Brick Mixed-Use
For Sale
$399,900
3700 Seneca Street, Buffalo, NY 14224
Renovated two-bedroom apartment above a flexible office suite with parking and detached garage storage.
Property Size3,397 SF
Days on Market82
Property Features for 3700 Seneca Street
General Information
Standard status
Active
Size
3,397 SF
Total Parking Spaces
7
Property subtype
Commercial
Zoning
C-1, Business
Taxes and HOA fees
Annual Taxes
$10,290
Building Details
Building Size
3,397 SF
Year Built
1964
Buildings
1
Stories
2
Listing Agency:
Keller Williams Realty Lancaster
(716) 949-5189
Listed By:
Ryan Daley · License #10301215815
(716) 949-5189
Source:
Dealrealtyonline
Added: Jun 11
Changed: Aug 29
Last Checked: Aug 30 at 5:38PM
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 Lancaster
Investment Insights
Based on property information with market context.
Located at 3700 Seneca Street in West Seneca, this 3,397-square-foot brick mixed-use building includes two occupied levels plus a full basement. The lower level provides three designated office spaces, a waiting room, reception and general office areas, a full bath, and a kitchenette. It was used as a law office for the past thirty years.
The renovated upper apartment contains two bedrooms, a combined living and dining room, updated kitchen, remodeled full bath, in-unit laundry and utility room, and closet storage. The basement adds storage capacity and houses the building’s mechanical systems. Property improvements include a poured concrete foundation, an architectural roof replaced in 2018, a high-efficiency furnace serving the apartment, and upgraded electrical service. Exterior features include 7+ designated parking spots, expansion room, and a detached two-car garage for parking or storage.
The renovated upper apartment contains two bedrooms, a combined living and dining room, updated kitchen, remodeled full bath, in-unit laundry and utility room, and closet storage. The basement adds storage capacity and houses the building’s mechanical systems. Property improvements include a poured concrete foundation, an architectural roof replaced in 2018, a high-efficiency furnace serving the apartment, and upgraded electrical service. Exterior features include 7+ designated parking spots, expansion room, and a detached two-car garage for parking or storage.
Key Highlights
- 3,397‑square‑foot building with first floor, second floor, and full basement
- Lower level includes 3 office spaces, waiting room, reception, full bath, and kitchenette
- Renovated 2‑bedroom apartment with updated kitchen, bath, and in‑unit laundry
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
$36,688
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
9.17%
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%
$733,760
$733.8K
Cap Rate 7%
$524,114
$524.1K
Cap Rate 9%
$407,644
$407.6K
Market Conditions
NOI Build-Up for 3,397 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
$65.2K $19.20/SF
− Vacancy
−$6.5K −$1.92/SF
EGI
$58.7K $17.28/SF
− OpEx
−$22.0K −$6.48/SF
NOI
$36.7K $10.80/SF
Area
Buffalo, NY
Vacancy
10.00%
Lease Rate
$19.20 /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%
$733,760
Cap Rate 7%
$524,114
Cap Rate 9%
$407,644
Alternative Uses
Best Use
Office B
$605.1K
$529.5K – $706.0K
NOI $42,359 @ 7.0% cap · market cap 10.59%
Second Best
Mixed Use
$524.1K
$458.6K – $611.5K
NOI $36,688 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$816.9K
$714.8K – $953.1K
NOI $57,184 @ 7.0% cap · market cap 14.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Explore this area
Business Placement
Demographics for 14224, NY
40,736
Population
19,286
Households
2.1
Avg Household Size
46
Median Age
33%
College-Educated
95%
High-School Grad
20.2 sq mi
ZIP Area
2,017
Density / Sq Mi
$76,250
Median Household Income
$49,824
Median Earnings
$1,077
Median Rent
$219,800
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?
Mixed-use property - Renovated two-bedroom apartment above a flexible office suite with parking and detached garage storage.
Where is this mixed-use property located?
The property is located at 3700 Seneca Street Buffalo, NY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 3,397‑square‑foot building with first floor, second floor, and full basement; Lower level includes 3 office spaces, waiting room, reception, full bath, and kitchenette; Renovated 2‑bedroom apartment with updated kitchen, bath, and in‑unit laundry
