Three-Bay Automotive
For Sale
$450,000
1423 S Park Ave, Buffalo, NY 14220
Automotive facility with overhead doors, service lifts, office space, storage rooms, and multiple curb cuts.
Property Size1,620 SF
Price / SF$277.78
Days on Market194
Property Features for 1423 S Park Ave
General Information
Standard status
Active
Size
1,620 SF
Class
C
Property subtype
Free Standing Building
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Service Bays
3
Amenities
billboard
office
storage rooms
Building Details
Building Size
1,620 SF
Year Built
1955
Buildings
1
Properties For Sale
at 1423 S Park Ave Contact us- Size
- 1,620 SF
- Lease Type
- NNN
1423 South Park
Listing Agency:
Recckio Real Estate & Development, Inc.
(716) 998-4422
Listed By:
Rick Recckio · License #31RE0821429
(716) 998-4422
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 3:49PM
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 Recckio Real Estate & Development, Inc.
Investment Insights
Based on property information with market context.
This automotive shop includes a 1,620 SF three-bay garage, with each bay equipped with a 10-foot overhead door and an additional lift. The property also contains a small office and storage rooms, supporting customer reception and day-to-day shop operations. On-site parking is supplemented by an additional lot on the south side of the parcel. A billboard is located on the property.
Positioned at the corner of South Park Ave. and Hopkins Street, the property offers access through multiple curb cuts. The location provides proximity to major businesses, restaurants, entertainment, and roadways including the New York State Thruway, I-190, I-90, and Route 5. Downtown Buffalo, the Peace Bridge, and Southtown markets are minutes away. Built in 1955, the facility is suited to automotive service and related commercial operations.
Positioned at the corner of South Park Ave. and Hopkins Street, the property offers access through multiple curb cuts. The location provides proximity to major businesses, restaurants, entertainment, and roadways including the New York State Thruway, I-190, I-90, and Route 5. Downtown Buffalo, the Peace Bridge, and Southtown markets are minutes away. Built in 1955, the facility is suited to automotive service and related commercial operations.
Key Highlights
- 1,620 SF three‑bay automotive garage
- 10‑foot overhead doors at each bay
- Additional lift serving each garage space
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
$15,780
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
3.51%
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%
$315,600
$315.6K
Cap Rate 7%
$225,429
$225.4K
Cap Rate 9%
$175,333
$175.3K
Market Conditions
NOI Build-Up for 1,620 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
$25.3K $15.60/SF
− Vacancy
−$2.7K −$1.68/SF
EGI
$22.5K $13.92/SF
− OpEx
−$6.8K −$4.17/SF
NOI
$15.8K $9.74/SF
Area
Buffalo, NY
Vacancy
10.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$315,600
Cap Rate 7%
$225,429
Cap Rate 9%
$175,333
Alternative Uses
Best Use
Retail
$225.4K
$197.3K – $263.0K
NOI $15,780 @ 7.0% cap · market cap 3.51%
Second Best
Industrial
$162.1K
$141.8K – $189.1K
NOI $11,347 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$389.6K
$340.9K – $454.5K
NOI $27,270 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14220, NY
23,959
Population
11,286
Households
2.1
Avg Household Size
38
Median Age
28%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
6,305
Density / Sq Mi
$68,337
Median Household Income
$42,112
Median Earnings
$974
Median Rent
$180,200
Median Home Value
Market
Vacancy Rate% for Retail in Buffalo, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Automotive facility with overhead doors, service lifts, office space, storage rooms, and multiple curb cuts.
Where is this auto shop located?
The property is located at 1423 S Park Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,620 SF three‑bay automotive garage; 10‑foot overhead doors at each bay; Additional lift serving each garage space
