Downtown Buffalo Investment
187 Delaware, Buffalo, NY 14202
High upside investment property in vibrant downtown location.
Type:Retail
Property size:
2,859 SFPrice / SF:
$227/SF- Added:
- Nov 26, 2025
- Days on Market:
- 171
- Last Refresh:
- Apr 5 at 8:48 pm
Property Features for 187 Delaware
General Information
- Standard status
- Active
- Size
- 2,859 SF
- Property subtype
- Retail
Listing agent Brian Donovan License #NY #10491202934 (716) 998-2943
Listing office Donovan Real Estate Services (716) 998-2943
Listing date Nov 26, 2025
Source Donovanres
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 Donovan Real Estate Services
HighLights
- Prime Downtown Buffalo location near hotels, bars, restaurants, and nightlife.
- Ground floor retail space with existing hood vent, ready for restaurant use.
- Two vacant apartments (1‑bedroom and 2‑bedroom) ready to be leased.
- $7,000/year in revenue from rooftop billboard.
- High upside investment property.
- Located near major offices, including City Hall and Federal Court.
Overview
This high upside investment property is located in Downtown Buffalo, one door from the intersection of Delaware & Huron, and just one block from Delaware & Chippewa, the center of Buffalo's nightlife. The property features a ground floor retail space, previously built out as a pizza shop and equipped with a hood vent. The second floor contains two vacant apartments, including one 1-bedroom unit and one 2-bedroom unit, both ready to be leased. The property also generates $7,000 per year in revenue from a rooftop billboard. The annual taxes are $8,182.64. Surrounded by hotels such as Embassy Suites, Hampton Inn & Suites, Curtiss Hotel, and Hyatt Regency, as well as local bars, restaurants, and nightclubs, the building is situated in a vibrant and active area appealing to young professionals and recent college graduates. This section of downtown remains active during the day, with New Era's flagship store, Fountain Plaza, the Convention Center, and multiple local, state, and federal office buildings located within a quarter mile. Nearby offices include City Hall, Western NY District Federal Court, FBI, IRS, and VA offices, as well as Buffalo Police Headquarters and Erie County Court. The property size is 2859 square feet.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$364.2K
NOI $32,781 @ 9.00% cap · cautious / downside scenario
Moderate
$468.3K
NOI $32,781 @ 7.00% cap · market / base-case scenario
Aggressive
$655.6K
NOI $32,781 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Specialty Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $48.0k | $16.80 |
| − Vacancy | −$4.3k | −$1.51 |
| EGI | $43.7k | $15.29 |
| − OpEx | −$10.9k | −$3.82 |
| NOI | $32.8k | $11.47 |
2,859 SF · lease $16.80/SF/yr · vacancy 9.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Specialty Retail
$468.3K
$409.8K – $546.4K
NOI $32,781 @ 7.0% cap · market cap 5.04%
Second Best
Multifamily LT 5
$405.3K
$354.6K – $472.8K
NOI $28,368 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$687.5K
$601.6K – $802.1K
NOI $48,127 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Buffalo
- County
- Erie
- State
- New York
- Longitude
- -78.8767
- Latitude
- 42.8896
Nearby Similar for Sale
FAQs
What type of property is this?
Retail space - High upside investment property in vibrant downtown location.
Where is this retail space located?
The property is located at 187 Delaware Buffalo, NY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Prime Downtown Buffalo location near hotels, bars, restaurants, and nightlife.; Ground floor retail space with existing hood vent, ready for restaurant use.; Two vacant apartments (1‑bedroom and 2‑bedroom) ready to be leased.
