Turn-Key Historic Office
491 Delaware Ave Buffalo, NY 14202
For Sale
Contact for pricing
Renovated single-tenant office building with heated sidewalk, sprinklers, two ADA restrooms, and 8 rear parking spaces.
Property Size6,104 SF
Price / SF$155.64
Days on Market972
Property Features for 491 Delaware Ave
General Information
Standard status
Active
Size
6,104 SF
Property subtype
OFFICE
Listing Agency:
Hunt Commercial - Buffalo
(716) 491-7181
Listed By:
Michael Scheid
Source:
Moodyscre
Added: Dec 1, 2023
Changed: Jul 26
Last Checked: Jul 29 at 2:26PM
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 turn-key office building is currently used as a single-tenant office and is housed in the Charles Miller Morse House, a historic “Midway” rowhouse. The property was completely renovated in 2013 and has been well maintained since. Existing improvements include a heated sidewalk and sprinklers throughout. The ground floor offers two ADA compliant restrooms, and the building retains much of its original layout.
Parking for 8 vehicles is available at the rear and accessed from Virginia Place.
The preserved layout offers a redevelopment path that could support reverting the property to a single-family residence, as it was originally designed, while still supporting continued office use.
Parking for 8 vehicles is available at the rear and accessed from Virginia Place.
The preserved layout offers a redevelopment path that could support reverting the property to a single-family residence, as it was originally designed, while still supporting continued office use.
Key Highlights
- Charles Miller Morse House historic “Midway” rowhouse, currently used as a single‑tenant office building
- Completely renovated in 2013 and well maintained since, supporting continued office use
- Heated sidewalk plus sprinklers throughout
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $124.5k | $20.40 |
| − Vacancy | −$23.0k | −$3.77 |
| EGI | $101.5k | $16.63 |
| − OpEx | −$25.4k | −$4.16 |
| NOI | $76.1k | $12.47 |
6,104 SF · lease $20.40/SF/yr · vacancy 18.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.09M
$951.4K – $1.27M
NOI $76,114 @ 7.0% cap · market cap 8.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,752 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Renovated single-tenant office building with heated sidewalk, sprinklers, two ADA restrooms, and 8 rear parking spaces.
Where is this office building located?
The property is located at 491 Delaware Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Charles Miller Morse House historic “Midway” rowhouse, currently used as a single‑tenant office building; Completely renovated in 2013 and well maintained since, supporting continued office use; Heated sidewalk plus sprinklers throughout
