1020 Center StHorseheads, NY 14845

Property Details for 1020 Center St

Year built

1962

Lot size

20.60 AC

Property size (Sq ft)

248,126 SF

Zone code

VH05

Property type

Super regional malls

APN

073401 59.13-3-3

APU

73401591333

Description

Grand Central Plaza, a 271,255-square-foot shopping center in Horseheads, NY, presents a compelling investment opportunity. Strategically located at the intersection of Interstate 86/Route 17, this property boasts exceptional visibility and high traffic counts, averaging approximately 32,000 vehicles daily. The center is anchored by nationally recognized tenants including Tractor Supply, Ollie's Bargain Outlet, and Barton's Home Outlet, ensuring a strong and stable tenant base. Currently 86.1% occupied, the center features a diverse mix of tenants such as American Freight, Sky Gymnastics, Peter Harris Clothes, Family Dollar, Carquest, Dunkin', and GCP Discount Liquor and Wine. Built in 1961 and renovated in 1992, the property sits on a 21.7-acre lot and offers significant upside potential. A 7,832-square-foot vacant unit and an additional pad site are available for development, along with two vacant lots across from Chemung Street. The property's weighted average occupied lease term is 10.8 years, demonstrating the long-term stability of the tenant mix. With two pylon signs, including an electronic one, and excellent access from Center Street and Chemung Street, Grand Central Plaza offers a rare combination of established success and future growth potential. The Net Operating Income (NOI) is $1,120,015.

• CAP approach

  CAP return

  Valuation

  6%

  $58,900,244

  6.5%

  $54,369,456

  7%

  $50,485,924

• Comparable approach

  Method

  Valuation

  Relative Method

  $57,124,220

  Geo Method

  $81,698,760

• Alternative Use

  Use

  Valuation

  Residential

  $45,862,672

  Hospitality

  $42,009,960

  Educational

  $34,951,792

  Medical

  $36,153,840

  Retail

  $54,369,456

Location Insight

City

Horseheads

County

Chemung

State

New York

Latitude

42.1574

Longitude

-76.8262

CBSA code

21300

CBSA name

ELMIRA, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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