Two-Story Office and Apartment
For Sale
$270,000
3381 Genesee Street, Cheektowaga, NY 14225
Two-story office building with separate utilities, plus a 5-bay garage and paved parking for up to 50 vehicles.
Property Size1,936 SF
Price / SF$139.46
Days on Market86
Property Features for 3381 Genesee Street
General Information
Standard status
Active
Size
1,936 SF
Total Parking Spaces
50
Property subtype
Office - General Office
Additional Details
Road Access
Yes
Building Details
Year Built
1930
Stories
2
Listing Agency:
HUNT Commercial
(716) 946-5438
Listed By:
Leah E. Curione · License #10401257858
Source:
Commercialcafe
Added: May 14
Changed: Jul 21
Last Checked: Aug 7 at 2:22AM
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 HUNT Commercial
Investment Insights
Based on property information with market context.
Located at 3381 Genesee Street, this 2-story building was formerly used as a healthcare workers training facility and is well suited for office or mixed-use development. The first floor is described as suitable for office or retail use, while the second floor is suited for apartment use. Upper and lower units are separately metered.
The property features approximately 155 feet of frontage on Genesee Street near Cayuga Drive, and includes a 2,100 SF 5-bay garage that can support an additional revenue stream. There is also paved parking adjacent to the building for up to 50 vehicles. The roof is described as newer, and the garages were rebuilt approximately 8 years ago.
This offering is presented as a versatile, income-capable property with visibility and accessibility along a busy commercial corridor.
The property features approximately 155 feet of frontage on Genesee Street near Cayuga Drive, and includes a 2,100 SF 5-bay garage that can support an additional revenue stream. There is also paved parking adjacent to the building for up to 50 vehicles. The roof is described as newer, and the garages were rebuilt approximately 8 years ago.
This offering is presented as a versatile, income-capable property with visibility and accessibility along a busy commercial corridor.
Key Highlights
- 1,936 SF 2‑story office building built in 1930, formerly a healthcare workers training facility
- 5‑bay garage totaling 2,100 SF plus paved parking for up to 50 vehicles to support rental income
- 155' of frontage on Genesee Street near Cayuga Drive
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
$24,259
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
8.98%
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%
$485,180
$485.2K
Cap Rate 7%
$346,557
$346.6K
Cap Rate 9%
$269,544
$269.5K
Market Conditions
NOI Build-Up for 1,936 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
$39.5K $20.40/SF
− Vacancy
−$7.1K −$3.69/SF
EGI
$32.3K $16.71/SF
− OpEx
−$8.1K −$4.18/SF
NOI
$24.3K $12.53/SF
Area
Erie County, NY
Vacancy
18.10%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
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%
$485,180
Cap Rate 7%
$346,557
Cap Rate 9%
$269,544
Alternative Uses
Best Use
Office B
$346.6K
$303.2K – $404.3K
NOI $24,259 @ 7.0% cap · market cap 8.98%
Second Best
Mixed Use
$259.8K
$227.3K – $303.1K
NOI $18,186 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$423.2K
$370.3K – $493.8K
NOI $29,625 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
489
Businesses Nearby
Explore this area
Business Placement
Demographics for 14225, NY
34,066
Population
16,253
Households
2.1
Avg Household Size
41
Median Age
29%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
2,962
Density / Sq Mi
$65,562
Median Household Income
$44,408
Median Earnings
$937
Median Rent
$154,500
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.
Frequently Asked Questions
What type of property is this?
Live-work space - Two-story office building with separate utilities, plus a 5-bay garage and paved parking for up to 50 vehicles.
Where is this live-work space located?
The property is located at 3381 Genesee Street Cheektowaga, NY.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 1,936 SF 2‑story office building built in 1930, formerly a healthcare workers training facility; 5‑bay garage totaling 2,100 SF plus paved parking for up to 50 vehicles to support rental income; 155' of frontage on Genesee Street near Cayuga Drive
