Turn-Key Historic Office
For Sale
Contact for pricing
491 Delaware Ave, Buffalo, NY 14202
Renovated single-tenant office building with heated sidewalk, sprinklers, two ADA restrooms, and 8 rear parking spaces.
Property Size6,104 SF
Price / SF$155.64
Days on Market55
Property Features for 491 Delaware Ave
General Information
Standard status
Active
Size
6,104 SF
Total Parking Spaces
8
Property subtype
Retail
Additional Details
Sprinkler System
Yes
Amenities
heated sidewalk
ADA compliant restrooms
Building Details
Year Built
1898
Year Renovated
2013
Stories
4
Tenancy
Single
Listing Agency:
HUNT Commercial
Listed By:
Michael Scheid · License #NY
(716) 491-7181
Source:
Crexi
Added: Jul 22
Changed: Sep 9
Last Checked: Sep 13 at 7:13AM
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
Investment Insights
Based on property information with market context.
This turn-key office building is currently used as a single-tenant office and is housed in the Charles Miller Morse House, a historic “Midway” rowhouse. The property was completely renovated in 2013 and has been well maintained since. Existing improvements include a heated sidewalk and sprinklers throughout. The ground floor offers two ADA compliant restrooms, and the building retains much of its original layout.
Parking for 8 vehicles is available at the rear and accessed from Virginia Place.
The preserved layout offers a redevelopment path that could support reverting the property to a single-family residence, as it was originally designed, while still supporting continued office use.
Parking for 8 vehicles is available at the rear and accessed from Virginia Place.
The preserved layout offers a redevelopment path that could support reverting the property to a single-family residence, as it was originally designed, while still supporting continued office use.
Key Highlights
- Charles Miller Morse House historic “Midway” rowhouse, currently used as a single‑tenant office building
- Completely renovated in 2013 and well maintained since, supporting continued office use
- Heated sidewalk plus sprinklers throughout
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
$76,114
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
8.01%
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%
$1,522,280
$1.5M
Cap Rate 7%
$1,087,343
$1.1M
Cap Rate 9%
$845,711
$845.7K
Market Conditions
NOI Build-Up for 6,104 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
$124.5K $20.40/SF
− Vacancy
−$23.0K −$3.77/SF
EGI
$101.5K $16.63/SF
− OpEx
−$25.4K −$4.16/SF
NOI
$76.1K $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%
$1,522,280
Cap Rate 7%
$1,087,343
Cap Rate 9%
$845,711
Alternative Uses
Best Use
Office B
$1.09M
$951.4K – $1.27M
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
NOI $102,752 @ 7.0% cap · market cap 10.82%
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
Single-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
5,263
Businesses Nearby
Explore this area
Business Placement
Demographics for 14202, NY
3,850
Population
2,452
Households
1.6
Avg Household Size
38
Median Age
45%
College-Educated
92%
High-School Grad
0.9 sq mi
ZIP Area
4,278
Density / Sq Mi
$47,990
Median Household Income
$36,936
Median Earnings
$709
Median Rent
$495,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office 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?
Office building - Renovated single-tenant office building with heated sidewalk, sprinklers, two ADA restrooms, and 8 rear parking spaces.
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: Charles Miller Morse House historic “Midway” rowhouse, currently used as a single‑tenant office building; Completely renovated in 2013 and well maintained since, supporting continued office use; Heated sidewalk plus sprinklers throughout
