Updated Two-Story Office
New
For Sale
$345,000
1791 Grand Island Blvd, Grand Island, NY 14072
South Business District property with office zoning, flexible room layout, attached garage, and fenced outdoor areas.
Property Size2,587 SF
Days on Market3
Property Features for 1791 Grand Island Blvd
General Information
Standard status
Active
Size
2,587 SF
Property subtype
Commercial
Zoning
South Business District
Taxes and HOA fees
Annual Taxes
$6,175
Amenities
stone wood-burning fireplace
attached garage
fenced rear yard
Building Details
Building Size
2,587 SF
Year Built
1950
Buildings
1
Stories
2
Units
1
Listing Agency:
Century 21 - Winklhofer | Grand Island
(716) 471-7143
Listed By:
Geraldine A Andolina
(716) 471-7143
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 6:32AM
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 Century 21 - Winklhofer | Grand Island
Investment Insights
Based on property information with market context.
This two-story office property, built in 1950, occupies a parcel of just under 1 acre at 1791 Grand Island Blvd. The first floor includes an entry and reception area, three additional rooms, and a half bath. A stone wood-burning fireplace serves as a distinctive focal point. The second floor adds two rooms and a full bath, while an attached garage and fenced rear yard areas provide additional functional space.
Recent improvements include windows, recessed lighting, central air, electrical work, roofing, exterior paint, and a circular driveway. The property is located within the South Business District and is identified for uses that include professional office, retail, restaurant, bank, plant nursery, automotive service, house of worship, and school applications. Walk Score is 20 and Bike Score is 48.
Recent improvements include windows, recessed lighting, central air, electrical work, roofing, exterior paint, and a circular driveway. The property is located within the South Business District and is identified for uses that include professional office, retail, restaurant, bank, plant nursery, automotive service, house of worship, and school applications. Walk Score is 20 and Bike Score is 48.
Key Highlights
- South Business District zoning supports professional office, retail, restaurant, bank, and other listed uses
- Parcel measures just under 1 acre at 1791 Grand Island Blvd
- Two‑story layout with three first‑floor rooms, two upstairs rooms, and two baths
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
$23,261
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
6.74%
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%
$465,220
$465.2K
Cap Rate 7%
$332,300
$332.3K
Cap Rate 9%
$258,456
$258.5K
Market Conditions
NOI Build-Up for 2,587 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
$37.3K $14.40/SF
− Vacancy
−$4.0K −$1.56/SF
EGI
$33.2K $12.84/SF
− OpEx
−$10.0K −$3.85/SF
NOI
$23.3K $8.99/SF
Area
Erie County, NY
Vacancy
10.80%
Lease Rate
$14.40 /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%
$465,220
Cap Rate 7%
$332,300
Cap Rate 9%
$258,456
Alternative Uses
Best Use
Office B
$463.1K
$405.2K – $540.3K
NOI $32,417 @ 7.0% cap · market cap 9.40%
Second Best
Retail
$332.3K
$290.8K – $387.7K
NOI $23,261 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$565.5K
$494.8K – $659.8K
NOI $39,587 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 14072, NY
21,389
Population
9,053
Households
2.4
Avg Household Size
44
Median Age
44%
College-Educated
94%
High-School Grad
28.2 sq mi
ZIP Area
758
Density / Sq Mi
$107,036
Median Household Income
$56,420
Median Earnings
$1,222
Median Rent
$302,800
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 building - South Business District property with office zoning, flexible room layout, attached garage, and fenced outdoor areas.
Where is this office building located?
The property is located at 1791 Grand Island Blvd Grand Island, NY.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: South Business District zoning supports professional office, retail, restaurant, bank, and other listed uses; Parcel measures just under 1 acre at 1791 Grand Island Blvd; Two‑story layout with three first‑floor rooms, two upstairs rooms, and two baths
