Mixed-Use Building with Office
For Sale
$699,000
2901 Bowen Road, Elma, NY 14059
Combined office and residential layout with tenant storage and paved on-site parking.
Property Size6,450 SF
Days on Market509
Property Features for 2901 Bowen Road
General Information
Standard status
Active
Size
6,450 SF
Total Parking Spaces
15
Property subtype
Commercial
Zoning
RA
Additional Details
Asking Price
$799,900
Office Units
4
Taxes and HOA fees
Annual Taxes
$6,644
Building Details
Building Size
6,450 SF
Year Built
1890
Year Renovated
1985
Buildings
1
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
Keller Williams Realty Lancaster
(716) 863-1675
Listed By:
Steven Simme · License #10301217723
(716) 863-1675
Source:
Northstarwny
Added: Mar 30, 2025
Changed: Aug 14
Last Checked: Aug 19 at 1:45PM
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 Keller Williams Realty Lancaster
Investment Insights
Based on property information with market context.
Firehouse Square is a mixed-use property at 2901 Bowen Road in Elma, NY, overlooking Buffalo Creek. The building contains four office suites totaling approximately 1780 Sq. Ft., 1080 Sq. Ft., 1200 Sq. Ft., and 400 Sq. Ft.; the first two suites can be combined. Two offices are occupied and two are vacant. The office areas have front access, while the first and second suites also include rear entrances.
Two large one-bedroom, one-bath apartments occupy the residential portion. Each includes a large kitchen, living room, in-unit laundry, and a second-floor loft suitable for home office use. A full dry basement with 8 Ft. ceiling height provides separate storage areas. The property has a blacktop paved parking lot, RA zoning, a 1890 construction date, and remodeling completed in 1985, with additional updates over time.
Two large one-bedroom, one-bath apartments occupy the residential portion. Each includes a large kitchen, living room, in-unit laundry, and a second-floor loft suitable for home office use. A full dry basement with 8 Ft. ceiling height provides separate storage areas. The property has a blacktop paved parking lot, RA zoning, a 1890 construction date, and remodeling completed in 1985, with additional updates over time.
Key Highlights
- Four office suites measuring approximately 1780 Sq. Ft., 1080 Sq. Ft., 1200 Sq. Ft., and 400 Sq. Ft.
- Two one‑bedroom, one‑bath apartments with large kitchens, living rooms, in‑unit laundry, and lofts
- Suites 1 and 2 can be joined to create a larger office configuration
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
$60,590
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
8.67%
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%
$1,211,800
$1.2M
Cap Rate 7%
$865,571
$865.6K
Cap Rate 9%
$673,222
$673.2K
Market Conditions
NOI Build-Up for 6,450 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
$116.1K $18.00/SF
− Vacancy
−$19.2K −$2.97/SF
EGI
$96.9K $15.03/SF
− OpEx
−$36.4K −$5.64/SF
NOI
$60.6K $9.39/SF
Area
Erie County, NY
Vacancy
16.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,211,800
Cap Rate 7%
$865,571
Cap Rate 9%
$673,222
Alternative Uses
Best Use
Office B
$1.15M
$1.01M – $1.35M
NOI $80,823 @ 7.0% cap · market cap 11.56%
Second Best
Mixed Use
$865.6K
$757.4K – $1.01M
NOI $60,590 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$1.41M
$1.23M – $1.65M
NOI $98,700 @ 7.0% cap · market cap 14.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Explore this area
Business Placement
Demographics for 14059, NY
9,280
Population
3,803
Households
2.4
Avg Household Size
51
Median Age
42%
College-Educated
97%
High-School Grad
26.9 sq mi
ZIP Area
345
Density / Sq Mi
$101,698
Median Household Income
$60,569
Median Earnings
$1,316
Median Rent
$323,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combined office and residential layout with tenant storage and paved on-site parking.
Where is this mixed-use property located?
The property is located at 2901 Bowen Road Elma, NY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Four office suites measuring approximately 1780 Sq. Ft., 1080 Sq. Ft., 1200 Sq. Ft., and 400 Sq. Ft.; Two one‑bedroom, one‑bath apartments with large kitchens, living rooms, in‑unit laundry, and lofts; Suites 1 and 2 can be joined to create a larger office configuration
