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    3500 Main St Buffalo, NY 14226

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    For Lease
    Contact for pricing

    Amherst, NY Strip Center - Medical

    Lot size:
    163,388 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    University Plaza, a prime retail strip center with medical office space, offers exceptional leasing opportunities in Amherst, NY. Located at 3500 Main Street, 14226, this Erie County property boasts a total of 163,388 square feet. Currently, there are 18,598 square feet of vacant space available, divisible into units ranging from a minimum of 2,398 square feet to a maximum contiguous space of 10,000 square feet. This presents a unique chance for businesses seeking flexible and adaptable spaces to suit their specific needs. The property's strategic location in Amherst provides excellent visibility and accessibility, making it an ideal location for a variety of retail and medical tenants. The property's multiple tenancy structure fosters a vibrant and diverse community of businesses. This is a rare opportunity to secure space in a well-established and thriving commercial center in a high-traffic area of Buffalo, New York. The property is conveniently located in Erie County, offering easy access to major transportation routes and a strong local customer base. Interested parties are encouraged to inquire about available spaces and lease terms. This is a fantastic opportunity to establish or expand your business in a prime location.

    Property Features for 3500 Main St

    General Information

    Property type
    Neighborhood centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    163,388 SF

    Unit(s) available at that property

    Space
    Suite 15
    Size
    3,600 SF
    Space
    Suite 20
    Size
    10,000 SF
    Space
    Suite 26
    Size
    2,600 SF
    Space
    Suite Out1
    Size
    2,398 SF

    HighLights

    • University Plaza, a 163,388 SF retail strip center with medical office space, offers 18,598 SF of divisible vacant space (2,398 SF minimum, 10,000 SF max contiguous).
    • Anchored by Tops Markets, with key co‑tenants Dollar Tree and Record Theater.
    • Located in Amherst, NY, a high‑traffic area with over 170,200 people within a three‑mile radius, eight miles northeast of Buffalo.
    • Additional national tenants include McDonald's, GameStop, Rainbow, and Quest Diagnostics.
    • Situated on Main Street, benefiting from over 29,500 vehicles per day.
    Property Profile Location Intelligence

    Current Use by Public Records

    China King Chinese Restaurant Northtown Travel Travel Agency Golden Waffles Dessert Shop Gino's NY Pizza ... Pizza Restaurant Venus Greek & Mediterránean Mediterranean Restaurant

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.8177168
    Latitude
    42.9592512

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    FAQs

    What type of property is this?
    Neighborhood center - Amherst, NY Strip Center - Medical
    Where is this neighborhood center located?
    The property is located at 3500 Main St Buffalo, NY.
    What are key features of this property?
    This property features: University Plaza, a 163,388 SF retail strip center with medical office space, offers 18,598 SF of divisible vacant space (2,398 SF minimum, 10,000 SF max contiguous).; Anchored by Tops Markets, with key co-tenants Dollar Tree and Record Theater.; Located in Amherst, NY, a high-traffic area with over 170,200 people within a three-mile radius, eight miles northeast of Buffalo.
    Request Owner's contact information
    3500 Main St Buffalo, NY 14226
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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
    3500 Main St Buffalo, NY 14226
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