres
    Added:
    Nov 13, 2025
    Days on Market:
    180
    Last Refresh:
    May 12 at 3:06 am

    Property Features for 3162 Lake Rd #1

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    TH04
    Parking
    20
    Parking features
    Paved or Surfaced
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    073489-069-010-0004-007-000-0000
    Size
    102,732 SF
    Lot size
    13.37 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Water source
    Public

    Building Details

    Year built
    1960
    Floors in Building
    1
    Number of units
    1
    Building materials
    Block
    Roof type
    Membrane, Rubber

    We can help!

    Listing Contact
    Lisa M. Lilley

    Listing agent Lisa M. Lilley License #10301200088

    Listing office Signature Properties 506 S MAIN ST, Horseheads, NY

    Listing date Nov 13, 2025

    MLS# R1650817

    Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Historic commercial plaza featuring a charming old department store.
    • Prime location boasting high visibility and heavy traffic.
    • Redevelopment opportunity for investors or developers.
    • Construction materials: Block.
    • Heating: Natural Gas, Forced Air.
    • Accessibility Features: Accessible Approach with Ramp.

    Overview

    This commercial space for lease is part of a historic commercial plaza, featuring an old department store. The property offers high visibility and heavy traffic, with surrounding businesses contributing to its appeal. The available space is located in Horseheads, NY, and is situated on a 13.37-acre lot. The property encompasses a total area of 102,732 square feet. This location is suitable for redevelopment and offers potential for investors or developers seeking a unique project.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Journey Fitness 333 ... Gym & Fitness Center Cici Nail Spa Nail Salon

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Horseheads
    County
    Chemung
    State
    New York
    Longitude
    -76.814008
    Latitude
    42.144756

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    FAQs

    What type of property is this?
    Office building - Historic commercial plaza space for lease in Horseheads, NY.
    Where is this office building located?
    The property is located at 3162 Lake Rd #1 Horseheads, NY.
    What is the lease rate?
    The lease rate is $17,000 /Mo.
    What are key features of this property?
    This property features: Historic commercial plaza featuring a charming old department store.; Prime location boasting high visibility and heavy traffic.; Redevelopment opportunity for investors or developers.
    (607) 731-3067
    We can help!
    Listing Contact
    Lisa M. Lilley
    Real Estate License ID: 10301200088
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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