Flex Warehouse with Drive-In
For Sale
$499,000
229 French St, Buffalo, NY 14211
Flex warehouse featuring drive-in access, 16-foot ceiling height, and 27 parking spaces on a 0.72-acre lot.
Property Size5,967 SF
Lot Size0.72 Acres
Price / SF$83.63
Days on Market22
Property Features for 229 French St
General Information
Standard status
Active
Size
5,967 SF
Total Parking Spaces
27
Lot size
0.72 Acres
Property subtype
Industrial
Zoning
N-1S
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Building Details
Building Size
5,967 SF
Year Built
1955
Listing Agency:
Hunt Commercial - Buffalo
(716) 392-8284
Listed By:
Amanda Hirsch · License #10401323713
Source:
Huntcommercial
Added: Jul 22
Changed: Aug 10
Last Checked: Aug 11 at 5:20AM
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 - Buffalo
Investment Insights
Based on property information with market context.
This flex warehouse includes a 5,967-square-foot building on a 0.72-acre lot, built in 1950. The property provides drive-in access and 16-foot ceiling heights, with 27 parking spaces for tenant and customer use.
Zoned N-1S (Secondary Employment Center), the space is suited to mixed-use industrial and employment-driven development. The listing is positioned in an established Buffalo employment corridor.
The existing configuration supports a flexible mix of commercial, office, warehouse, and light-industrial uses within the N-1S zoning framework.
Zoned N-1S (Secondary Employment Center), the space is suited to mixed-use industrial and employment-driven development. The listing is positioned in an established Buffalo employment corridor.
The existing configuration supports a flexible mix of commercial, office, warehouse, and light-industrial uses within the N-1S zoning framework.
Key Highlights
- 5,967 SF commercial/industrial flex building on a 0.72‑acre lot
- Drive‑in access with 16' ceiling heights for flex warehouse use
- Zoned N‑1S (Secondary Employment Center) allowing commercial and light‑industrial flexibility
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
$43,285
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
8.67%
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%
$865,700
$865.7K
Cap Rate 7%
$618,357
$618.4K
Cap Rate 9%
$480,944
$480.9K
Market Conditions
NOI Build-Up for 5,967 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
$71.6K $12.00/SF
− Vacancy
−$5.0K −$0.84/SF
EGI
$66.6K $11.16/SF
− OpEx
−$23.3K −$3.91/SF
NOI
$43.3K $7.25/SF
Area
Buffalo, NY
Vacancy
7.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$865,700
Cap Rate 7%
$618,357
Cap Rate 9%
$480,944
Alternative Uses
Best Use
Warehouse
$725.0K
$634.4K – $845.9K
NOI $50,751 @ 7.0% cap · market cap 10.17%
Second Best
Flex RnD
$618.4K
$541.1K – $721.4K
NOI $43,285 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$1.43M
$1.26M – $1.67M
NOI $100,446 @ 7.0% cap · market cap 20.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
617
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14211, NY
26,449
Population
11,498
Households
2.3
Avg Household Size
32
Median Age
15%
College-Educated
84%
High-School Grad
3.9 sq mi
ZIP Area
6,782
Density / Sq Mi
$34,490
Median Household Income
$30,705
Median Earnings
$1,008
Median Rent
$91,600
Median Home Value
Market
Vacancy Rate% for Industrial in Buffalo, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex warehouse featuring drive-in access, 16-foot ceiling height, and 27 parking spaces on a 0.72-acre lot.
Where is this flex space located?
The property is located at 229 French St Buffalo, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 5,967 SF commercial/industrial flex building on a 0.72‑acre lot; Drive‑in access with 16' ceiling heights for flex warehouse use; Zoned N‑1S (Secondary Employment Center) allowing commercial and light‑industrial flexibility
