Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Historic Buffalo Office Building Title is generated by Realmo AI

    491 Delaware Ave, Buffalo, NY 14202

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $950,000

    Turn-key office building with redevelopment potential.

    Type:Office
    Property size:
    6,104 SF
    Price / SF:
    $155/SF
    Added:
    Nov 21, 2025
    Days on Market:
    176
    Last Refresh:
    Apr 5 at 8:58 pm

    Property Features for 491 Delaware Ave

    General Information

    Standard status
    Active
    Size
    6,104 SF
    Property subtype
    Office

    Building Details

    Year Built
    1898

    We can help!

    Listing Contact
    Michael Scheid
    Michael Scheid

    Listing agent Michael Scheid

    Listing office HUNT Commercial Real Estate Corp. of Buffalo New York

    Listing date Nov 21, 2025

    Source Huntcommercial

    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 Real Estate Corp. of Buffalo New York

    HighLights

    • Unique redevelopment opportunity to convert back to a single‑family residence
    • Turn‑key office application ready
    • Completely renovated in 2013 and well‑maintained
    • Parking for 8 vehicles
    • Two ADA compliant restrooms on the ground floor
    • Historic 'Midway' rowhouse (Charles Miller Morse House)

    Overview

    The Charles Miller Morse House, a historic Buffalo rowhouse, is currently used as a single-tenant office building. Renovated in 2013 and well-maintained, the 6,104 square foot property is suitable for continued office use. It features a heated sidewalk, sprinklers throughout, two ADA-compliant restrooms on the ground floor, and parking for 8 vehicles accessed from Virginia Place at the rear. The building retains much of its original layout, presenting a redevelopment opportunity to revert it to a single-family residence as originally designed.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $845.7K
    NOI $76,114 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.09M
    NOI $76,114 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.52M
    NOI $76,114 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $124.5k $20.40
    − Vacancy −$23.0k −$3.77
    EGI $101.5k $16.63
    − OpEx −$25.4k −$4.16
    NOI $76.1k $12.47
    6,104 SF · lease $20.40/SF/yr · vacancy 18.50% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $1.09M
    $951.4K – $1.27M (±1% cap)
    NOI $76,114 @ 7.0% cap · market cap 8.01%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.47M
    $1.28M – $1.71M (±1% cap)
    NOI $102,752 @ 7.0% cap · market cap 10.82%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Tzetzo Companies LLC Construction Company

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Law Firm Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.8741
    Latitude
    42.8976

    Nearby Similar for Sale

    • $1,000,000
      11,760 SF

      Prime Commercial Investment Opportunity

      High-visibility commercial building with diversified income and strong upside potential.
      3435 Harlem Road, Buffalo, NY 14225
      View Details
    • $250,000
      4,055 SF

      Turnkey Restaurant Near University Campus

      Established restaurant franchise in high-traffic location near University at Buffalo.
      3199 Main Street, Buffalo, NY 14214
      View Details
    • $699,900
      3,641 SF

      Main Street Mixed-Use Investment

      Renovated 5-unit commercial property on Main Street, Buffalo.
      4444 Main Street, Buffalo, NY 14226
      View Details
    • $875,000
      8,357 SF

      Auto Repair Shop For Sale

      Turnkey auto repair shop with national tenant and high visibility.
      874 Niagara Falls Boulevard, Buffalo, NY 14223
      View Details
    • $549,900
      10,908 SF

      Turn-Key Restaurant with Warehouse Space

      Restaurant, office, and warehouse with income and growth potential.
      898 Genesee Street, Buffalo, NY 14211
      View Details
    • $519,999
      6,119 SF

      Harlem Road Commercial Opportunity

      6,119 Sqft building on 0.62-acre lot in high-traffic location.
      1113- 1125 Harlem Road, Buffalo, NY 14227
      View Details
    • $549,900
      5,196 SF

      Two Buffalo Office Buildings

      Two professional office buildings with long-term tenants and flexible suites.
      932 French Road, Buffalo, NY 14227
      View Details
    • $519,999
      6,119 SF

      Harlem Road Commercial Opportunity

      High-traffic location suitable for office, retail, or mixed-use redevelopment.
      1113- 1125 Harlem Road, Buffalo, NY 14227
      View Details
    • $350,000
      2,521 SF

      Spacious Multifamily Property with Business Potential

      Versatile property with multi-generational living and income potential.
      20 East Avenue, Buffalo, NY 14224
      View Details
    • $599,900
      3,500 SF

      Classic Colonial with Modern Updates

      Beautifully restored 1890s colonial with income-generating apartment.
      439 Richmond Avenue, Buffalo, NY 14222
      View Details
    • $515,900
      4,022 SF

      Restored Double in Park Meadow

      Updated duplex with classic charm in Buffalo's Park Meadow.
      121 Fordham Drive, Buffalo, NY 14216
      View Details
    • $369,900
      3,527 SF

      West Side Multi-Unit Property

      Buffalo multi-unit property with classic wood exterior and treed yard.
      421 West Delavan Avenue, Buffalo, NY 14213
      View Details

    FAQs

    What type of property is this?
    Office building - Turn-key office building with redevelopment potential.
    Where is this office building located?
    The property is located at 491 Delaware Ave Buffalo, NY.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: Unique redevelopment opportunity to convert back to a single‑family residence; Turn‑key office application ready; Completely renovated in 2013 and well‑maintained
    (716) 491-7181
    We can help!
    Listing Contact
    Michael Scheid
    Michael Scheid
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    491 Delaware Ave, Buffalo, NY 14202
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!