Downtown Corner Building with
For Sale
Contact for pricing
703 Washington Street, Buffalo, NY 14203
Mixed-use building with on-site parking in downtown Buffalo.
Property Size11,289 SF
Price / SF$97.44
Days on Market1268
Property Features for 703 Washington Street
General Information
Standard status
Active
Size
11,289 SF
Class
B
Total Parking Spaces
10
Property subtype
Office
Building Details
Year Built
1980
Year Renovated
2020
Stories
3
Tenancy
Single
Listing Agency:
HUNT Commercial
(716) 880-1917
Listed By:
Heidi Nuessle · License #NY 10301212311
Source:
Crexi
Added: Mar 3, 2023
Changed: Aug 17
Last Checked: Aug 20 at 12:39AM
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 corner building, located in downtown Buffalo at the intersection of Washington Street and Tupper Street, offers over 11,000 square feet of space across three floors. The property includes on-site parking and features convenient access to the 33 Expressway and the New York State Thruway. Each floor is equipped with a kitchen and bathrooms. The building benefits from high visibility at its corner location, making it suitable for a variety of commercial uses.
Key Highlights
- Prime downtown corner location at Washington and Tupper offers great visibility.
- On‑site parking in a downtown location.
- Large building with over 11,000sf on 3 floors.
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
$79,072
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
7.19%
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%
$1,581,440
$1.6M
Cap Rate 7%
$1,129,600
$1.1M
Cap Rate 9%
$878,578
$878.6K
Market Conditions
NOI Build-Up for 11,289 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
$115.1K $10.20/SF
− Vacancy
−$2.2K −$0.19/SF
EGI
$113.0K $10.01/SF
− OpEx
−$33.9K −$3.00/SF
NOI
$79.1K $7.00/SF
Area
Buffalo, NY
Vacancy
1.90%
Lease Rate
$10.20 /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%
$1,581,440
Cap Rate 7%
$1,129,600
Cap Rate 9%
$878,578
Alternative Uses
Best Use
Office B
$2.01M
$1.76M – $2.35M
NOI $140,768 @ 7.0% cap · market cap 12.80%
Second Best
Mixed Use
$1.74M
$1.52M – $2.03M
NOI $121,921 @ 7.0% cap · market cap 11.08%
Theoretical Best
Office A
$2.71M
$2.38M – $3.17M
NOI $190,035 @ 7.0% cap · market cap 17.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,097
Businesses Nearby
Explore this area
Business Placement
Demographics for 14203, NY
2,006
Population
1,712
Households
1.2
Avg Household Size
33
Median Age
43%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
716
Density / Sq Mi
$48,529
Median Household Income
$44,259
Median Earnings
$1,167
Median Rent
Market
Vacancy Rate% for Office in Buffalo, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with on-site parking in downtown Buffalo.
Where is this mixed-use property located?
The property is located at 703 Washington Street Buffalo, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Prime downtown corner location at Washington and Tupper offers great visibility.; On‑site parking in a downtown location.; Large building with over 11,000sf on 3 floors.
