Office Building with 5-Bay
New
For Sale
$270,000
3381 Genesee Street, Cheektowaga, NY 14225
Two floors, separate metering, and paved vehicle parking support a range of office and mixed-use configurations.
Property Size1,936 SF
Price / SF$139.46
Days on Market2
Property Features for 3381 Genesee Street
General Information
Standard status
Active
Size
1,936 SF
Class
B
Property subtype
Office - General Office
Site & Location
Road Access
Yes
Utilities to Site
Yes
Building Details
Building Size
1,936 SF
Year Built
1930
Buildings
2
Stories
2
Units
6
Listing Agency:
HUNT Commercial
Listed By:
Leah E. Curione · License #10401257858
(716) 946-5438
Source:
Commercialcafe
Added: Oct 4
Last Checked: Oct 4 at 2:09PM
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 HUNT Commercial
Investment Insights
Based on property information with market context.
The two-story office building contains 1,936 square feet, with a separate 2,100-square-foot garage configured with five bays. The property was previously used as a healthcare workers training facility. Upper and lower units have separate meters, and the roof and garages were updated approximately eight years ago. The first floor is suited to office or retail use, while the upper level may accommodate an apartment use.
The site has 155 feet of frontage on Genesee Street near Cayuga Drive in Cheektowaga. Paved parking provides capacity for up to 50 vehicles, and Buffalo Niagara International Airport is a short drive away.
The site has 155 feet of frontage on Genesee Street near Cayuga Drive in Cheektowaga. Paved parking provides capacity for up to 50 vehicles, and Buffalo Niagara International Airport is a short drive away.
Key Highlights
- 1,936‑square‑foot, two‑story office building
- Separate 2,100‑square‑foot garage with 5 bays
- 155 feet of frontage on Genesee Street near Cayuga Drive
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
$24,259
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
8.98%
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%
$485,180
$485.2K
Cap Rate 7%
$346,557
$346.6K
Cap Rate 9%
$269,544
$269.5K
Market Conditions
NOI Build-Up for 1,936 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
$39.5K $20.40/SF
− Vacancy
−$7.1K −$3.69/SF
EGI
$32.3K $16.71/SF
− OpEx
−$8.1K −$4.18/SF
NOI
$24.3K $12.53/SF
Area
Erie County, NY
Vacancy
18.10%
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%
$485,180
Cap Rate 7%
$346,557
Cap Rate 9%
$269,544
Alternative Uses
Best Use
Office B
$346.6K
$303.2K – $404.3K
NOI $24,259 @ 7.0% cap · market cap 8.98%
Second Best
Mixed Use
$259.8K
$227.3K – $303.1K
NOI $18,186 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$423.2K
$370.3K – $493.8K
NOI $29,625 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
489
Businesses Nearby
Explore this area
Business Placement
Demographics for 14225, NY
34,066
Population
16,253
Households
2.1
Avg Household Size
41
Median Age
29%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
2,962
Density / Sq Mi
$65,562
Median Household Income
$44,408
Median Earnings
$937
Median Rent
$154,500
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?
Office building - Two floors, separate metering, and paved vehicle parking support a range of office and mixed-use configurations.
Where is this office building located?
The property is located at 3381 Genesee Street Cheektowaga, NY.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 1,936‑square‑foot, two‑story office building; Separate 2,100‑square‑foot garage with 5 bays; 155 feet of frontage on Genesee Street near Cayuga Drive
