Mixed-Use Property with Detached
For Sale
$575,000
115 Mead Street, North Tonawanda, NY 14120
Former school layout includes open floor plans, updated water-heating equipment, and supplemental storage.
Property Size6,074 SF
Days on Market20
Property Features for 115 Mead Street
General Information
Standard status
Active
Size
6,074 SF
Total Parking Spaces
3
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$14,904
Building Details
Building Size
6,074 SF
Year Built
1970
Listing Agency:
Howard Hanna WNY Inc.
(716) 471-6471
Listed By:
Robert N Robinson Jr · License #10401299952
(716) 471-6471
Source:
Highfallssir
Added: Aug 11
Changed: Aug 30
Last Checked: Aug 30 at 12:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna WNY Inc.
Investment Insights
Based on property information with market context.
Built in 1970, this mixed-use property was most recently used as a school. Each floor or unit features a wraparound open layout, and the configuration can be converted back to five or six units.
The property includes two new hot water tanks and a new boiler. A detached three-bay garage adds storage capacity and supports the building’s flexible configuration.
The property includes two new hot water tanks and a new boiler. A detached three-bay garage adds storage capacity and supports the building’s flexible configuration.
Key Highlights
- Former school property with wraparound open floor plans on each floor/unit
- Configuration can be converted back to 5 or 6 units
- 2 new hot water tanks and new boiler
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,348
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$946,960
$947.0K
Cap Rate 7%
$676,400
$676.4K
Cap Rate 9%
$526,089
$526.1K
Market Conditions
NOI Build-Up for 6,074 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$92.6K $15.24/SF
− Vacancy
−$6.5K −$1.07/SF
EGI
$86.1K $14.17/SF
− OpEx
−$38.7K −$6.38/SF
NOI
$47.3K $7.80/SF
Area
Niagara County, NY
Vacancy
7.00%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$946,960
Cap Rate 7%
$676,400
Cap Rate 9%
$526,089
Alternative Uses
Best Use
Mixed Use
$1.17M
$1.02M – $1.37M
NOI $81,999 @ 7.0% cap · market cap 14.26%
Second Best
Apartment 5plus
$676.4K
$591.9K – $789.1K
NOI $47,348 @ 7.0% cap · market cap 8.23%
Theoretical Best
Warehouse
$5.16M
$4.52M – $6.02M
NOI $361,274 @ 7.0% cap · market cap 62.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
448
Businesses Nearby
Explore this area
Business Placement
Demographics for 14120, NY
44,538
Population
20,367
Households
2.2
Avg Household Size
45
Median Age
30%
College-Educated
94%
High-School Grad
32.6 sq mi
ZIP Area
1,366
Density / Sq Mi
$76,608
Median Household Income
$47,014
Median Earnings
$932
Median Rent
$205,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Former school layout includes open floor plans, updated water-heating equipment, and supplemental storage.
Where is this mixed-use property located?
The property is located at 115 Mead Street North Tonawanda, NY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Former school property with wraparound open floor plans on each floor/unit; Configuration can be converted back to 5 or 6 units; 2 new hot water tanks and new boiler
