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 Market101
Property Features for 491 Delaware Ave
General Information
Standard status
Active
Size
6,104 SF
Total Parking Spaces
8
Property subtype
Retail
Site & Location
Neighborhood
Central
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
Source:
Crexi
Added: Jul 22
Changed: Oct 25
Last Checked: Oct 30 at 12:39PM
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
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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 / Yr
$76,114
Cap Rate
8.01%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
5,263
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Buffalo, NY
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
