Multi-Tenant Retail
For Sale
Contact for pricing
3159 Silverback Lane, Painted Post, NY 14870
Established center with national and regional tenants, renewal options, and an available former GameStop suite.
Property Size22,852 SF
Price / SF$142.22
Days on Market9
Property Features for 3159 Silverback Lane
General Information
Standard status
Active
Size
22,852 SF
Class
A
Total Parking Spaces
182
Property subtype
Retail
Occupancy
92%
Investment Type
Stabilized
Additional Details
Asking Price
$3,250,000
Building Details
Year Built
2003
Units
6
Tenancy
Multi
Listing Agency:
COR CNY Brokerage Company, LLC
Listed By:
Thomas Aiello · License #10401325992
Source:
Crexi
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 10 at 10:34AM
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 COR CNY Brokerage Company, LLC
Investment Insights
Based on property information with market context.
This multi-tenant retail center at 3159 Silverback Lane is 92% leased and includes Dollar Tree, Shoe Dept., AT&T, and Cost Cutters among its national and regional occupants. Existing leases include remaining terms and multiple five-year renewal options. An available 1,800-square-foot former GameStop suite provides additional leasing space within the property.
The center is positioned in the Corning–Painted Post commercial corridor near Walmart Supercenter, Home Depot, Aldi, hotels, restaurants, and service-oriented retailers. The property includes 182 parking spaces and benefits from visibility and cross-shopping activity within the surrounding retail destination.
The center is positioned in the Corning–Painted Post commercial corridor near Walmart Supercenter, Home Depot, Aldi, hotels, restaurants, and service-oriented retailers. The property includes 182 parking spaces and benefits from visibility and cross-shopping activity within the surrounding retail destination.
Key Highlights
- 92% leased to national and regional tenants, including Dollar Tree, Shoe Dept., AT&T, and Cost Cutters
- Multiple five‑year renewal options are included in existing leases
- Available 1,800‑square‑foot former GameStop suite
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$220,674
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,413,480
$4.4M
Cap Rate 7%
$3,152,486
$3.2M
Cap Rate 9%
$2,451,933
$2.5M
Market Conditions
NOI Build-Up for 22,852 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$329.1K $14.40/SF
− Vacancy
−$13.8K −$0.60/SF
EGI
$315.2K $13.80/SF
− OpEx
−$94.6K −$4.14/SF
NOI
$220.7K $9.66/SF
Area
Steuben County, NY
Vacancy
4.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,413,480
Cap Rate 7%
$3,152,486
Cap Rate 9%
$2,451,933
Alternative Uses
Best Use
Retail
$3.15M
$2.76M – $3.68M
NOI $220,674 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.57M
$4.87M – $6.50M
NOI $389,968 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
92%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
182
Businesses Nearby
259k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 34%
Home Improvements & Furnishings 19%
Dining 17%
Shops & Services 15%
Walmart
Superstores
87,571 visits/mo
0.2 miles
The Home Depot
Home Improvements & Furnishings
30,611 visits/mo
0.2 miles
Applebee's
Dining
18,864 visits/mo
0.1 miles
Aldi
Groceries
18,513 visits/mo
0.1 miles
Tractor Supply Co.
Home Improvements & Furnishings
17,553 visits/mo
0.2 miles
Demographics for 14870, NY
9,648
Population
4,691
Households
2.1
Avg Household Size
44
Median Age
41%
College-Educated
93%
High-School Grad
64.5 sq mi
ZIP Area
150
Density / Sq Mi
$88,514
Median Household Income
$58,864
Median Earnings
$1,128
Median Rent
$164,000
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Established center with national and regional tenants, renewal options, and an available former GameStop suite.
Where is this shopping center located?
The property is located at 3159 Silverback Lane Painted Post, NY.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 92% leased to national and regional tenants, including Dollar Tree, Shoe Dept., AT&T, and Cost Cutters; Multiple five‑year renewal options are included in existing leases; Available 1,800‑square‑foot former GameStop suite
