Office Building with Walk-In
For Sale
$1,149,900
3101 Bailey Avenue, Buffalo, NY 14215
Vacant commercial building offering office, retail, financial, educational, professional, and service-use flexibility.
Property Size8,396 SF
Days on Market11
Property Features for 3101 Bailey Avenue
General Information
Standard status
Active
Size
8,396 SF
Total Parking Spaces
10
Property subtype
Commercial
Zoning
N-3C, Commercial
Taxes and HOA fees
Annual Taxes
$9,837
Building Details
Building Size
8,396 SF
Year Built
1939
Buildings
1
Stories
2
Listing Agency:
Keller Williams Realty WNY
(347) 357-4253
Listed By:
MD Zahid Al Mamun · License #10401401589
(347) 357-4253
Source:
Northstarwny
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 8 at 2:41AM
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 WNY
Investment Insights
Based on property information with market context.
Vacant office building with 8,396 square feet of interior space on a 13,639-square-foot lot. The former banking area has 14-foot ceilings, while the layout includes eight glass-enclosed offices, two drive-up teller or ATM lanes, and an 8' x 10' walk-in vault. A finished basement with 9-foot ceilings and multiple restrooms adds usable workspace or storage capacity. Building systems include 400-amp electrical service, a newer HVAC system, a gas boiler, and a pitched roof.
The property is located at 3101 Bailey Avenue in Buffalo, New York, within the University District commercial corridor. N-3C, Commercial zoning supports the office building's stated office, retail, medical, financial, educational, professional, and service-related use potential. Parking includes 10 off-street spaces, with additional on-street parking. The property is offered vacant and sold AS-IS.
The property is located at 3101 Bailey Avenue in Buffalo, New York, within the University District commercial corridor. N-3C, Commercial zoning supports the office building's stated office, retail, medical, financial, educational, professional, and service-related use potential. Parking includes 10 off-street spaces, with additional on-street parking. The property is offered vacant and sold AS-IS.
Key Highlights
- 8,396‑square‑foot vacant office building on a 13,639‑square‑foot lot
- N‑3C, Commercial zoning
- 14‑foot ceilings in the former banking and retail area
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
$104,694
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
9.10%
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%
$2,093,880
$2.1M
Cap Rate 7%
$1,495,629
$1.5M
Cap Rate 9%
$1,163,267
$1.2M
Market Conditions
NOI Build-Up for 8,396 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
$171.3K $20.40/SF
− Vacancy
−$31.7K −$3.77/SF
EGI
$139.6K $16.63/SF
− OpEx
−$34.9K −$4.16/SF
NOI
$104.7K $12.47/SF
Area
Buffalo, NY
Vacancy
18.50%
Lease Rate
$20.40 /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%
$2,093,880
Cap Rate 7%
$1,495,629
Cap Rate 9%
$1,163,267
Alternative Uses
Best Use
Office B
$1.50M
$1.31M – $1.74M
NOI $104,694 @ 7.0% cap · market cap 9.10%
Second Best
Specialty Retail
$1.38M
$1.20M – $1.60M
NOI $96,269 @ 7.0% cap · market cap 8.37%
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,335 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
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 Office in Buffalo, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Vacant commercial building offering office, retail, financial, educational, professional, and service-use flexibility.
Where is this office building located?
The property is located at 3101 Bailey Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $1,149,900.
What are key features of this property?
This property features: 8,396‑square‑foot vacant office building on a 13,639‑square‑foot lot; N‑3C, Commercial zoning; 14‑foot ceilings in the former banking and retail area
