Mixed-Use Property with Development
For Sale
$9,500,000
1460 French Road, Depew, NY 14043
Self-storage, retail, and development opportunity in Cheektowaga/Lancaster.
Property Size43,777 SF
Lot Size1.07 Acres
Price / SF$217.01
Days on Market149
Property Features for 1460 French Road
General Information
Standard status
Active
Size
43,777 SF
Lot size
1.07 Acres
Property subtype
SpecialPurpose
Listing Agency:
Listed By:
Michael Clark · License #Associate Real Estate Broker
Source:
Cbre
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 19 at 8:14AM
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 Michael Clark
Investment Insights
Based on property information with market context.
This property features a mix of self-storage, retail, and development opportunities. It includes a Life Storage facility with 394 climate-controlled units, totaling 43,777 net rentable square feet. The facility was recently built in 2023. Additionally, the property houses a Goodwill Storage & Donation Center, a non-profit retail store. A 7 Brew Coffee Shop (retail) is also located on the site. The property includes two pads, one of which is slated for future development by a QSR on a long-term lease. The other pad is a 1.07-acre lot, offering additional development potential. The property is located at the signalized intersection of Transit Road and French Road, along the border of Cheektowaga and Lancaster. As of December 31, 2025, the physical occupancy was 93.2%.
Key Highlights
- Class A, climate‑controlled facility: recently built conversion (2023) with 394 units at 43,777 RSF of self‑storage space
- Strong physical occupancy: 93.2% physically occupied (December 31, 2025)
- Located at the signalized intersection of Transit Road (26,618 AADT) and French Road (14,532 AADT)
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
$413,693
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
4.35%
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%
$8,273,860
$8.3M
Cap Rate 7%
$5,909,900
$5.9M
Cap Rate 9%
$4,596,589
$4.6M
Market Conditions
NOI Build-Up for 43,777 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
$656.7K $15.00/SF
− Vacancy
−$65.7K −$1.50/SF
EGI
$591.0K $13.50/SF
− OpEx
−$177.3K −$4.05/SF
NOI
$413.7K $9.45/SF
Area
Erie County, NY
Vacancy
10.00%
Lease Rate
$15.00 /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%
$8,273,860
Cap Rate 7%
$5,909,900
Cap Rate 9%
$4,596,589
Alternative Uses
Best Use
Self Storage
$5.91M
$5.17M – $6.89M
NOI $413,693 @ 7.0% cap · market cap 4.35%
Second Best
Retail
$5.62M
$4.92M – $6.56M
NOI $393,615 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$9.57M
$8.37M – $11.16M
NOI $669,893 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
Explore this area
Business Placement
Demographics for 14043, NY
24,962
Population
11,743
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
94%
High-School Grad
9.1 sq mi
ZIP Area
2,743
Density / Sq Mi
$73,373
Median Household Income
$50,263
Median Earnings
$1,072
Median Rent
$192,800
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Self-storage, retail, and development opportunity in Cheektowaga/Lancaster.
Where is this self storage facility located?
The property is located at 1460 French Road Depew, NY.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: Class A, climate‑controlled facility: recently built conversion (2023) with 394 units at 43,777 RSF of self‑storage space; Strong physical occupancy: **93.2% physically occupied (December 31, 2025)**; Located at the signalized intersection of Transit Road (26,618 AADT) and French Road (14,532 AADT)
