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    Property profile & analytics

    9160 Main St Clarence, NY 14031

    • Retail space
    • 12,423 SF
    • 2.72 lot acres
    For Lease
    View listing
    Last Sale
    Jan 09, 2023
    $2,600,000
    Value Estimations
    $2,660,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2217083
    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

    • Rite Aid Pharmacy / Pharmacy
    • Kevin M. Clary, RPh / Pharmacy
    • Digiacomo Kevin / Pharmacy
    • Nicholas M. Scalzo, PharmD / Pharmacy
    • Rite Aid / Greeting Card Shop / Drug Store

    Property Details for 9160 Main St

    Year built
    1994
    Lot size
    2.72 lot acres
    Property size
    12,423 SF
    Property type
    Retail space
    APN
    143200 71.13-2-6
    APU
    143200711326

    Description

    This exceptional investment opportunity presents a 12,782 square foot Rite Aid pharmacy in Clarence, NY, boasting a 13-year absolute NNN lease (11.1 years remaining) commencing December 16, 2022, and expiring December 15, 2035. The property, built in 1993 and situated on a 2.57-acre lot, enjoys a prime location at the signalized intersection of Main Street (over 14,500 VPD) and Sheridan Drive (over 9,000 VPD), offering easy accessibility with multiple access points. The lease includes a corporate guarantee from Rite Aid, the third largest drugstore chain in the U.S., with over 2,245 locations. The property features a drive-thru and ample parking, catering to a high average household income exceeding $121,500 within a 3-mile radius. The asking price is $3,028,750, representing a 6.00% cap rate and a price per square foot of $236.95. The property generates a net operating income (NOI) of $181,725. Rent bumps of 5% are built into the lease in years 6 and 11, and in each of the nine, 5-year lease options. This location benefits from a successful 29+ year operating history and is conveniently located just 5 miles from the Buffalo Niagara International Airport. The property offers a secure, long-term investment with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,705,000
      ML approach
      $2,705,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,860,000
      6.5%
      $1,720,000
      7%
      $1,595,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,703,000
      Market price range: $878k - $2.70M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,805,000
      Current use
      RESTAURANT
      $1,700,000
      Change: -6% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,680,000
      Change: -7% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Clarence
    County
    Erie
    State
    New York
    Longitude
    -78.6491
    Latitude
    42.97
    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
    2023
    $0.00
    $570,000
    $1,530,000
    $2,100,000
    -
    $712,500
    $1,912,500
    $2,625,000

    Comparable in this City

    • Value Estimation
      $1,015,000
      8,901 SF

      10344 Main St

      RETAIL STORES (PERSONAL SERVICES) • 8,901 SF
      10344 Main St, Clarence, NY 14031-1604
      View Details
    • Value Estimation
      $595,000
      7,293 SF

      11190 Main St

      RETAIL STORES (PERSONAL SERVICES) • 7,293 SF
      11190 Main St, Clarence, NY 14031-1702
      View Details
    • Value Estimation by Request
      12,520 SF

      11200 Main St

      RETAIL STORES (PERSONAL SERVICES) • 12,520 SF
      11200 Main St, Clarence, NY 14031-1716
      View Details
    • Value Estimation by Request
      1,974 SF

      9124 Main St

      Individual retail properties • 1,974 SF
      9124 Main St, Clarence, NY 14031
      View Details
    • Value Estimation by Request
      1,259 SF

      9865 Main St

      FINANCIAL BUILDING • 1,259 SF
      9865 Main St, Clarence, NY 14031-2051
      View Details
    • Value Estimation by Request
      3,280 SF

      10614 Main St

      FINANCIAL BUILDING • 3,280 SF
      10614 Main St, Clarence, NY 14031-1641
      View Details

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    9160 Main St
    Clarence, NY 14031
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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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