Add Listing
    For Lease
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    978 Payne Avenue North Tonawanda, NY 14120

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Remodeled retail/office space in a desirable North Tonawanda location.

    Type:Office
    Added:
    Nov 25, 2025
    Days on Market:
    160
    Last Refresh:
    Apr 16 at 5:45 pm

    Property Features for 978 Payne Avenue

    General Information

    Standard status
    Active
    Property subtype
    Office

    We can help!

    Listing Contact
    Rick Recckio

    Listing agent Rick Recckio License #NY #31RE0821429

    Listing office

    Listing date Nov 25, 2025

    Source Recckio

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Rick Recckio

    Overview

    North Tonawanda Retail/Office Space Available

    Located on Payne Avenue in North Tonawanda, this retail or office space offers approximately 600 square feet of newly remodeled area. The property benefits from its location near Pane's Restaurant and North Tonawanda High School, as well as its proximity to various shopping and retail stores, providing significant exposure to the local community. Street parking is available directly in front of the building, and a side parking lot offers additional accessibility for clients. An additional space of approximately 720 square feet is available if more room is required. The property is easily accessible from the traffic light and is located minutes from Tops Friendly Market, Sportsplex, Tim Horton, McDonalds, Walgreens, Dunkin, Key Bank, and Northwest Bank.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    North Tonawanda
    County
    Erie
    State
    New York
    Longitude
    -78.8777
    Latitude
    43.0497

    Nearby Similar for Lease

    • $11 SF/Yr

      Industrial Space Near Webster Street

      Warehouse/light manufacturing space available for lease near Webster Street.
      81 N Main St, North Tonawanda, NY 14120
      View Details
    • Contact for pricing

      Niagara Falls Blvd Warehouse/Retail Space

      6,000 SF warehouse with 2,500 SF office/retail space.
      3910 Niagara Falls Boulevard, North Tonawanda, NY 14120
      View Details
    • $11 SF/Yr

      Downtown North Tonawanda Office/Retail Space

      Waterfront office and retail suites in historic downtown location.
      84 Sweeney St, North Tonawanda, NY
      View Details
    • Contact for pricing

      Restricted Commercial Space For Rent

      810 SF commercial space in high-traffic location.
      135 Division Street, North Tonawanda, NY 14120
      View Details
    • $8 SF/Yr

      North Tonawanda Warehouse Space Available

      8,200 SF warehouse space for lease in North Tonawanda.
      661 Erie Ave, North Tonawanda, NY
      View Details
    • $14 SF/Yr

      North Tonawanda Office Space Available

      Office space with private offices and conference rooms for rent.
      65 Bridge St, North Tonawanda, NY
      View Details
    • Contact for pricing

      Industrial Warehouse Space Available

      Versatile industrial warehouse space suitable for various light industrial uses.
      261 Main St, North Tonawanda, NY
      View Details
    • Contact for pricing

      Retail Space in North Tonawanda

      Retail space available in a high-traffic, grocery-anchored plaza.
      955-981 Payne Ave, North Tonawanda, NY
      View Details
    • Contact for pricing

      Retail Space in High-Traffic Plaza

      Grocery-anchored retail space in North Tonawanda's central residential area.
      983-1049 Payne Ave, North Tonawanda, NY
      View Details
    • Contact for pricing

      Grocery-Anchored Retail Opportunity

      Retail space available in a thriving shopping center.
      287 Meadow Dr, North Tonawanda, NY 14120
      View Details

    FAQs

    What type of property is this?
    Retail space - Remodeled retail/office space in a desirable North Tonawanda location.
    Where is this retail space located?
    The property is located at 978 Payne Avenue North Tonawanda, NY.
    What are key features of this property?
    This property features: Extremely desirable location in North Tonawanda with high traffic area.; Newly remodeled 600+\/- SF retail/office space.; Street parking directly in front of the building and side parking lot for easy client access.
    (716) 998-4422
    We can help!
    Listing Contact
    Rick Recckio
    Real Estate License ID: NY #31RE0821429
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    978 Payne Avenue, North Tonawanda, NY 14120

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!