Renovated Two-Story Office
For Sale
$999,900
162 KERNS AVE, Buffalo, NY 14211
Configured with private-restroom suites, a commercial kitchen, cafeteria, garage, and on-site parking.
Property Size7,691 SF
Lot Size1.06 Acres
Price / SF$130.01
Days on Market32
Property Features for 162 KERNS AVE
General Information
Standard status
Active
Size
7,691 SF
Total Parking Spaces
32
Lot size
1.06 Acres
Property subtype
General Commercial
Zoning
N-3C
Taxes and HOA fees
Annual Taxes
$8,005
Amenities
reception area
commercial-size kitchen
cafeteria
2-car garage
utility room
200-amp electrical service
flat roof
private restroom and shower
Gas
3
Carpet
Flat, Other
32 Parking Spaces.
Rectangular
184X219
Rectangular.
Building Details
Year Built
1956
Buildings
1
Stories
2
Listing Agency:
Keller Williams Realty WNY
(347) 357-4253
Listed By:
MD Mamun · License #10401401589
(347) 357-4253
Source:
Xome
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 29 at 11:49AM
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 Keller Williams Realty WNY
Investment Insights
Based on property information with market context.
This renovated office property at 162 Kerns Ave in Buffalo, NY, contains approximately 7,691 square feet within a two-story building. The first floor includes a reception area, commercial kitchen, cafeteria, and 7 office suites. The second floor offers 7 studio suites, each with a private restroom and shower, with 10 full bathrooms throughout the building. A utility room, flat roof, and 200-amp electrical service are also included.
The 1.06-acre parcel is zoned N-3C and provides 32 off-street parking spaces, along with on-street parking. The property includes a 2-car garage and has a rectangular layout measuring 184X219. Lower-level office space is leased through December 31, 2026, while all 7 upper studios are vacant. The property is offered in its current condition.
The 1.06-acre parcel is zoned N-3C and provides 32 off-street parking spaces, along with on-street parking. The property includes a 2-car garage and has a rectangular layout measuring 184X219. Lower-level office space is leased through December 31, 2026, while all 7 upper studios are vacant. The property is offered in its current condition.
Key Highlights
- Approximately 7,691 sq. ft. renovated two‑story office building
- 7 first‑floor office suites and 7 second‑floor studio suites
- Each upper studio includes a private restroom and shower
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
$83,063
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
8.31%
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%
$1,661,260
$1.7M
Cap Rate 7%
$1,186,614
$1.2M
Cap Rate 9%
$922,922
$922.9K
Market Conditions
NOI Build-Up for 7,691 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
$147.7K $19.20/SF
− Vacancy
−$14.8K −$1.92/SF
EGI
$132.9K $17.28/SF
− OpEx
−$49.8K −$6.48/SF
NOI
$83.1K $10.80/SF
Area
Buffalo, NY
Vacancy
10.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$1,661,260
Cap Rate 7%
$1,186,614
Cap Rate 9%
$922,922
Alternative Uses
Best Use
Office B
$1.37M
$1.20M – $1.60M
NOI $95,903 @ 7.0% cap · market cap 9.59%
Second Best
Mixed Use
$1.19M
$1.04M – $1.38M
NOI $83,063 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,467 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
643
Businesses Nearby
Explore this area
Business Placement
Demographics for 14211, NY
26,449
Population
11,498
Households
2.3
Avg Household Size
32
Median Age
15%
College-Educated
84%
High-School Grad
3.9 sq mi
ZIP Area
6,782
Density / Sq Mi
$34,490
Median Household Income
$30,705
Median Earnings
$1,008
Median Rent
$91,600
Median Home Value
Market
Vacancy Rate% for Office in Buffalo, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Configured with private-restroom suites, a commercial kitchen, cafeteria, garage, and on-site parking.
Where is this office building located?
The property is located at 162 KERNS AVE Buffalo, NY.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Approximately 7,691 sq. ft. renovated two‑story office building; 7 first‑floor office suites and 7 second‑floor studio suites; Each upper studio includes a private restroom and shower
