Tonawanda Commercial Building on
For Sale
$599,900
2084 Sheridan Dr, Tonawanda, NY 14223
Versatile commercial building in a high-traffic location, ideal for investors.
Property Size4,500 SF
Lot Size0.38 Acres
Price / SF$133.31
Days on Market163
Property Features for 2084 Sheridan Dr
General Information
Standard status
Active
Size
4,500 SF
Lot size
0.38 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$27,394
Building Details
Building Size
4,500 SF
Year Built
1985
Stories
1
Units
3
Listing Agency:
Century 21 - Winklhofer | Grand Island
(716) 471-7143
Listed By:
Geraldine A Andolina
(716) 471-7143
Source:
Elliman
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 20 at 10:19AM
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 Century 21 - Winklhofer | Grand Island
Investment Insights
Based on property information with market context.
This commercial building, constructed in 1985, is located in the Town of Tonawanda. The one-story masonry property is situated on a 0.38-acre lot and provides 4,500 sq. ft. of space, along with a full basement that includes mechanicals, storage, and a second egress. Currently, two of the three suites are owner-occupied as medical offices, and the third suite is vacant. The property is positioned along Sheridan Drive, benefiting from high visibility and heavy vehicle and foot traffic. The surrounding area includes a mix of commercial, office, and multi-family residential properties. A paved parking lot offers 24 on-site spaces. The zoning allows for various uses, including medical or professional offices, retail, day care, financial institutions, or mixed-use residential development. The property is located in a General Business District.
Key Highlights
- Prime location on busy Sheridan Drive with high visibility and traffic.
- Versatile General Business District zoning allows for diverse uses (medical, office, retail, residential).
- 4,500 sq. ft. building with a full basement for storage and a second egress.
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
$43,351
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
7.23%
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%
$867,020
$867.0K
Cap Rate 7%
$619,300
$619.3K
Cap Rate 9%
$481,678
$481.7K
Market Conditions
NOI Build-Up for 4,500 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
$81.0K $18.00/SF
− Vacancy
−$8.7K −$1.94/SF
EGI
$72.3K $16.06/SF
− OpEx
−$28.9K −$6.42/SF
NOI
$43.4K $9.63/SF
Area
Erie County, NY
Vacancy
10.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
40.00%
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%
$867,020
Cap Rate 7%
$619,300
Cap Rate 9%
$481,678
Alternative Uses
Best Use
Office B
$805.5K
$704.9K – $939.8K
NOI $56,388 @ 7.0% cap · market cap 9.40%
Second Best
Healthcare Medical
$619.3K
$541.9K – $722.5K
NOI $43,351 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$983.7K
$860.8K – $1.15M
NOI $68,861 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
576
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14223, NY
22,658
Population
10,586
Households
2.1
Avg Household Size
41
Median Age
44%
College-Educated
97%
High-School Grad
3.5 sq mi
ZIP Area
6,474
Density / Sq Mi
$83,528
Median Household Income
$49,835
Median Earnings
$976
Median Rent
$202,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- VCA Sheridan Animal Hospital — 2288 Sheridan Dr, Buffalo, NY 14223
Frequently Asked Questions
What type of property is this?
Medical Office Space - Versatile commercial building in a high-traffic location, ideal for investors.
Where is this medical office space located?
The property is located at 2084 Sheridan Dr Tonawanda, NY.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Prime location on busy Sheridan Drive with **high visibility and traffic**.; Versatile General Business District zoning allows for diverse uses (medical, office, retail, residential).; 4,500 sq. ft. building with a **full basement** for storage and a second egress.
