Bulk Warehouse Distribution
For Sale
$15,200,000
3366 Walden Avenue, Depew, NY 14043
Updated bulk warehouse-distribution facility with 27 dock doors, 25-foot clear height, and 10,000 square feet of office space.
Property Size154,350 SF
Price / SF$98.48
Days on Market105
Property Features for 3366 Walden Avenue
General Information
Standard status
Active
Size
154,350 SF
Property subtype
Industrial
Warehouse & Industrial
Clear Height
25 ft
Dock-High Doors
27
Building Details
Year Renovated
2017
Listing Agency:
CBRE | Buffalo
(716) 855-3700
Listed By:
Lida Eberz · License #Real Estate Salesperson
Source:
Cbre
Added: May 12
Changed: Aug 23
Last Checked: Jul 21 at 5:30PM
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 CBRE | Buffalo
Investment Insights
Based on property information with market context.
This 2017 renovated bulk warehouse/distribution building totals 154,350 square feet and is configured for third-party logistics. The facility includes 25’ clear height, 27 dock doors, and 40’ x 40’ column spacing, along with approximately 10,000 square feet of updated office space.
The property is leased to Bunzl Distribution USA, LLC, supporting regional clients under a long-term arrangement that dates back to 1991. As a mission-critical logistics facility, it is currently in operation with a long-term tenant in place.
With its docked distribution layout and substantial office component, the building is well-suited for warehouse and distribution needs requiring meaningful vertical clearance and regular bay spacing.
The property is leased to Bunzl Distribution USA, LLC, supporting regional clients under a long-term arrangement that dates back to 1991. As a mission-critical logistics facility, it is currently in operation with a long-term tenant in place.
With its docked distribution layout and substantial office component, the building is well-suited for warehouse and distribution needs requiring meaningful vertical clearance and regular bay spacing.
Key Highlights
- Updated bulk warehouse‑distribution building totaling 154,350 SF, renovated in 2017
- Mission‑critical third‑party logistics facility with a long‑term tenant in place since 1991 (35‑year lease term)
- 25' clear height with 27 dock doors for loading and distribution
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
$822,577
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
5.41%
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%
$16,451,540
$16.5M
Cap Rate 7%
$11,751,100
$11.8M
Cap Rate 9%
$9,139,744
$9.1M
Market Conditions
NOI Build-Up for 154,350 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
$1.04M $6.72/SF
− Vacancy
−$69.5K −$0.45/SF
EGI
$967.7K $6.27/SF
− OpEx
−$145.2K −$0.94/SF
NOI
$822.6K $5.33/SF
Area
Erie County, NY
Vacancy
6.70%
Lease Rate
$6.72 /SF/Yr
Expense Ratio
15.00%
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%
$16,451,540
Cap Rate 7%
$11,751,100
Cap Rate 9%
$9,139,744
Alternative Uses
Best Use
Warehouse
$11.75M
$10.28M – $13.71M
NOI $822,577 @ 7.0% cap · market cap 5.41%
Second Best
Industrial
$9.68M
$8.47M – $11.29M
NOI $677,416 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$33.74M
$29.52M – $39.37M
NOI $2,361,925 @ 7.0% cap · market cap 15.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25 ft
Clear height
27
Dock-high doors
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
Explore this area
Business Placement
Demographics for 14043, NY
24,962
Population
11,743
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
94%
High-School Grad
9.1 sq mi
ZIP Area
2,743
Density / Sq Mi
$73,373
Median Household Income
$50,263
Median Earnings
$1,072
Median Rent
$192,800
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Distribution center - Updated bulk warehouse-distribution facility with 27 dock doors, 25-foot clear height, and 10,000 square feet of office space.
Where is this distribution center located?
The property is located at 3366 Walden Avenue Depew, NY.
What is the asking price?
The asking price for this property is $15,200,000.
What are key features of this property?
This property features: Updated bulk warehouse‑distribution building totaling 154,350 SF, renovated in 2017; Mission‑critical third‑party logistics facility with a long‑term tenant in place since 1991 (35‑year lease term); 25' clear height with 27 dock doors for loading and distribution
