Brick Office Condominium in Parkway
For Sale
$139,500
151 Buffalo Avenue, Niagara Falls, NY 14303
SINGLE_FAMILY - Niagara Falls, NY
Property Size1,337 SF
Lot Size0.01 Acres
Price / SF$104.34
Days on Market123
Property Features for 151 Buffalo Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
R4-A
Zoning description
Residential Multi Use
Parking
20
Subdivision
Parkway Condo
Lot features
Irregular Lot
Elementary school district
Niagara Falls
Middle school district
Niagara Falls
High school district
Niagara Falls
Standard status
Active
APN
291100-159-013-0010-002-008
Size
1,337 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Annual Amount
2792
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Baseboard, Natural Gas, Forced Air
Cooling system
Zoned, Central Air
Water source
Public
Building Details
Year built
1963
Floors in Building
1
Number of units
1
Building materials
Brick
Listing Agency:
Stefik Realty Co, Inc
(716) 298-4000
Listed By:
David W Stefik · License #31ST0751548
(716) 298-4000
Added: Apr 13
Changed: Aug 1
Last Checked: Aug 13 at 12:06PM
MLS# B1673521
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick office condominium is located within the 140+ unit Parkway Condominiums and offers elevator access for convenient day-to-day use. The unit features zoned heating with natural gas forced air, along with zoned central air cooling. Built in 1963, it is supported by public water and public sewer service.
Set on a 0.01-acre lot, the property provides 1,337 square feet of office space. The association fee includes all utilities, and the building offers plenty of parking. The setting is described as close to downtown offices, the Niagara Scenic Parkway/Grand Island Bridge, and Niagara Falls/Goat Island attractions.
Zoned R4-A, this condominium may fit medical, professional, and office uses seeking an established condominium building environment with shared building services.
Set on a 0.01-acre lot, the property provides 1,337 square feet of office space. The association fee includes all utilities, and the building offers plenty of parking. The setting is described as close to downtown offices, the Niagara Scenic Parkway/Grand Island Bridge, and Niagara Falls/Goat Island attractions.
Zoned R4-A, this condominium may fit medical, professional, and office uses seeking an established condominium building environment with shared building services.
Key Highlights
- 1,337 SF office condominium in Parkway Condominiums
- Brick construction built in 1963
- Elevator access and plenty of parking
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
$10,778
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
7.73%
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%
$215,560
$215.6K
Cap Rate 7%
$153,971
$154.0K
Cap Rate 9%
$119,756
$119.8K
Market Conditions
NOI Build-Up for 1,337 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
$19.3K $14.40/SF
− Vacancy
−$1.3K −$0.96/SF
EGI
$18.0K $13.44/SF
− OpEx
−$7.2K −$5.37/SF
NOI
$10.8K $8.06/SF
Area
Niagara County, NY
Vacancy
6.70%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
40.00%
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%
$215,560
Cap Rate 7%
$153,971
Cap Rate 9%
$119,756
Alternative Uses
Best Use
Office B
$270.1K
$236.4K – $315.2K
NOI $18,909 @ 7.0% cap · market cap 13.55%
Second Best
Healthcare Medical
$154.0K
$134.7K – $179.6K
NOI $10,778 @ 7.0% cap · market cap 7.73%
Theoretical Best
Warehouse
$1.14M
$994.0K – $1.33M
NOI $79,523 @ 7.0% cap · market cap 57.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
706
Businesses Nearby
Explore this area
Business Placement
Demographics for 14303, NY
5,958
Population
3,505
Households
1.7
Avg Household Size
38
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
2,207
Density / Sq Mi
$45,519
Median Household Income
$34,623
Median Earnings
$845
Median Rent
$78,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condominium with elevator access, R4-A zoning, and central air in Parkway Condominiums.
Where is this office units located?
The property is located at 151 Buffalo Avenue Niagara Falls, NY.
What is the asking price?
The asking price for this property is $139,500.
What are key features of this property?
This property features: 1,337 SF office condominium in Parkway Condominiums; Brick construction built in 1963; Elevator access and plenty of parking
