Two-Building Flex
For Sale
Contact for pricing
829 Sheridan Drive, Tonawanda, NY 14092
Two freestanding, single-story buildings combine warehouse and modern office space with on-site parking.
Property Size8,000 SF
Price / SF$162.50
Days on Market63
Property Features for 829 Sheridan Drive
General Information
Standard status
Active
Size
8,000 SF
Class
B
Total Parking Spaces
35
Property subtype
Office
Zoning
Town of Tonawanda
Building Details
Year Built
1973
Buildings
2
Stories
1
Listing Agency:
HUNT Commercial
Listed By:
Heidi Nuessle · License #NY 10301212311
(716) 880-1917
Source:
Crexi
Added: Jul 22
Changed: Sep 14
Last Checked: Sep 22 at 2:48PM
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 flex property includes two freestanding, single-story buildings with a combination of warehouse and office improvements. The office component includes a mezzanine and modern finishes, while the warehouse areas provide multiple overhead doors and varying clearances, including openings up to 14 feet and deck heights reaching 19 feet. One warehouse area is clear span, supporting flexible interior use.
The property provides on-site parking for 35 vehicles and is located at 829 Sheridan Drive in Tonawanda, within the Town of Tonawanda zoning jurisdiction. Its position near 190 offers convenient highway access. Built in 1973, the site is configured for users seeking a blend of office, storage, and operational space.
The property provides on-site parking for 35 vehicles and is located at 829 Sheridan Drive in Tonawanda, within the Town of Tonawanda zoning jurisdiction. Its position near 190 offers convenient highway access. Built in 1973, the site is configured for users seeking a blend of office, storage, and operational space.
Key Highlights
- Two freestanding, single‑story flex buildings
- Warehouse areas include multiple overhead doors
- Clearances include openings up to 14 feet and deck height reaching 19 feet
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
$100,246
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
7.71%
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%
$2,004,920
$2.0M
Cap Rate 7%
$1,432,086
$1.4M
Cap Rate 9%
$1,113,844
$1.1M
Market Conditions
NOI Build-Up for 8,000 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
$163.2K $20.40/SF
− Vacancy
−$29.5K −$3.69/SF
EGI
$133.7K $16.71/SF
− OpEx
−$33.4K −$4.18/SF
NOI
$100.2K $12.53/SF
Area
Erie County, NY
Vacancy
18.10%
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%
$2,004,920
Cap Rate 7%
$1,432,086
Cap Rate 9%
$1,113,844
Alternative Uses
Best Use
Office B
$1.43M
$1.25M – $1.67M
NOI $100,246 @ 7.0% cap · market cap 7.71%
Second Best
Flex RnD
$657.0K
$574.9K – $766.6K
NOI $45,993 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,419 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14092, NY
11,030
Population
5,241
Households
2.1
Avg Household Size
51
Median Age
40%
College-Educated
95%
High-School Grad
21.2 sq mi
ZIP Area
520
Density / Sq Mi
$67,835
Median Household Income
$48,315
Median Earnings
$979
Median Rent
$246,300
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Two freestanding, single-story buildings combine warehouse and modern office space with on-site parking.
Where is this flex space located?
The property is located at 829 Sheridan Drive Tonawanda, NY.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Two freestanding, single‑story flex buildings; Warehouse areas include multiple overhead doors; Clearances include openings up to 14 feet and deck height reaching 19 feet
