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    Historic Mixed-Use Property with Storefronts Title is generated by Realmo AI

    553 S Park Avenue, Buffalo, NY 14204

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    New
    For Sale
    $199,900

    MULTI_FAMILY - Other - Buffalo, NY

    Property size:
    3,566 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $56/SF
    Added:
    Jun 3, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 4 at 1:06 pm

    Property Features for 553 S Park Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    2
    Rooms
    Bedroom 1, Bedroom 6, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 2, Basement, Bedroom 5, Bathroom 1
    Parking features
    Garage
    Interior features
    Attic, CeilingFans
    Exterior features
    Fence
    Fencing
    Fenced
    Fireplace
    1
    Appliances
    GasWaterHeater
    Standard status
    Active
    APN
    140200-122-320-0004-016-000
    Size
    3,566 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2469

    Utilities

    Heating system
    Zoned, Hot Water(Heating), Baseboard, Natural Gas
    Cooling system
    Zoned
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    3
    Number of units
    2
    Flooring type
    Vinyl, Carpet, Hardwood, Varies
    Building materials
    Brick, VinylSiding, CopperPlumbing
    Roof type
    Flat, Shingle, Membrane, Asphalt, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    James J Conley
    James J Conley

    Listing agent James J Conley License #10301223914

    Listing office MJ Peterson Real Estate Inc. 200 John James Audubon Ste 101, NY

    Listing date Jun 3, 2026

    MLS# B1687304 Listing URL

    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.

    HighLights

    • Over 4,000 SF two‑unit property with each apartment featuring 3 bedrooms, formal living and dining rooms, and a full bath
    • Historic interior details include six original pocket doors and 10‑foot first‑floor ceilings
    • Two storefront‑style spaces at the front of the building offer flexible options for offices, studios, workshops, storage, or potential commercial use
    • Upper unit includes a butler’s pantry, clawfoot tub, and access to a private second‑story deck
    • Includes a finished third floor for additional rooms and bonus space, plus a basement with extensive storage and built‑in workbenches
    • Parking and workspace options include a large attached garage/workshop and a detached 3‑car garage

    Overview

    553 S Park Avenue is a historic, two-unit mixed-use property featuring two apartments and two storefront-style spaces at the front of the building. Each apartment includes three bedrooms, formal living and dining rooms, and a full bath, with original character elements such as pocket doors, ornate fireplace surrounds, and preserved period finishes. The first floor features 10-foot ceilings and custom maple cabinetry with built-in appliances including a dishwasher, electric range, and refrigerator, along with a parlor space highlighted by an original fireplace and glazed tile surround. The upper unit offers a butler’s pantry, a clawfoot tub, and additional fireplace features, plus access to a private second-story deck. A finished third floor adds extra rooms and bonus space suitable for storage, work, or expanded living arrangements.

    Located along the South Park corridor in Buffalo’s First Ward, the property places daily needs and entertainment within minutes of Canalside, downtown Buffalo, waterfront attractions, restaurants, and ongoing redevelopment in the area. The building’s exterior includes maintenance-free vinyl siding and an architectural roof.

    For tenants, buyers, or operators seeking flexibility, the two storefront-style spaces can support uses such as offices, studios, workshops, hobby space, or other commercial activity, while the residential configuration provides independent living spaces. Practical storage and workspace features include a large attached garage/workshop, a detached 3-car garage with brick-laid flooring, and a basement with extensive storage and workshop areas with built-in workbenches and fixtures.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.859173
    Latitude
    42.870452

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    FAQs

    What type of property is this?
    Duplex - Two residential units plus two front storefront-style spaces, supported by extensive garage and basement storage.
    Where is this duplex located?
    The property is located at 553 S Park Avenue Buffalo, NY.
    What is the asking price?
    The asking price for this property is $199,900.
    What are key features of this property?
    This property features: Over 4,000 SF two‑unit property with each apartment featuring 3 bedrooms, formal living and dining rooms, and a full bath; Historic interior details include six original pocket doors and 10‑foot first‑floor ceilings; Two storefront‑style spaces at the front of the building offer flexible options for offices, studios, workshops, storage, or potential commercial use
    (716) 587-2903
    We can help!
    Listing Contact
    James J Conley
    James J Conley
    Real Estate License ID: 10301223914
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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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