Medical Office
New
For Sale
$599,900
2084 Sheridan Dr, Buffalo, NY 14223
One-story medical office property with three suites, basement storage, and on-site parking along Sheridan Drive.
Property Size4,500 SF
Lot Size0.38 Acres
Price / SF$133.31
Days on Market2
Property Features for 2084 Sheridan Dr
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
24
Lot size
0.38 Acres
Zoning
General Business District
Additional Details
Office Units
3
Building Details
Year Built
1985
Buildings
1
Stories
1
Construction
masonry
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
Century 21 North East
Listed By:
Geraldine A Andolina · License #40AN0161532
(716) 773-4833
Source:
Skinnercnyrealty
Added: Sep 8
Last Checked: Sep 8 at 2:35PM
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 North East
Investment Insights
Based on property information with market context.
This one-story masonry medical office property was built in 1985 and contains 4,500 square feet across three suites. Two suites are occupied by medical office users, while the third is vacant for a new occupant. A full basement adds mechanical space, storage, and a second means of egress. The building sits on a 0.38-acre lot with a paved parking area providing 24 on-site spaces.
Located at 2084 Sheridan Dr in the Town of Tonawanda, the property fronts Sheridan Drive with vehicle and pedestrian activity. The surrounding area includes commercial, office, and multifamily residential properties. General Business District zoning supports medical and professional offices, retail, day care, financial institutions, and mixed-use residential development.
Located at 2084 Sheridan Dr in the Town of Tonawanda, the property fronts Sheridan Drive with vehicle and pedestrian activity. The surrounding area includes commercial, office, and multifamily residential properties. General Business District zoning supports medical and professional offices, retail, day care, financial institutions, and mixed-use residential development.
Key Highlights
- 4,500‑square‑foot one‑story masonry building constructed in 1985
- Three suites; two are occupied by medical office users and one is vacant
- Full basement with mechanicals, storage, and a second egress
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
$53,654
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
8.94%
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%
$1,073,080
$1.1M
Cap Rate 7%
$766,486
$766.5K
Cap Rate 9%
$596,156
$596.2K
Market Conditions
NOI Build-Up for 4,500 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
$97.2K $21.60/SF
− Vacancy
−$7.8K −$1.73/SF
EGI
$89.4K $19.87/SF
− OpEx
−$35.8K −$7.95/SF
NOI
$53.7K $11.92/SF
Area
Buffalo, NY
Vacancy
8.00%
Lease Rate
$21.60 /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%
$1,073,080
Cap Rate 7%
$766,486
Cap Rate 9%
$596,156
Alternative Uses
Best Use
Office B
$801.6K
$701.4K – $935.2K
NOI $56,113 @ 7.0% cap · market cap 9.35%
Second Best
Healthcare Medical
$766.5K
$670.7K – $894.2K
NOI $53,654 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$1.08M
$946.9K – $1.26M
NOI $75,751 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
543
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- VCA Sheridan Animal Hospital — 2288 Sheridan Dr, Buffalo, NY 14223
Frequently Asked Questions
What type of property is this?
Medical Office Space - One-story medical office property with three suites, basement storage, and on-site parking along Sheridan Drive.
Where is this medical office space located?
The property is located at 2084 Sheridan Dr Buffalo, NY.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 4,500‑square‑foot one‑story masonry building constructed in 1985; Three suites; two are occupied by medical office users and one is vacant; Full basement with mechanicals, storage, and a second egress
