Two-Story Office Building For
For Sale
$1,800,000
2060 Sheridan Drive, Buffalo, NY 14223
12,000 SF office building at Sheridan Dr. and Colvin Blvd.
Property Size12,000 SF
Price / SF$150
Days on Market168
Property Features for 2060 Sheridan Drive
General Information
Standard status
Active
Size
12,000 SF
Property subtype
Office
Listing Agency:
Recckio Real Estate & Development
(716) 998-4422
Listed By:
Rick Recckio · License #NY #31RE0821429
(716) 998-4422
Source:
Recckio
Added: Mar 5
Changed: Jul 6
Last Checked: Aug 19 at 5:01AM
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 Recckio Real Estate & Development
Investment Insights
Based on property information with market context.
This 12,000 +/- SF two-story office building is available for sale or lease. Situated on the corner of Sheridan Drive and Colvin Boulevard, the building features 34 parking spaces in front, with two curb cuts for accessibility. The property includes a first floor, second floor, and active subfloor, accommodating one or multiple tenants. Elevator access is available to all three floors, along with north and south stairwells. The building provides office and executive office space, conference rooms, a cafeteria, break room, printer room, vault, storage, and restrooms. ADA accessibility is ensured with a wheelchair ramp and two designated parking spaces. The building can be used for owner occupancy or divided among three separate tenants. It is ideally suited for multiple medical offices or an engineering firm. The property is located at the corner of Sheridan Drive and Colvin Boulevard, within walking distance of restaurants, groceries, and pharmacies. It is 1.5 miles from the New York State Thruway I-290 (exit 2) and in close proximity to the University at Buffalo North and South campus, major retail on Niagara Falls Boulevard, and the Village of Elmwood and North Delaware.
Key Highlights
- 12,000 +/- SF office building ideal for owner occupancy or multiple tenants.
- Prime central location at the corner of Sheridan Dr. and Colvin Blvd.
- 34 parking spaces with two curb cuts for easy accessibility.
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
$149,634
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%
$2,992,680
$3.0M
Cap Rate 7%
$2,137,629
$2.1M
Cap Rate 9%
$1,662,600
$1.7M
Market Conditions
NOI Build-Up for 12,000 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
$244.8K $20.40/SF
− Vacancy
−$45.3K −$3.77/SF
EGI
$199.5K $16.63/SF
− OpEx
−$49.9K −$4.16/SF
NOI
$149.6K $12.47/SF
Area
Buffalo, NY
Vacancy
18.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,992,680
Cap Rate 7%
$2,137,629
Cap Rate 9%
$1,662,600
Alternative Uses
Best Use
Office B
$2.14M
$1.87M – $2.49M
NOI $149,634 @ 7.0% cap · market cap 8.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.89M
$2.53M – $3.37M
NOI $202,003 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
576
Businesses Nearby
Explore this area
Business Placement
Demographics for 14223, NY
22,658
Population
10,586
Households
2.1
Avg Household Size
41
Median Age
44%
College-Educated
97%
High-School Grad
3.5 sq mi
ZIP Area
6,474
Density / Sq Mi
$83,528
Median Household Income
$49,835
Median Earnings
$976
Median Rent
$202,200
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 - 12,000 SF office building at Sheridan Dr. and Colvin Blvd.
Where is this office building located?
The property is located at 2060 Sheridan Drive Buffalo, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 12,000 +/- SF office building ideal for owner occupancy or multiple tenants.; Prime central location at the corner of Sheridan Dr. and Colvin Blvd.; 34 parking spaces with two curb cuts for easy accessibility.
