New Mixed-Use Development For
For Sale
$2,840,000
Pending
32 E Buffalo St, Churchville, NY 14428
New construction mixed-use property with residential and retail components.
Property Size13,440 SF
Lot Size0.85 Acres
Days on Market165
Property Features for 32 E Buffalo St
General Information
Standard status
Pending
Size
13,440 SF
Lot size
0.85 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$26,104
Building Details
Building Size
13,440 SF
Year Built
2025
Stories
2
Units
8
Listing Agency:
Flaum Management Company, Inc.
(585) 629-0644
Listed By:
Peter J. Gillett · License #10491208239
(585) 629-0644
Source:
Elliman
Added: Mar 10
Changed: Aug 14
Last Checked: Aug 20 at 9:18AM
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 Flaum Management Company, Inc.
Investment Insights
Based on property information with market context.
Black Creek Commons, located at 32 Buffalo St & S Main St, Churchville, NY 14428, is a new mixed-use development overlooking Black Creek. Completed in Spring 2025, the property features residential and retail components. The property includes eight luxury apartments, each with two bedrooms and two bathrooms, private garages, elevator access, open floor plans, and high-quality finishes. Each unit is individually metered. There are also two ground-level retail spaces with established tenants, including an insurance company and a property management/real estate firm. The property is a modern new construction with a timeless design and a direct waterfront location on Black Creek. It features elevator access to residential levels, ample on-site parking, and private garage options. The location is convenient within the Village of Churchville. This property is positioned as a long-term, stable investment with immediate income and future upside.
Key Highlights
- New Construction completed Spring 2025 - a hands‑off investment opportunity.
- Fully leased with established tenants offering immediate rental income.
- 8 Luxury 2‑bedroom, 2‑bath apartments with private garages and elevator access.**
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
$128,520
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
4.53%
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%
$2,570,400
$2.6M
Cap Rate 7%
$1,836,000
$1.8M
Cap Rate 9%
$1,428,000
$1.4M
Market Conditions
NOI Build-Up for 13,440 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
$241.9K $18.00/SF
− Vacancy
−$36.3K −$2.70/SF
EGI
$205.6K $15.30/SF
− OpEx
−$77.1K −$5.74/SF
NOI
$128.5K $9.56/SF
Area
Monroe County, NY
Vacancy
15.00%
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%
$2,570,400
Cap Rate 7%
$1,836,000
Cap Rate 9%
$1,428,000
Alternative Uses
Best Use
Mixed Use
$1.84M
$1.61M – $2.14M
NOI $128,520 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$1.62M
$1.41M – $1.89M
NOI $113,164 @ 7.0% cap · market cap 3.98%
Theoretical Best
Specialty Retail
$2.58M
$2.26M – $3.01M
NOI $180,605 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Explore this area
Business Placement
Demographics for 14428, NY
8,259
Population
3,491
Households
2.4
Avg Household Size
46
Median Age
37%
College-Educated
92%
High-School Grad
46.4 sq mi
ZIP Area
178
Density / Sq Mi
$86,711
Median Household Income
$50,315
Median Earnings
$1,060
Median Rent
$215,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - New construction mixed-use property with residential and retail components.
Where is this mixed-use property located?
The property is located at 32 E Buffalo St Churchville, NY.
What is the asking price?
The asking price for this property is $2,840,000.
What are key features of this property?
This property features: New Construction completed Spring 2025 - a hands‑off investment opportunity.; Fully leased with established tenants offering immediate rental income.; 8 Luxury 2‑bedroom, 2‑bath apartments with private garages and elevator access.**
