Building Details

Year Built 1965

Units 3

Tenancy Multi

Listing Agency: Arista Development

Listed By: Megan Fisher

Source: Crexi

Added: Aug 26 Changed: Aug 31 Last Checked: Aug 31 at 7:22PM

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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 Arista Development

Investment Insights

Based on property information with market context.

This shopping center contains 11,586 square feet and was constructed in 1965. The property is fully leased to three tenants, providing an established multi-tenant retail configuration.

Located at 3311 Sheridan Drive in Eggertsville, New York, the plaza offers a Sheridan Drive address within the Amherst area.

Key Highlights

• 100% leased to 3 tenants
• 11,586 square feet of retail space
• Shopping center on Sheridan Drive

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

$112,855

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

5.13%

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%

$2,257,100 $2.3M

Cap Rate 7%

$1,612,214 $1.6M

Cap Rate 9%

$1,253,944 $1.3M

Market Conditions

NOI Build-Up for 11,586 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

$180.7K $15.60/SF

− Vacancy

−$19.5K −$1.68/SF

EGI

$161.2K $13.92/SF

− OpEx

−$48.4K −$4.17/SF

NOI

$112.9K $9.74/SF

Area

Buffalo, NY

Vacancy

10.80%

Lease Rate

$15.60 /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%

$2,257,100

Cap Rate 7%

$1,612,214

Cap Rate 9%

$1,253,944

Alternative Uses

Best Use

Retail

$1.61M

$1.41M – $1.88M (±1% cap)

NOI $112,855 @ 7.0% cap · market cap 5.13%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.79M

$2.44M – $3.25M (±1% cap)

NOI $195,034 @ 7.0% cap · market cap 8.87%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

EXOTIC SMOKE & VAPE ... (Bike/Boat/Book/etc) Store Miss Hot Cafe Restaurant

Suggested Use

Top Pick Law Firm Building Supply Parking Lot & Garage Electrical Service HVAC Service Real Estate Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

962

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 14226, NY

29,861

Population

13,282

Households

2.2

Avg Household Size

38

Median Age

57%

College-Educated

95%

High-School Grad

6.9 sq mi

ZIP Area

4,328

Density / Sq Mi

$83,023

Median Household Income

$48,994

Median Earnings

$1,093

Median Rent

$237,500

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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What type of property is this? Where is this shopping centers located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Grover Cleveland Plaza — 801 Millersport Hwy, Buffalo, NY 14226
• 839 Boulevard Center — 839 Niagara Falls Blvd, Buffalo, NY 14226
• Amherst Commons — 3050 Sheridan Dr, Amherst, NY 14226
• Quick-Tag — Walmart Supercenter, 3290 Sheridan Dr, Amherst, NY 14226
• Boulevard Mall — 730 Alberta Dr, Amherst, NY 14226

Frequently Asked Questions

What type of property is this?

Shopping center - Fully leased retail plaza with three tenants on Sheridan Drive.

Where is this shopping center located?

The property is located at 3311 Sheridan Drive Eggertsville, NY.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: 100% leased to 3 tenants; 11,586 square feet of retail space; Shopping center on Sheridan Drive