Mixed-Use Building with Office
For Sale
$699,000
2901 Bowen Road, Elma, NY 14059
CommercialSale, Elma, NY
Property Size6,450 SF
Lot Size1.42 Acres
Price / SF$108.37
Days on Market542
Property Features for 2901 Bowen Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RA
Rooms
Basement
Parking
15
Parking features
Paved or Surfaced
Subdivision
Buffalo Crk Reservation
Lot features
Irregular Lot
Elementary school district
Iroquois
Middle school district
Iroquois
High school district
Iroquois
Directions
Bowen Rd between Clinton and Bullis near Chairfactory
Standard status
Active
APN
144200-137-020-0001-022-120
Size
6,450 SF
Lot size
1.42 Acres
Taxes and HOA fees
Tax Annual Amount
6644
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
storage areas
Building Details
Year built
1890
Floors in Building
2
Number of units
6
Flooring type
Vinyl, Carpet, Varies, Linoleum, Hardwood
Roof type
Membrane, Asphalt, Shingle, Flat, Rubber
Listing Agency:
Keller Williams Realty Lancaster
(716) 324-2300
Listed By:
Steven Simme · License #10301217723
(716) 863-1675
Added: Mar 30, 2025
Changed: Sep 14
Last Checked: Sep 22 at 4:06PM
MLS# B1596175
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6,450-square-foot mixed-use building on 1.4225 acres includes four office suites and two one-bedroom, one-bath apartments. Office areas measure approximately 1,780, 1,080, 1,200, and 400 square feet, with the first two suites capable of being combined. Two offices are occupied and two are vacant. The apartments feature spacious kitchens, living rooms, in-unit laundry, and second-floor loft areas suitable for home office use.
The property at 2901 Bowen Road in Elma sits along Buffalo Creek and has paved on-site parking. A full dry basement with 8-foot ceilings provides divided storage areas. The building was remodeled in 1985 and has received ongoing updates. Natural gas forced-air heat, central air, public water, and septic service are in place, with front access to the office suites and rear access for the apartments.
The property at 2901 Bowen Road in Elma sits along Buffalo Creek and has paved on-site parking. A full dry basement with 8-foot ceilings provides divided storage areas. The building was remodeled in 1985 and has received ongoing updates. Natural gas forced-air heat, central air, public water, and septic service are in place, with front access to the office suites and rear access for the apartments.
Key Highlights
- 6,450‑square‑foot mixed‑use building on 1.4225 acres
- Four office suites measuring approximately 1,780, 1,080, 1,200, and 400 square feet
- Two 1‑bedroom, 1‑bath residential apartments with in‑unit laundry and loft areas
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
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Open Analytics
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
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-use property combining flexible office suites with two residential apartments, paved parking, and tenant storage areas.
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: 6,450‑square‑foot mixed‑use building on 1.4225 acres; Four office suites measuring approximately 1,780, 1,080, 1,200, and 400 square feet; Two 1‑bedroom, 1‑bath residential apartments with in‑unit laundry and loft areas
