Church Campus with
For Sale
Contact for pricing
2408 Main Street, Buffalo, NY 14214
Four-parcel institutional campus with connected buildings, a two-family residence, and dedicated surface parking.
Property Size68,096 SF
Price / SF$101.33
Days on Market13
Property Features for 2408 Main Street
General Information
Standard status
Active
Size
68,096 SF
Class
A
Total Parking Spaces
59
Property subtype
Special Purpose, Office, Multifamily
Zoning
N-3C and N-3R
Investment Type
Redevelopment
Site & Location
Road Access
Yes
Public Transit
Yes
Building Details
Year Built
1910
Year Renovated
2016
Buildings
3
Listing Agency:
Ellicott Development
Listed By:
Sarah Couch · License #NY
Source:
Crexi
Added: Aug 6
Changed: Aug 14
Last Checked: Aug 17 at 3:17PM
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 Ellicott Development
Investment Insights
Based on property information with market context.
This four-parcel campus at 2408–2458 Main Street includes the former Central Presbyterian Church site, two connected buildings formerly occupied by Primary Hall Charter School, a two-family dwelling, and a dedicated surface parking lot. The assembled property contains 68,096 square feet and was built in 1910. The connected buildings offer classroom and administrative layouts with generous window lines, while the additional residential structure and parking parcel broaden the physical configuration of the campus.
The property occupies the corner of Main Street and Jewett Parkway in Buffalo’s historic Parkside neighborhood. Delaware Park, the Buffalo Zoo, the Metro Rail line, the University at Buffalo South Campus, and Buffalo’s downtown and medical corridors are identified in the surrounding context. Zoning is N-3C and N-3R, and the campus is positioned for continued institutional use or adaptive reuse consistent with applicable approvals.
The property occupies the corner of Main Street and Jewett Parkway in Buffalo’s historic Parkside neighborhood. Delaware Park, the Buffalo Zoo, the Metro Rail line, the University at Buffalo South Campus, and Buffalo’s downtown and medical corridors are identified in the surrounding context. Zoning is N-3C and N-3R, and the campus is positioned for continued institutional use or adaptive reuse consistent with applicable approvals.
Key Highlights
- 68,096‑square‑foot campus assembled across four parcels
- Corner location at Main Street and Jewett Parkway in Buffalo’s Parkside neighborhood
- Two connected buildings formerly occupied by Primary Hall Charter School
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
$622,353
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
9.02%
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%
$12,447,060
$12.4M
Cap Rate 7%
$8,890,757
$8.9M
Cap Rate 9%
$6,915,033
$6.9M
Market Conditions
NOI Build-Up for 68,096 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
$1.18M $17.40/SF
− Vacancy
−$53.3K −$0.78/SF
EGI
$1.13M $16.62/SF
− OpEx
−$509.2K −$7.48/SF
NOI
$622.4K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$12,447,060
Cap Rate 7%
$8,890,757
Cap Rate 9%
$6,915,033
Alternative Uses
Best Use
Office B
$12.13M
$10.61M – $14.15M
NOI $849,123 @ 7.0% cap · market cap 12.31%
Second Best
Multifamily LT 5
$9.65M
$8.45M – $11.26M
NOI $675,683 @ 7.0% cap · market cap 9.79%
Theoretical Best
Office A
$16.38M
$14.33M – $19.11M
NOI $1,146,301 @ 7.0% cap · market cap 16.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,149
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Buffalo, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Four-parcel institutional campus with connected buildings, a two-family residence, and dedicated surface parking.
Where is this church & religious facility located?
The property is located at 2408 Main Street Buffalo, NY.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: 68,096‑square‑foot campus assembled across four parcels; Corner location at Main Street and Jewett Parkway in Buffalo’s Parkside neighborhood; Two connected buildings formerly occupied by Primary Hall Charter School
