Redevelopment Opportunity Former Rite
For Sale
Contact for pricing
2474 Bailey Ave, Buffalo, NY 14215
Freestanding former Rite Aid in high-traffic Buffalo location.
Property Size10,209 SF
Price / SF$244.88
Days on Market155
Property Features for 2474 Bailey Ave
General Information
Standard status
Active
Size
10,209 SF
Property subtype
Industrial, Retail
Zoning
Commercial
Investment Type
Sale/Leaseback
Building Details
Year Built
1900
Buildings
1
Stories
1
Listing Agency:
Towne Housing Real Estate
Listed By:
Alshathley Shaibi · License #10401377673
Source:
Crexi
Added: Mar 19
Changed: Aug 16
Last Checked: Aug 19 at 7:47AM
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 Towne Housing Real Estate
Investment Insights
Based on property information with market context.
This freestanding former Rite Aid is situated in a highly visible, high-traffic corridor in Buffalo, NY. The retail asset offers strong frontage and ample parking. The layout is flexible and suitable for a wide range of commercial uses. This property presents a value-add and redevelopment opportunity for investors, owner-users, and national or local operators. The existing structure allows for immediate occupancy or repositioning into multiple retail units, medical space, grocery, or service-based businesses. The property is strategically located near major roadways and surrounded by dense residential and commercial activity, benefiting from consistent daily traffic and strong demographics. The property size is 10209 square feet.
Key Highlights
- High‑traffic location in Buffalo, NY.
- Redevelopment opportunity with value‑add potential.
- Flexible layout suitable for various commercial uses (retail, medical, grocery, etc.).
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
$117,056
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
4.68%
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%
$2,341,120
$2.3M
Cap Rate 7%
$1,672,229
$1.7M
Cap Rate 9%
$1,300,622
$1.3M
Market Conditions
NOI Build-Up for 10,209 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
$171.5K $16.80/SF
− Vacancy
−$15.4K −$1.51/SF
EGI
$156.1K $15.29/SF
− OpEx
−$39.0K −$3.82/SF
NOI
$117.1K $11.47/SF
Area
Buffalo, NY
Vacancy
9.00%
Lease Rate
$16.80 /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%
$2,341,120
Cap Rate 7%
$1,672,229
Cap Rate 9%
$1,300,622
Alternative Uses
Best Use
Specialty Retail
$1.67M
$1.46M – $1.95M
NOI $117,056 @ 7.0% cap · market cap 4.68%
Second Best
Retail
$1.42M
$1.24M – $1.66M
NOI $99,442 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$2.46M
$2.15M – $2.86M
NOI $171,854 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
575
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14215, NY
42,447
Population
19,203
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
87%
High-School Grad
4.8 sq mi
ZIP Area
8,843
Density / Sq Mi
$43,326
Median Household Income
$29,204
Median Earnings
$993
Median Rent
$102,800
Median Home Value
Market
Vacancy Rate% for Retail in Buffalo, NY
Questions? Ask Rey
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Similar Off Market Nearby
- Rite Aid Pharmacy — 2474 Bailey Ave, Buffalo, NY 14215
- SKYN — 55 Colfax Ave, Buffalo, NY 14215
- Joseph Horab — 2608 Bailey Ave, Buffalo, NY 142153246
- Philip Landi — 2474 Bailey Ave, Buffalo, NY 142153842
Frequently Asked Questions
What type of property is this?
Drug store - Freestanding former Rite Aid in high-traffic Buffalo location.
Where is this drug store located?
The property is located at 2474 Bailey Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: High‑traffic location in Buffalo, NY.; Redevelopment opportunity with value‑add potential.; Flexible layout suitable for various commercial uses (retail, medical, grocery, etc.).
