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    7451 Seneca Rd Hornell, NY 14843

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    For Lease
    Contact for pricing

    Two retail spaces available for lease.

    Lot size:
    27,000 SF

    Property Features for 7451 Seneca Rd

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    27,000 SF
    Class
    C

    Spaces For Lease

    at 7451 Seneca Rd, Hornell, NY 14843 Contact us
    Unit Available Space 2

    $11 /Mo

    Size
    16,000 SF
    Contact us
    Unit

    $8 /Mo

    Size
    11,000 SF
    Contact us

    We can help!

    Listing Contact
    Samantha Testani
    Samantha Testani

    Listing Agent: Samantha Testani

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

    Learn more

    Property Insight Report

    Overview

    This thriving Hornell, NY shopping plaza offers two exceptional retail spaces for lease. One space, a former Sears, boasts 11,000 square feet of move-in-ready space, featuring an open floor plan, a rear restroom, an office, and a small warehouse area with a loading dock. The second space offers 16,000 square feet of clean, open space with a small front office. While lacking a rear loading dock, this space is ideal for businesses with minimal rear deliveries. Both spaces are situated in a bustling plaza anchored by Dollar General, Advanced Auto, Harbor Freight, and an end-cap warehouse, ensuring high visibility and foot traffic. The plaza's strategic location, adjacent to a hospital and surrounded by numerous businesses and restaurants, guarantees a strong customer base. The property sits on 17.5 acres and benefits from significant traffic counts, exceeding 7703 AADT in 2021. This Class C retail property presents a fantastic opportunity for businesses seeking a prime location in a growing market. The flexible space is suitable for various retail or restaurant concepts, offering a minimum of 11,000 and a maximum of 16,000 contiguous square feet across two suites within the building. The property is located at 7451 Seneca Rd N, Hornell, NY 14843.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dollar General Discount Store Advance Auto Parts Auto Parts Store Harbor Freight Tools Building Supply Sears Appliance Repair Home Appliance Store Western Union Bank

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Hornell
    County
    Steuben
    State
    New York
    Longitude
    -77.666667275784
    Latitude
    42.36140773512

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    FAQs

    What type of property is this?
    Office Property / Space - Two retail spaces available for lease.
    Where is this office property / space located?
    The property is located at 7451 Seneca Rd Hornell, NY.
    What is the lease rate?
    The lease rate is $8-$11 SF/Yr.
    What are key features of this property?
    This property features: Two retail spaces available for lease totaling 27,000 square feet in a Hornell, NY shopping plaza.; One space offers 11,000 SF with an open floor plan, restroom, office, and small warehouse with loading dock.; Second space offers 16,000 SF of open space and a small front office.
    (607) 937-9720 Call to check price and availability
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    7451 Seneca Rd Hornell, NY 14843
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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
    7451 Seneca Rd Hornell, NY 14843
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    Contact for Pricing
    Please call us for current price
    and status of this listing Samantha Testani
    Samantha Testani
    Real Estate License ID: 10401349608
    (607) 937-9720 (607) 382-2834
    Learn more
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