Two-Story Bar and Patio
For Sale
Contact for pricing
228 Franklin St, Buffalo, NY 14202
Two-story bar/lounge building with full basement and a large outdoor patio, positioned across from a parking ramp.
Property Size7,000 SF
Price / SF$107.14
Days on Market122
Property Features for 228 Franklin St
General Information
Standard status
Active
Size
7,000 SF
Property subtype
RETAIL
Additional Details
Highway Access
Yes
Amenities
large outdoor patio
Building Details
Stories
2
Listing Agency:
Cushman & Wakefield | Pyramid Brokerage - Buffalo
(716) 852-7500
Listed By:
Tyler A. Balentine
(585) 507-1500
Source:
Moodyscre
Added: May 14
Changed: Sep 7
Last Checked: Sep 12 at 11:04AM
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 Cushman & Wakefield | Pyramid Brokerage - Buffalo
Investment Insights
Based on property information with market context.
Former bar/lounge available for sale or lease in Downtown Buffalo. The property is a two-story building with a full basement and existing bar/lounge infrastructure. A large outdoor patio is included, supporting a street-facing guest experience.
The building is located directly across from the Augspurger Parking Ramp. It provides convenient access to Route 33 and the I-190 Expressway, and sits near the Entertainment District, CBD, Canalside, and the Buffalo Niagara Medical Campus.
With its existing improvements and flexible layout across two floors plus the basement, the property may be suited for restaurant/bar operations, retail use, office use, or an upper-floor residential conversion, subject to applicable approvals.
The building is located directly across from the Augspurger Parking Ramp. It provides convenient access to Route 33 and the I-190 Expressway, and sits near the Entertainment District, CBD, Canalside, and the Buffalo Niagara Medical Campus.
With its existing improvements and flexible layout across two floors plus the basement, the property may be suited for restaurant/bar operations, retail use, office use, or an upper-floor residential conversion, subject to applicable approvals.
Key Highlights
- Former bar/lounge building available for sale or lease in Downtown Buffalo
- Two‑story building with full basement
- Existing bar/lounge infrastructure plus a large outdoor patio
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
$68,184
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
9.09%
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%
$1,363,680
$1.4M
Cap Rate 7%
$974,057
$974.1K
Cap Rate 9%
$757,600
$757.6K
Market Conditions
NOI Build-Up for 7,000 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
$109.2K $15.60/SF
− Vacancy
−$11.8K −$1.68/SF
EGI
$97.4K $13.92/SF
− OpEx
−$29.2K −$4.17/SF
NOI
$68.2K $9.74/SF
Area
Buffalo, NY
Vacancy
10.80%
Lease Rate
$15.60 /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%
$1,363,680
Cap Rate 7%
$974,057
Cap Rate 9%
$757,600
Alternative Uses
Best Use
Specialty Retail
$1.15M
$1.00M – $1.34M
NOI $80,262 @ 7.0% cap · market cap 10.70%
Second Best
Retail
$974.1K
$852.3K – $1.14M
NOI $68,184 @ 7.0% cap · market cap 9.09%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,835 @ 7.0% cap · market cap 15.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 14202, NY
3,850
Population
2,452
Households
1.6
Avg Household Size
38
Median Age
45%
College-Educated
92%
High-School Grad
0.9 sq mi
ZIP Area
4,278
Density / Sq Mi
$47,990
Median Household Income
$36,936
Median Earnings
$709
Median Rent
$495,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Buffalo, NY
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Two-story bar/lounge building with full basement and a large outdoor patio, positioned across from a parking ramp.
Where is this bar & pub located?
The property is located at 228 Franklin St Buffalo, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Former bar/lounge building available for sale or lease in Downtown Buffalo; Two‑story building with full basement; Existing bar/lounge infrastructure plus a large outdoor patio
