Office Condominium
For Sale
$139,500
151 Buffalo Avenue, Niagara Falls, NY 14303
Elevator-served space with central air and access to 20 parking spaces.
Property Size1,337 SF
Price / SF$104.34
Days on Market165
Property Features for 151 Buffalo Avenue
General Information
Standard status
Active
Size
1,337 SF
Elevators
Yes
Property subtype
CommercialSale
Additional Details
HOA Fee
$591
Listing Agency:
Stefik Realty Co, Inc
Listed By:
David W Stefik · License #31ST0751548
(716) 298-4000
Source:
Nicholcityrealty
Added: Apr 24
Changed: Sep 26
Last Checked: Oct 4 at 3:57PM
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 Stefik Realty Co, Inc
Investment Insights
Based on property information with market context.
This office condominium offers 1,337 SF within Parkway Condominiums, a high-rise property with more than 140 units. The space includes central air, gas service, and zone-based A/C, along with elevator access and a loading dock. The building was constructed in 1963.
The property is located at 151 Buffalo Ave in Niagara Falls, near downtown offices, the Niagara Scenic Parkway, the Grand Island Bridge, and Niagara Falls and Goat Island attractions. On-site parking includes 20 spaces. The condominium association fee includes all utilities.
The property is located at 151 Buffalo Ave in Niagara Falls, near downtown offices, the Niagara Scenic Parkway, the Grand Island Bridge, and Niagara Falls and Goat Island attractions. On-site parking includes 20 spaces. The condominium association fee includes all utilities.
Key Highlights
- 1,337 SF office condominium in Parkway Condominiums
- High‑rise property with more than 140 units
- 20 parking spaces included
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
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Elevator-served space with central air and access to 20 parking spaces.
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; High‑rise property with more than 140 units; 20 parking spaces included
