Flex Space with Attached
For Sale
Contact for pricing
119 Broadway St, Buffalo, NY 14203
Three-story renovated flex space with an attached warehouse, gated parking, and a 2,500 lb freight elevator.
Property Size11,500 SF
Price / SF$130.43
Days on Market1165
Property Features for 119 Broadway St
General Information
Standard status
Active
Size
11,500 SF
Total Parking Spaces
11
Elevators
Yes
Property subtype
OFFICE
Warehouse & Industrial
Warehouse Space
2,500 SF
Office Build-Out
9,000 SF
Additional Details
Road Access
Yes
Amenities
security system
generator
freight elevator
Building Details
Buildings
1
Stories
3
Listing Agency:
Hunt Commercial - Buffalo
(716) 854-5943
Listed By:
Alan Hastings · License #10311203496
(716) 481-3325
Source:
Moodyscre
Added: Jul 7, 2023
Changed: Sep 9
Last Checked: Sep 12 at 9:45AM
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.
Three-story renovated flex space that combines office and warehouse use, totaling 11,500 SF. The office portion is 9,000 SF, with an attached 2,500 SF warehouse. The property includes gated parking and has indoor parking possibilities within the attached warehouse.
Located on a high-traffic Elm/Oak arterial in a corner position just outside the CBD, the building is designed for visibility and operational access. On-site security is supported by a system with fobs, and the property includes a 20 kW generator with an automatic transfer switch.
Additional features include a 2,500 lb freight elevator and a full, usable dry basement, supporting everyday storage and back-of-house functionality.
Located on a high-traffic Elm/Oak arterial in a corner position just outside the CBD, the building is designed for visibility and operational access. On-site security is supported by a system with fobs, and the property includes a 20 kW generator with an automatic transfer switch.
Additional features include a 2,500 lb freight elevator and a full, usable dry basement, supporting everyday storage and back-of-house functionality.
Key Highlights
- Three‑story renovated flex space totaling 11,500 SF
- 9,000 SF office with an attached 2,500 SF warehouse
- High‑traffic Elm/Oak arterial corner location just outside the CBD
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
$97,811
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
6.52%
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%
$1,956,220
$2.0M
Cap Rate 7%
$1,397,300
$1.4M
Cap Rate 9%
$1,086,789
$1.1M
Market Conditions
NOI Build-Up for 11,500 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
$117.3K $10.20/SF
− Vacancy
−$2.2K −$0.19/SF
EGI
$115.1K $10.01/SF
− OpEx
−$17.3K −$1.50/SF
NOI
$97.8K $8.51/SF
Area
Buffalo, NY
Vacancy
1.90%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
15.00%
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%
$1,956,220
Cap Rate 7%
$1,397,300
Cap Rate 9%
$1,086,789
Alternative Uses
Best Use
Office B
$2.05M
$1.79M – $2.39M
NOI $143,399 @ 7.0% cap · market cap 9.56%
Second Best
Warehouse
$1.40M
$1.22M – $1.63M
NOI $97,811 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,586 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,329
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 14203, NY
2,006
Population
1,712
Households
1.2
Avg Household Size
33
Median Age
43%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
716
Density / Sq Mi
$48,529
Median Household Income
$44,259
Median Earnings
$1,167
Median Rent
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Buffalo, NY
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Frequently Asked Questions
What type of property is this?
Flex space - Three-story renovated flex space with an attached warehouse, gated parking, and a 2,500 lb freight elevator.
Where is this flex space located?
The property is located at 119 Broadway St Buffalo, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Three‑story renovated flex space totaling 11,500 SF; 9,000 SF office with an attached 2,500 SF warehouse; High‑traffic Elm/Oak arterial corner location just outside the CBD
