Self-Storage Facility with 364
For Sale
Contact for pricing
459 Broadway, Buffalo, NY 14204
Converted self-storage property with climate-controlled units and lockers in Buffalo.
Property Size28,012 SF
Lot Size0.71 Acres
Price / SF$176.71
Days on Market55
Property Features for 459 Broadway
General Information
Standard status
Active
Size
28,012 SF
Lot size
0.71 Acres
Property subtype
Self Storage
Occupancy
93%
Investment Type
Value Add
Net Operating Income
$291,803
Additional Details
Cap Rate
5.9%
Self-Storage Units
364
Building Details
Year Renovated
2019
Units
364
Tenancy
Multi
Listing Agency:
Grandstone Investment Sales
Listed By:
Meir Perlmuter · License #BK3443325
Source:
Crexi
Added: Jul 8
Changed: Aug 30
Last Checked: Aug 31 at 1:09AM
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 Grandstone Investment Sales
Investment Insights
Based on property information with market context.
This self-storage facility at 459 Broadway in Buffalo, New York, contains approximately 28,012 rentable square feet across 364 units. The unit mix includes climate-controlled storage and lockers, providing multiple storage formats within the property. The facility occupies a 0.71-acre site, was converted in 2019, and began operations in 2020.
Current operating metrics include 93.0% physical occupancy and 80.83% economic occupancy. The difference between those measures provides a clear basis for reviewing leasing performance and revenue capture within the existing unit inventory. The property is positioned in Buffalo’s self-storage market and offers an established operating platform with a recently converted facility and varied unit configuration.
Current operating metrics include 93.0% physical occupancy and 80.83% economic occupancy. The difference between those measures provides a clear basis for reviewing leasing performance and revenue capture within the existing unit inventory. The property is positioned in Buffalo’s self-storage market and offers an established operating platform with a recently converted facility and varied unit configuration.
Key Highlights
- Approximately 28,012 rentable square feet across 364 storage units
- Climate‑controlled units and lockers included in the unit mix
- Converted in 2019 and opened for business in 2020
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
$243,301
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
4.92%
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%
$4,866,020
$4.9M
Cap Rate 7%
$3,475,729
$3.5M
Cap Rate 9%
$2,703,344
$2.7M
Market Conditions
NOI Build-Up for 28,012 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
$369.8K $13.20/SF
− Vacancy
−$22.2K −$0.79/SF
EGI
$347.6K $12.41/SF
− OpEx
−$104.3K −$3.72/SF
NOI
$243.3K $8.69/SF
Area
Buffalo, NY
Vacancy
6.00%
Lease Rate
$13.20 /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%
$4,866,020
Cap Rate 7%
$3,475,729
Cap Rate 9%
$2,703,344
Alternative Uses
Best Use
Self Storage
$3.48M
$3.04M – $4.06M
NOI $243,301 @ 7.0% cap · market cap 4.92%
Second Best
Warehouse
$3.40M
$2.98M – $3.97M
NOI $238,250 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$6.74M
$5.89M – $7.86M
NOI $471,543 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,059
Businesses Nearby
Explore this area
Business Placement
Demographics for 14204, NY
9,026
Population
5,514
Households
1.6
Avg Household Size
40
Median Age
16%
College-Educated
82%
High-School Grad
1.8 sq mi
ZIP Area
5,014
Density / Sq Mi
$26,000
Median Household Income
$31,707
Median Earnings
$814
Median Rent
$151,700
Median Home Value
Market
Vacancy Rate% for Industrial in Buffalo, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Converted self-storage property with climate-controlled units and lockers in Buffalo.
Where is this self storage facility located?
The property is located at 459 Broadway Buffalo, NY.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: Approximately 28,012 rentable square feet across 364 storage units; Climate‑controlled units and lockers included in the unit mix; Converted in 2019 and opened for business in 2020
