Mixed-Use Property with Office
New
For Sale
$459,000
2228 Main Street, Buffalo, NY 14214
Two residences are complemented by a lower-level professional area with reception, a waiting room, two offices, and a shared kitchen.
Property Size4,237 SF
Days on Market4
Property Features for 2228 Main Street
General Information
Standard status
Active
Size
4,237 SF
Property subtype
Multi Family
Site & Location
Neighborhood
Fillmore-Leroy
Additional Details
Floor
Lower Level
Taxes and HOA fees
Annual Taxes
$3,693
Building Details
Building Size
4,237 SF
Year Built
1914
Buildings
1
Listing Agency:
Howard Hanna WNY Inc.
Listed By:
Michael J Hartke Jr · License #40HA1118942
(716) 713-5045
Source:
Highfallssir
Added: Nov 2
Changed: Nov 5
Last Checked: Nov 5 at 2:37AM
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 Howard Hanna WNY Inc.
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Investment Insights
Based on property information with market context.
Built in 1914, this mixed-use property contains two residences and a dedicated lower-level office layout. The first-floor unit has 2 bedrooms, 2 full bathrooms, hardwood floors, a country kitchen, and separate living and dining rooms. On the second floor, a 4-bedroom, 2-full-bath apartment is supplemented by third-floor storage space. The office area includes reception and waiting rooms, two separate offices, and a shared kitchen and eating area.
The property includes a 3-car garage and a large rear lot with parking. Improvements include replacement of the main roof in 2015 and the flat roof in 2022, hot water tanks installed in 2016, and boilers replaced in 2023.
The property includes a 3-car garage and a large rear lot with parking. Improvements include replacement of the main roof in 2015 and the flat roof in 2022, hot water tanks installed in 2016, and boilers replaced in 2023.
Key Highlights
- First‑floor residence: 2 bedrooms, 2 full bathrooms, hardwood floors, and separate living and dining rooms
- Second‑floor apartment offers 4 bedrooms and 2 full bathrooms
- Lower‑level office setup includes reception, waiting room, two offices, and a shared kitchen/eating area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,042
Cap Rate
9.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$840,840
$840.8K
Cap Rate 7%
$600,600
$600.6K
Cap Rate 9%
$467,133
$467.1K
Market Conditions
NOI Build-Up for 4,237 SF
Gross rent
$63.6K $15.00/SF
− Vacancy
−$3.5K −$0.83/SF
EGI
$60.1K $14.17/SF
− OpEx
−$18.0K −$4.25/SF
NOI
$42.0K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$840,840
Cap Rate 7%
$600,600
Cap Rate 9%
$467,133
Alternative Uses
Best Use
Mixed Use
$653.7K
$572.0K – $762.7K
NOI $45,760 @ 7.0% cap · market cap 9.97%
Second Best
Multifamily LT 5
$600.6K
$525.5K – $700.7K
NOI $42,042 @ 7.0% cap · market cap 9.16%
Theoretical Best
Office A
$1.02M
$891.6K – $1.19M
NOI $71,324 @ 7.0% cap · market cap 15.54%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,026
Businesses Nearby
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Business Placement
Demographics for 14214, NY
20,732
Population
9,280
Households
2.2
Avg Household Size
32
Median Age
46%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
6,282
Density / Sq Mi
$56,573
Median Household Income
$29,928
Median Earnings
$1,072
Median Rent
$234,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residences are complemented by a lower-level professional area with reception, a waiting room, two offices, and a shared kitchen.
Where is this mixed-use property located?
The property is located at 2228 Main Street Buffalo, NY.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: First‑floor residence: 2 bedrooms, 2 full bathrooms, hardwood floors, and separate living and dining rooms; Second‑floor apartment offers 4 bedrooms and 2 full bathrooms; Lower‑level office setup includes reception, waiting room, two offices, and a shared kitchen/eating area
