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    Historic Buffalo Entertainment Venue Title is generated by Realmo AI

    49 Illinois Street, Buffalo, NY 14203

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    Fully occupied music venue in Buffalo's Cobblestone District.

    Type:Retail
    Property size:
    9,000 SF
    Added:
    Mar 25, 2026
    Days on Market:
    50
    Last Refresh:
    Mar 18 at 7:40 am

    Property Features for 49 Illinois Street

    General Information

    Standard status
    Active
    Size
    9,000 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Shana Stegner, SIOR

    Listing agent Shana Stegner, SIOR License #Associate Real Estate Broker

    Listing office

    Listing date Mar 25, 2026

    Source Cbre

    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 Shana Stegner, SIOR

    HighLights

    • Established music venue with a long‑term operator in place on a NNN lease, providing immediate income.
    • Located in the heart of Buffalo's Cobblestone District, a growing entertainment destination.
    • Proximity to KeyBank Center, driving event‑related business.
    • First floor performance space includes a stage, bar, kitchen, mezzanine seating, and connected outdoor space.
    • Listed on the National Register of Historic Places, potentially offering tax benefits and prestige.
    • Mixed‑use zoning (N‑1C) offers flexibility for future development or adaptation.

    Overview

    Located in Buffalo's Cobblestone District, the property at 49 Illinois Street is a circa-1902 building that was reimagined as a music venue in 2013. It was added to the National Register of Historic Places in 2014 for its industrial past, as a former site for the production of drilling equipment and capital hardware goods. The venue has a capacity of 500 and features a 16’x20’ stage, bar, kitchen, and mezzanine seating. It also includes a connected outdoor space accessible via two overhead doors. The second floor features a mostly open floor plan with office space, storage, and a greenroom. The property is fully occupied with an established long-term operator in place on a NNN lease. The Cobblestone District is a historic industrial neighborhood south of the central business district that has developed into an entertainment destination. The redevelopment of the circa-1917 DL&W Railroad Terminal will further activate the neighborhood with a new light rail station, a public market, and an event space comprised of 80,000 square feet indoors and another 40,000 square feet outside. Activation of the terminal and programming is anticipated to take place in Spring 2027. The venue opens for most events hosted across the street at KeyBank Center.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Buffalo Iron Works Restaurant Twenty6 Productions Event Planning

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon 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
    -78.8747272
    Latitude
    42.8744958

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    FAQs

    What type of property is this?
    Theater & concert hall - Fully occupied music venue in Buffalo's Cobblestone District.
    Where is this theater & concert hall located?
    The property is located at 49 Illinois Street Buffalo, NY.
    What are key features of this property?
    This property features: Established music venue with a long‑term operator in place on a NNN lease, providing immediate income.; Located in the heart of Buffalo's Cobblestone District, a growing entertainment destination.; Proximity to KeyBank Center, driving event‑related business.
    (716) 855-3700
    We can help!
    Listing Contact
    Shana Stegner, SIOR
    Real Estate License ID: Associate Real Estate Broker
    Learn More
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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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