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    701 Seneca St Buffalo, NY 14210

    Sponsored
    For Lease
    $13 SF/Yr

    Larkin Center Office Space: 5,000-10,975 SF

    Lot size:
    1,143,643 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional sublease opportunity in the Larkin Center offers flexible, move-in ready office space ranging from 5,000 to 10,975 square feet. Located in a Class B building (1,143,643 total square feet) built in 1900 and renovated in 2015, this loft-style space features a modern open plan layout with plug-and-play workstations, including integrated power, framed and frameless glass, and dual monitor arms. The furniture is in place, and the space includes a central reception area, waiting area, large kitchen, break area, and even a nap room. Depending on your needs, you can sublease approximately 5,000 square feet (24 cubes, 7 offices, 1 conference room) sharing amenities with existing tenants, or lease the entire 10,975+ square feet (34 cubes, 11 offices, 2 conference rooms, large kitchen, and showroom). The larger space also includes a showroom. Both options boast ample natural light, ergonomic task chairs, large conference rooms, and centralized security. The building offers 40 on-site parking spaces and on-site security, with added suite security for controlled access. The property sits on a 5.81-acre lot in Erie County. This is a rare opportunity to secure high-quality, immediately available office space in a desirable location. The space is ideal for a company seeking a modern, efficient, and well-equipped workspace.

    Property Features for 701 Seneca St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    1,143,643 SF
    Class
    B
    Total Rate
    1315189.45

    Building Details

    Year Built/Renovated
    1900/2015

    Unit(s) available at that property

    Space
    Available Space 1
    Size
    5,000 SF
    Rate per SF
    $13
    Space
    Available Space
    Size
    5,000 SF
    Rate per SF
    $13

    We can help!

    Listing Contact
    Clarke Thrasher
    Clarke Thrasher

    Learn more

    Property Insight Report

    HighLights

    • Executive office sublease opportunity in Larkin Center, Erie County.
    • 10,975 SF or 5,000+ SF available; plug‑and‑play workspace.
    • Features include multiple private offices, cubicles, conference rooms, kitchen, and break area.
    • 40 on‑site parking spaces and on‑site security.
    • Building is Class B, 1,143,643 total square feet, built in 1900, renovated in 2015.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ryandra Manufacturer RPM Entertainment Productions Event Management Company Bennett Schechter Arcuri ... Attorney Kristin L. Arcuri Legal Services Duke Holzman Photiadis ... Law Firm

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.8519384
    Latitude
    42.8757568

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    FAQs

    What type of property is this?
    Office Property / Space - Larkin Center Office Space: 5,000-10,975 SF
    Where is this office property / space located?
    The property is located at 701 Seneca St Buffalo, NY.
    What is the lease rate?
    The lease rate is $13 SF/Yr.
    What are key features of this property?
    This property features: Executive office sublease opportunity in Larkin Center, Erie County.; 10,975 SF or 5,000+ SF available; plug-and-play workspace.; Features include multiple private offices, cubicles, conference rooms, kitchen, and break area.
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    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
    701 Seneca St Buffalo, NY 14210
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    We can help!
    Listing Contact
    Clarke Thrasher
    Clarke Thrasher
    Real Estate License ID: NY 30TH0470791
    Learn more
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