Single-Tenant Dollar
For Sale
Contact for pricing
437 Tonawanda Street, Buffalo, NY 14207
Freestanding, fully occupied Dollar General is offered as a corporate-guaranteed double net lease property.
Property Size10,050 SF
Lot Size1.22 Acres
Price / SF$149.25
Days on Market78
Property Features for 437 Tonawanda Street
General Information
Standard status
Active
Size
10,050 SF
Lot size
1.22 Acres
Property subtype
Retail
Zoning
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$112,500
Additional Details
Cap Rate
7.5%
Highway Access
Yes
Liquor License
Yes
Building Details
Year Built
1995
Year Renovated
2013
Tenancy
Single
Listing Agency:
Colliers - Fort Lauderdale, Florida
Listed By:
Christopher Twist · License #FL
(561) 602-8390
Source:
Crexi
Added: Jun 30
Changed: Sep 9
Last Checked: Sep 15 at 8:29AM
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 Colliers - Fort Lauderdale, Florida
Investment Insights
Based on property information with market context.
A freestanding, single-tenant Dollar General is offered for sale on an infill parcel. The 10,050 square foot building is fully occupied under a corporate guaranteed double net lease with Dollar General. In September 2021, the tenant executed a seven-year extension to July 31, 2030, including three successive five-year renewal options with scheduled increases.
The property is located at 437 Tonawanda Street in Buffalo, New York, on a 1.22 acre parcel less than half a mile from the Niagara Thruway (Interstate 190) and roughly five miles from downtown Buffalo. The tenant obtained an on-site liquor license in 2019 and has committed to a corporate-funded remodel commencing in August 2026, including new fixtures, registers, self-checkout, floor work, and added refrigeration.
The property is located at 437 Tonawanda Street in Buffalo, New York, on a 1.22 acre parcel less than half a mile from the Niagara Thruway (Interstate 190) and roughly five miles from downtown Buffalo. The tenant obtained an on-site liquor license in 2019 and has committed to a corporate-funded remodel commencing in August 2026, including new fixtures, registers, self-checkout, floor work, and added refrigeration.
Key Highlights
- Freestanding single‑tenant Dollar General at 437 Tonawanda Street, Buffalo, NY
- 10,050 SF building fully occupied under a corporate guaranteed double net lease with Dollar General (NYSE: DG)
- Lease extension executed in September 2021: primary term through July 31, 2030, plus three successive 5‑year renewal options
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
$97,893
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
6.53%
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%
$1,957,860
$2.0M
Cap Rate 7%
$1,398,471
$1.4M
Cap Rate 9%
$1,087,700
$1.1M
Market Conditions
NOI Build-Up for 10,050 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
$156.8K $15.60/SF
− Vacancy
−$16.9K −$1.68/SF
EGI
$139.8K $13.92/SF
− OpEx
−$42.0K −$4.17/SF
NOI
$97.9K $9.74/SF
Area
Buffalo, NY
Vacancy
10.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,957,860
Cap Rate 7%
$1,398,471
Cap Rate 9%
$1,087,700
Alternative Uses
Best Use
Retail
$1.40M
$1.22M – $1.63M
NOI $97,893 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.42M
$2.11M – $2.82M
NOI $169,178 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
Explore this area
Business Placement
Demographics for 14207, NY
26,006
Population
11,317
Households
2.3
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
3.9 sq mi
ZIP Area
6,668
Density / Sq Mi
$38,951
Median Household Income
$33,851
Median Earnings
$943
Median Rent
$111,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Buffalo, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Freestanding, fully occupied Dollar General is offered as a corporate-guaranteed double net lease property.
Where is this retail space located?
The property is located at 437 Tonawanda Street Buffalo, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Freestanding single‑tenant Dollar General at 437 Tonawanda Street, Buffalo, NY; 10,050 SF building fully occupied under a corporate guaranteed double net lease with Dollar General (NYSE: DG); Lease extension executed in September 2021: primary term through July 31, 2030, plus three successive 5‑year renewal options
