Transit Road Retail
For Sale
Contact for pricing
6766 Transit Rd, Buffalo, NY 14221
11,500 sq ft building shell on 2.4 acres.
Property Size11,461 SF
Lot Size2.40 Acres
Price / SF$239.94
Days on Market688
Property Features for 6766 Transit Rd
General Information
Standard status
Active
Size
11,461 SF
Lot size
2.40 Acres
Property subtype
Retail
Building Details
Year Built
1971
Buildings
1
Stories
1
Listing Agency:
Hanna Commercial Real Estate Buffalo
(716) 830-3325
Listed By:
Joseph Deck · License #NY 30DE0804140
Source:
Crexi
Added: Oct 3, 2024
Changed: Aug 10
Last Checked: Aug 21 at 7:05AM
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 Hanna Commercial Real Estate Buffalo
Investment Insights
Based on property information with market context.
A 11,500 sq. ft. building shell, formerly a banquet facility, is available for sale or ground lease. The property is situated on 2.4 acres and can be divided into two development parcels.
Key Highlights
- 11,500 sq. ft. building shell provides a large space.
- 2.4 acre lot offers ample land for development.
- Suitable for sale or ground lease, providing flexible acquisition options.
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
$111,637
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
4.06%
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%
$2,232,740
$2.2M
Cap Rate 7%
$1,594,814
$1.6M
Cap Rate 9%
$1,240,411
$1.2M
Market Conditions
NOI Build-Up for 11,461 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
$178.8K $15.60/SF
− Vacancy
−$19.3K −$1.68/SF
EGI
$159.5K $13.92/SF
− OpEx
−$47.8K −$4.17/SF
NOI
$111.6K $9.74/SF
Area
Buffalo, NY
Vacancy
10.80%
Lease Rate
$15.60 /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%
$2,232,740
Cap Rate 7%
$1,594,814
Cap Rate 9%
$1,240,411
Alternative Uses
Best Use
Retail
$1.59M
$1.40M – $1.86M
NOI $111,637 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.76M
$2.41M – $3.22M
NOI $192,930 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 14221, NY
55,275
Population
25,281
Households
2.2
Avg Household Size
48
Median Age
57%
College-Educated
96%
High-School Grad
23.4 sq mi
ZIP Area
2,362
Density / Sq Mi
$101,275
Median Household Income
$58,665
Median Earnings
$1,560
Median Rent
$298,500
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - 11,500 sq ft building shell on 2.4 acres.
Where is this retail space located?
The property is located at 6766 Transit Rd Buffalo, NY.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 11,500 sq. ft. building shell provides a large space.; 2.4 acre lot offers ample land for development.; Suitable for sale or ground lease, providing flexible acquisition options.
