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    Property profile & analytics

    2898 Westinghouse Rd Horseheads, NY 14845-8196

    • Strip malls
    • 66,514 SF
    • 10.90 lot acres
    OFF-MARKET
    Value Estimations
    $1,315,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5592669
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Jubilee Foods / Specialty Food Shop / Supermarket
    • Picnic Pizza / Restaurant
    • Dragon Wok / Restaurant
    • Bagels and Blarney / (Bike/Boat/Book/etc) Store / Bakery
    • Horseheads Family Dental Care / Dental Office

    Property Details for 2898 Westinghouse Rd

    Year built
    1987
    Lot size
    10.90 lot acres
    Property size
    66,514 SF
    Zone code
    VH10
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    073401 48.20-5-8.2
    APU
    734014820582

    Description

    This exceptional retail opportunity is located within the established Village Plaza in Horseheads, New York, offering 4,000 square feet of vacant space within a larger 66,514 square foot building. The property boasts a prime location on Westinghouse Road, a major thoroughfare with high visibility and traffic volume, ensuring excellent exposure for your business. The space itself includes two restrooms, a dedicated office area, ample storage, and a large, open area adaptable to various retail concepts. The single-story, Class B building sits on 10.11 acres of land and is part of a thriving shopping center. Village Plaza features a strong tenant mix, including well-known businesses such as Jubilee, Rite Aid, Allstate, Picnic Pizza, and Snap Fitness, creating a synergistic environment and attracting a substantial customer base. The property's convenient location near numerous residential areas and its proximity to Watkins Glen further enhance its appeal. This is an ideal space for a variety of retail businesses seeking a high-traffic location in a well-established shopping center. The available space is easily customizable to meet the specific needs of a new tenant. This is a rare opportunity to establish a presence in a successful and vibrant retail environment. The property is situated in Chemung County, New York, with a zip code of 14845.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $840,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,788,000
      Market price range: $632k - $2.20M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,430,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Horseheads
    County
    Chemung
    State
    New York
    Longitude
    -76.8362
    Latitude
    42.1761
    CBSA code
    21300
    CBSA name
    ELMIRA, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $35,973
    $1,821,800
    $3,578,200
    $5,400,000
    -
    $1,840,202
    $3,614,343
    $5,454,545

    Comparable in this City

    • Value Estimation
      $1,010,000
      54,968 SF

      3345 Chambers Rd

      SHOPPING CENTER, STRIP CENTER • 54,968 SF
      3345 Chambers Rd, Horseheads, NY 14845-1441
      View Details
    • Value Estimation by Request
      14,500 SF

      507 Chemung St

      SHOPPING CENTER, STRIP CENTER • 14,500 SF
      507 Chemung St, Horseheads, NY 14845-2711
      View Details
    • Value Estimation by Request
      20,500 SF

      507 Chemung St

      SHOPPING CENTER, STRIP CENTER • 20,500 SF
      507 Chemung St, Horseheads, NY 14845-2711
      View Details
    • Value Estimation
      $1,530,000
      248,126 SF

      1020 Ctr St

      REGIONAL SHOPPING CENTER, MALL • 248,126 SF
      1020 Ctr St, Horseheads, NY 14845-2774
      View Details
    • Value Estimation by Request
      50,000 SF

      3300 Chambers Rd

      Shopping malls • 50,000 SF
      3300 Chambers Rd, Horseheads, NY 14845
      View Details
    • Value Estimation
      $6,845,000
      51,280 SF

      1216 County Rte 64

      MINI-MALL • 51,280 SF
      1216 County Rte 64, Horseheads, NY 14845-2203
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
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      View Details
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    • New
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      33,600 SF retail or sports complex space for lease.
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      View Details
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    2898 Westinghouse Rd
    Horseheads, NY 14845-8196
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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
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