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    Prime Commercial Outparcel Opportunity Title is generated by Realmo AI

    360 W Pulteney St, Corning, NY 14830

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    Grocery-anchored shopping center outparcel development opportunity near Interstate 86.

    Type:Land
    Lot size:
    1.00 Acre
    Added:
    Jul 30, 2024
    Days on Market:
    661
    Last Refresh:
    Mar 17 at 1:26 pm

    Property Features for 360 W Pulteney St

    General Information

    Standard status
    Active
    Lot size
    1.00 Acre
    Property subtype
    Land

    We can help!

    Listing Contact
    Ronald N. Panosian

    Listing agent Ronald N. Panosian License #NY 10301203376

    Listing office Cushman & Wakefield Pyramid Brokerage Company - Corning, New York

    Listing date Jul 30, 2024

    Source Crexi

    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 Cushman & Wakefield Pyramid Brokerage Company - Corning, New York

    HighLights

    • Prime outparcel development opportunity in a grocery‑anchored shopping center with established retailers.
    • High‑traffic location with easy access to Interstate 86 (Exit #45) and Interstate 99.
    • All public utilities are available on site.
    • Join successful neighboring businesses, including national chains like Starbucks, Jersey Mike's, Auto Zone, and Dollar General.
    • Located between Corning's downtown/GLW headquarters and Erwin's retail hub (Walmart/Home Depot).
    • Flexible options: property is for sale, but owner will consider ground lease and build‑to‑suit (BTS) projects.

    Overview

    This is an approximately 1-acre outparcel development opportunity situated within a grocery-anchored shopping center. The site was formerly occupied by Ponderosa Steakhouse. The location benefits from its proximity to Tops Markets and a new Sherwin Williams store, as well as neighboring businesses such as Auto Zone, Advance Auto, Dollar General, Rent A Center, Monro Muffler, Bob Evan’s, Subway, and Wendy’s. A new corner outparcel development includes a new Starbucks and Jersey Mike’s. All public utilities are available. The property is located just off Exit #45 on Interstate 86 (Riverside Exit), midway between downtown Corning (Historic Market St. and GLW World Headquarters) and Erwin (Walmart/Home Depot). It is a rooftop location with easy access to Interstates 86 & 99. The parcel is for sale; however, the owner will consider ground lease and build-to-suit projects. The sale will require subdivision from a larger parcel, and the exact lot size is to be determined by a subdivision map.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Original Italian Pizza Restaurant Tops Market Grocery & Convenience Store Rey's Redemption Recycling Center Primo Water Refill ... Big Box & Wholesale Store Rent-A-Center Furniture & Home Goods

    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
    Corning
    County
    Steuben
    State
    New York
    Longitude
    -77.0774389
    Latitude
    42.1525413

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    FAQs

    What type of property is this?
    Commercial land - Grocery-anchored shopping center outparcel development opportunity near Interstate 86.
    Where is this commercial land located?
    The property is located at 360 W Pulteney St Corning, NY.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: Prime outparcel development opportunity in a grocery‑anchored shopping center with established retailers.; High‑traffic location with easy access to Interstate 86 (Exit #45) and Interstate 99.; All public utilities are available on site.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Ronald N. Panosian
    Real Estate License ID: NY 10301203376
    Learn More
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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.

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