Mixed-Use Property with Office
For Sale
$679,000
2901 Bowen Road, Elma, NY 14059
Four office suites and two residential apartments share a remodeled, multi-use building with tenant storage and paved parking.
Property Size6,450 SF
Price / SF$152.24
Days on Market567
Property Features for 2901 Bowen Road
General Information
Standard status
Active
Size
6,450 SF
Property subtype
Business
Additional Details
Asking Price
$799,900
Office Units
4
Taxes and HOA fees
Annual Taxes
$6,644
Amenities
storage areas
Building Details
Building Size
6,450 SF
Year Built
1890
Year Renovated
1985
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty Lancaster
Listed By:
Steven Simme · License #10301217723
(716) 863-1675
Source:
Highfallssir
Added: Mar 30, 2025
Changed: Oct 13
Last Checked: Oct 16 at 3:45PM
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
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Investment Insights
Based on property information with market context.
This mixed-use property combines four office suites with two residential apartments in a 6,450-square-foot building. Office areas include approximately 1,780 square feet, 1,080 square feet, 1,200 square feet, and 400 square feet, with the first two suites capable of being combined. Two offices are occupied and two are vacant. Each apartment offers one bedroom, one bathroom, a large kitchen and living area, in-unit laundry, and a second-floor loft suitable for home office use.
The building was remodeled in 1985 and has received ongoing updates. A full dry basement provides 8-foot ceilings and separate storage areas for tenants. The front entrance serves all office suites, while the first two offices also have rear access; the apartments are entered from the rear. The property includes a blacktop paved parking lot and sits along Buffalo Creek at 2901 Bowen Rd in Elma, NY 14059.
The building was remodeled in 1985 and has received ongoing updates. A full dry basement provides 8-foot ceilings and separate storage areas for tenants. The front entrance serves all office suites, while the first two offices also have rear access; the apartments are entered from the rear. The property includes a blacktop paved parking lot and sits along Buffalo Creek at 2901 Bowen Rd in Elma, NY 14059.
Key Highlights
- Four office suites measuring approximately 1,780, 1,080, 1,200, and 400 Sq. Ft.
- Two large 1‑bedroom 1‑bath apartments with lofts, in‑unit laundry, kitchens, and living rooms
- Suites 1 and 2 can be adjoined into one larger office suite
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,887
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,117,740
$1.1M
Cap Rate 7%
$798,386
$798.4K
Cap Rate 9%
$620,967
$621.0K
Market Conditions
NOI Build-Up for 4,460 SF
Gross rent
$91.0K $20.40/SF
− Vacancy
−$16.5K −$3.69/SF
EGI
$74.5K $16.71/SF
− OpEx
−$18.6K −$4.18/SF
NOI
$55.9K $12.53/SF
Area
Erie County, NY
Vacancy
18.10%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,117,740
Cap Rate 7%
$798,386
Cap Rate 9%
$620,967
Alternative Uses
Best Use
Office B
$798.4K
$698.6K – $931.5K
NOI $55,887 @ 7.0% cap · market cap 8.23%
Second Best
Mixed Use
$598.5K
$523.7K – $698.3K
NOI $41,896 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$975.0K
$853.1K – $1.14M
NOI $68,249 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with authorities.
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four office suites and two residential apartments share a remodeled, multi-use building with tenant storage and paved 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 $679,000.
What are key features of this property?
This property features: Four office suites measuring approximately 1,780, 1,080, 1,200, and 400 Sq. Ft.; Two large 1‑bedroom 1‑bath apartments with lofts, in‑unit laundry, kitchens, and living rooms; Suites 1 and 2 can be adjoined into one larger office suite
