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    3531 Seneca St West Seneca, NY 14224
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    Property profile & analytics

    3531 Seneca St, West Seneca, NY 14224

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    • Strip malls
    • 24,430 SF
    • 9.90 lot acres
    For Lease
    $1,870,000
    View Listing →
    Retail Space in Busy Plaza For Lease
    $1,870,000

    Retail Space in Busy Plaza

    Former Goodwill space in a high-traffic shopping center.

    3531 Seneca St, West Seneca, NY 14224
    View Listing
    Property ID
    US63-2876620
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Western Union / Bank / Credit Union
    • Sophia Nguyen Spa Nails / Nail Salon
    • Dollar General / Grocery & Convenience Store / Food Market

    Property Details for 3531 Seneca St

    Year built
    1964
    Lot size
    9.90 lot acres
    Zone code
    10
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    146800 143.06-2-9.1
    APU
    14680014306291

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 10, 2012 $2,525,000 Seneca Ridge Plaza LLC Bg Seneca Ridge LLC Grant Deed —

    Description

    Seneca Ridge Plaza, located at 3531 Seneca St in West Seneca, NY (zip code 14224), offers a prime retail space opportunity within a thriving power center. This single-story, 22,967 square foot building, constructed in 1964, sits on a 3.65-acre lot in Erie County. Currently, 11,509 square feet of space is available for lease, with a minimum divisible unit of 1,803 square feet and a maximum contiguous space of 9,706 square feet. The property boasts a highly visible location with a signalized entrance, ensuring excellent accessibility and high traffic volume. Strong anchors such as Planet Fitness and Dollar General contribute to a consistent customer flow throughout the day. The diverse tenant mix creates a vibrant shopping environment, attracting a wide range of customers. This former Goodwill location presents a unique chance to establish a business in a well-established and busy neighborhood shopping center with an average daily traffic count of nearly 22,000 vehicles. The property's strategic location and established tenant base make it an ideal investment for businesses seeking high visibility and strong foot traffic. Contact us today to learn more about this exceptional retail opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,401,000
      Market price range: $1.02M - $5.76M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $3,025,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.7729
    Latitude
    42.8283
    CBSA code
    15380
    CBSA name
    BUFFALO-NIAGARA FALLS, 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
    2019
    $94,085
    $317,900
    $703,200
    $1,021,100
    -
    $1,222,692
    $2,704,616
    $3,927,308

    Comparable in this City

    • Value Estimation
      $20,465,000
      114,627 SF

      1881 Rdg Rd

      SHOPPING CENTER, STRIP CENTER
      1881 Rdg Rd, Buffalo, NY 14224-3334
      View Details
    • Value Estimation
      $655,000
      31,525 SF

      2303 Un Rd

      SHOPPING CENTER, STRIP CENTER
      2303 Un Rd, West Seneca, NY 14224-1447
      View Details
    • Value Estimation
      $2,900,000
      16,938 SF

      1100 Southwestern Blvd

      SHOPPING CENTER, STRIP CENTER
      1100 Southwestern Blvd, Buffalo, NY 14224-4400
      View Details
    • Value Estimation
      $730,000
      33,790 SF

      455 Ctr Rd

      SHOPPING CENTER, STRIP CENTER
      455 Ctr Rd, Buffalo, NY 14224-2100
      View Details
    • Value Estimation
      $1,055,000
      20,504 SF

      4036 Clinton St, Unit 4050

      SHOPPING CENTER, STRIP CENTER
      4036 Clinton St, Buffalo, NY 14224-1558
      View Details
    • Value Estimation
      $3,850,000
      29,000 SF

      706-708 Mineral Spgs Rd

      SHOPPING CENTER, STRIP CENTER
      706-708 Mineral Spgs Rd, Buffalo, NY 14224
      View Details

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      Corner lot with high visibility, suitable for retail or restaurant.
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    • New
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      Mixed-Use Building in West Seneca

      Mixed-use building with commercial spaces and apartments, fully rented.
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    Similar Nearby for Lease

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      1,803 SF

      Retail Space in Seneca Ridge Plaza

      Neighborhood center with high visibility and accessibility in West Seneca.
      3521-3531 Seneca St, West Seneca, NY 14224
      View Details
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      500,000 SF

      Large Retail and Office Space

      Over 500,000 SF of retail and office space available.
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      Retail Space in West Seneca

      Former Goodwill space in a busy, well-maintained shopping center.
      3531 Seneca St, West Seneca, NY 14224
      View Details
    • Contact for pricing

      Retail Space in Busy Plaza

      Former Goodwill space in a high-traffic shopping center.
      3531 Seneca St, West Seneca, NY 14224
      View Details
    • Contact for pricing

      Union Road Retail/Office Space

      Retail or office spaces available near Galleria Mall.
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      View Details
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      Remodeled Office/Retail Space Available

      Remodeled office or retail space in Wimbledon Plaza.
      220 Center Rd, West Seneca, NY 14224
      View Details
    View Listing
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    West Seneca, NY 14224
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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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