Mixed-Use Property with Office
For Sale
$699,000
2901 Bowen Road, Elma, NY 14059
COMMERCIAL - Elma, NY
Property Size6,450 SF
Lot Size1.42 Acres
Price / SF$108.37
Days on Market502
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
Building Details
Year built
1890
Floors in Building
2
Number of units
6
Flooring type
Vinyl, Carpet, Varies, Linoleum, Hardwood
Roof type
Shingle, Flat, Rubber, Membrane, Asphalt
Listing Agency:
Keller Williams Realty Lancaster
(716) 324-2300
Listed By:
Steven Simme · License #10301217723
(716) 863-1675
Added: Mar 30, 2025
Changed: Aug 4
Last Checked: Aug 13 at 1:06AM
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.
Firehouse Square is a mixed-use property zoned RA featuring four office suites and two residential apartments. The building currently has 2 office suites occupied and 2 vacant. Office suite sizes are approximately 1,780 SF (Office #1), 1,080 SF (Office #2), 1,200 SF (Office #3), and 400 SF (Office #4); Suites 1 and 2 can be adjoined to create one larger suite. The two apartments are 1-bedroom, 1-bath units with large kitchens and living rooms, in-unit laundry, and a second-floor loft that overlooks.
The property was remodeled from top to bottom in 1985 and has been continuously updated through the years. A full dry basement with 8 Ft. ceiling height provides tenant storage areas. The main entrance on the front of the building provides access to all four office units, with Units #1 and #2 also having rear entrances; both residential apartments enter from the rear. Parking is available for tenants on a blacktop paved lot.
Additional property details include central air conditioning, forced air natural gas heat, public water, and a septic tank for sewer. The flooring includes carpet, vinyl, hardwood, and linoleum, and the roof materials are described as rubber, shingle, flat, membrane, and asphalt.
The property was remodeled from top to bottom in 1985 and has been continuously updated through the years. A full dry basement with 8 Ft. ceiling height provides tenant storage areas. The main entrance on the front of the building provides access to all four office units, with Units #1 and #2 also having rear entrances; both residential apartments enter from the rear. Parking is available for tenants on a blacktop paved lot.
Additional property details include central air conditioning, forced air natural gas heat, public water, and a septic tank for sewer. The flooring includes carpet, vinyl, hardwood, and linoleum, and the roof materials are described as rubber, shingle, flat, membrane, and asphalt.
Key Highlights
- 1.4225‑acre mixed‑use site zoned RA in Elma, NY
- Four office suites plus two 1‑bedroom, 1‑bath apartments
- Office suite sizes approx. 1,780 SF, 1,080 SF, 1,200 SF, and 400 SF; Suites 1 and 2 can be adjoined
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
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
52
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 - Mixed-use building zoned RA with four office suites and two apartments, central air, 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: 1.4225‑acre mixed‑use site zoned RA in Elma, NY; Four office suites plus two 1‑bedroom, 1‑bath apartments; Office suite sizes approx. 1,780 SF, 1,080 SF, 1,200 SF, and 400 SF; Suites 1 and 2 can be adjoined
