Medical Office with Dental
For Sale
Contact for pricing
476 Hertel Ave, Buffalo, NY 14207
Medical office space featuring a dental buildout and parking.
Property Size3,685 SF
Lot Size0.40 Acres
Price / SF$150
Days on Market157
Property Features for 476 Hertel Ave
General Information
Standard status
Active
Size
3,685 SF
Lot size
0.40 Acres
Property subtype
Office
Building Details
Year Built
2009
Buildings
1
Stories
1
Listing Agency:
CBRE - Buffalo
(716) 855-3700
Listed By:
Tom Roberts · License #10401387094
Source:
Crexi
Added: Mar 13
Changed: Aug 8
Last Checked: Aug 15 at 5:49PM
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 medical office space, built in 2009, offers approximately 3,685 square feet and includes a dental buildout. Situated across from West Hertel Academy near the intersection of Hertel Avenue and Military Road, the property is located on a 0.40-acre parcel with approximately 129 feet of frontage. The average annual daily traffic is 9,838 (NYSDOT). The interior features a large reception area, eight dental operatories equipped with flatscreen televisions, a centrally located dental lab and prep area, a kitchenette, a changing room, and a private employee restroom. Parking is available for 20 cars. Monument signage is also present. The property is located approximately one mile from I-190 and Route 198.
Key Highlights
- Fully built‑out dental office featuring 8 operatories, lab, and prep area.
- Ample parking with 20 spaces.
- Prime location across from West Hertel Academy near Hertel Avenue and Military Road.
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
$45,950
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
8.31%
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%
$919,000
$919.0K
Cap Rate 7%
$656,429
$656.4K
Cap Rate 9%
$510,556
$510.6K
Market Conditions
NOI Build-Up for 3,685 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
$75.2K $20.40/SF
− Vacancy
−$13.9K −$3.77/SF
EGI
$61.3K $16.63/SF
− OpEx
−$15.3K −$4.16/SF
NOI
$46.0K $12.47/SF
Area
Buffalo, NY
Vacancy
18.50%
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%
$919,000
Cap Rate 7%
$656,429
Cap Rate 9%
$510,556
Alternative Uses
Best Use
Office B
$656.4K
$574.4K – $765.8K
NOI $45,950 @ 7.0% cap · market cap 8.31%
Second Best
Healthcare Medical
$627.7K
$549.2K – $732.3K
NOI $43,937 @ 7.0% cap · market cap 7.95%
Theoretical Best
Office A
$886.2K
$775.4K – $1.03M
NOI $62,032 @ 7.0% cap · market cap 11.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
799
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in Buffalo, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office space featuring a dental buildout and parking.
Where is this medical office space located?
The property is located at 476 Hertel Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $552,750.
What are key features of this property?
This property features: Fully built‑out dental office featuring 8 operatories, lab, and prep area.; Ample parking with 20 spaces.; Prime location across from West Hertel Academy near Hertel Avenue and Military Road.
