Commercial Land with On-Site
For Sale
$325,000
1164 Michigan Ave, Buffalo, NY 14209
Rectangular parcel offering on-site parking and prior automotive lot use.
Property Size1,793 SF
Price / SF$181.26
Days on Market442
Property Features for 1164 Michigan Ave
General Information
Standard status
Active
Size
1,793 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$787
Amenities
Gas
3
Concrete
Membrane, Rubber
N2
20 Parking Spaces. On Site.
Rectangular
50X126
Rectangular.
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 603-2845
Listed By:
Gino Albini · License #10301207653
(716) 603-2845
Source:
Xome
Added: Jun 16, 2025
Changed: Aug 29
Last Checked: Aug 30 at 2:11PM
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 MJ Peterson Real Estate Inc.
Investment Insights
Based on property information with market context.
This rectangular commercial land parcel at 1164 Michigan Ave includes 20 on-site parking spaces and has a documented history as a car lot. The property measures 50 by 126 and includes concrete and gas among its listed features.
The site is identified within a redevelopment area and sits across from new buildings. An adjoining property is also available, creating the possibility of assembling a larger development site. The parcel may also support parking for tenants and customers of nearby properties, subject to applicable approvals.
The site is identified within a redevelopment area and sits across from new buildings. An adjoining property is also available, creating the possibility of assembling a larger development site. The parcel may also support parking for tenants and customers of nearby properties, subject to applicable approvals.
Key Highlights
- Rectangular parcel measuring 50 by 126
- 20 on‑site parking spaces
- Prior use as a car lot
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
$17,465
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
5.37%
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%
$349,300
$349.3K
Cap Rate 7%
$249,500
$249.5K
Cap Rate 9%
$194,056
$194.1K
Market Conditions
NOI Build-Up for 1,793 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
$28.0K $15.60/SF
− Vacancy
−$3.0K −$1.68/SF
EGI
$24.9K $13.92/SF
− OpEx
−$7.5K −$4.17/SF
NOI
$17.5K $9.74/SF
Area
Buffalo, NY
Vacancy
10.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$349,300
Cap Rate 7%
$249,500
Cap Rate 9%
$194,056
Alternative Uses
Best Use
Retail
$249.5K
$218.3K – $291.1K
NOI $17,465 @ 7.0% cap · market cap 5.37%
Second Best
Industrial
$179.4K
$157.0K – $209.3K
NOI $12,559 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$431.2K
$377.3K – $503.1K
NOI $30,183 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,158
Businesses Nearby
Explore this area
Business Placement
Demographics for 14209, NY
8,251
Population
4,729
Households
1.7
Avg Household Size
39
Median Age
46%
College-Educated
90%
High-School Grad
1.0 sq mi
ZIP Area
8,251
Density / Sq Mi
$49,359
Median Household Income
$33,329
Median Earnings
$1,025
Median Rent
$408,600
Median Home Value
Market
Vacancy Rate% for Retail in Buffalo, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - Rectangular parcel offering on-site parking and prior automotive lot use.
Where is this commercial land located?
The property is located at 1164 Michigan Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Rectangular parcel measuring 50 by 126; 20 on‑site parking spaces; Prior use as a car lot
