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    2901 Bowen Road Elma, NY 14059

    View on Map
    For Sale
    $699,000

    COMMERCIAL - Elma, NY

    Property size:
    6,450 SF
    Lot size:
    1.42 Acres
    Added:
    Mar 30, 2025
    Days on Market:
    368
    Last Refresh:
    Apr 1 at 10:06 pm

    Property Features for 2901 Bowen Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    RA
    Rooms
    Basement
    Parking
    15
    Parking features
    Paved or Surfaced
    Standard status
    Active
    APN
    144200-137-020-0001-022-120
    Size
    6,450 SF
    Lot size
    1.42 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    6644

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1890
    Floors in Building
    2
    Number of units
    6
    Flooring type
    Hardwood, Vinyl, Varies, Linoleum, Carpet
    Roof type
    Shingle, Flat, Rubber, Asphalt, Membrane

    We can help!

    Listing Contact
    Steven Simme
    Steven Simme

    Listing agent Steven Simme License #10301217723

    Listing office Keller Williams Realty Lancaster 3400 Southwestern Blvd., Elma, NY

    Listing date Mar 30, 2025

    MLS# B1596175

    Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Firehouse Square Mixed-Use Facility

    Located on the banks of Buffalo Creek, this mixed-use facility, known as Firehouse Square, has been meticulously maintained for 38 years. The building contains four office suites and two residential apartments. Office #1 is approximately 1780 square feet, Office #2 is approximately 1080 square feet, Office #3 is approximately 1200 square feet, and Office #4 is approximately 400 square feet. Suites 1 and 2 can be adjoined to create a larger suite. Two offices are currently occupied, and two are vacant. The property also includes two large one-bedroom, one-bath apartments, each featuring a large kitchen, living room, in-unit laundry, and a second-floor loft overlook suitable for a home office. Remodeled from top to bottom in 1985, the building has been continuously updated. A full, dry basement with an 8-foot ceiling height is divided into individual storage areas for tenants. The main entrance provides access to all four office units, with units #1 and #2 also having rear entrances. The residential apartments are accessed from the rear. Parking is available on a paved blacktop lot. The property is zoned RA and is situated on a 1.4225-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Law Office of Mark ... Law Firm Crash Research & Analysis Consultant Creekside Funding Loan Service Elma Title Agency ... Title Company Buffalo Wealth Management Consultant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elma
    County
    Erie
    State
    New York
    Longitude
    -78.639747
    Latitude
    42.848588

    FAQs

    What type of property is this?
    Mixed-use property - Multi-use facility with office suites and residential apartments for sale.
    Where is this mixed-use property located?
    The property is located at 2901 Bowen Road Elma, NY.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: Multi‑use facility offering diverse income potential with 4 office suites and 2 residential apartments.; Located on the picturesque banks of Buffalo Creek.; Well‑maintained building, meticulously cared for with continuous updates since a top‑to‑bottom remodel in 1985.
    (716) 863-1675
    We can help!
    Listing Contact
    Steven Simme
    Steven Simme
    Real Estate License ID: 10301217723
    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.

    More about this property
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