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    Historic Mixed-Use Building Renovation Title is generated by Realmo AI

    222 Chicago St, Buffalo, NY 14204

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    Renovated mixed-use building with retail, office, warehouse, and apartments.

    Type:Industrial, Retail, Office
    Added:
    Nov 30, 2022
    Days on Market:
    1281
    Last Refresh:
    May 12 at 9:54 pm

    Property Features for 222 Chicago St

    General Information

    Standard status
    Active
    Property subtype
    Industrial, Retail, Office

    Building Details

    Year Built
    1900

    Spaces For Lease

    at 222 Chicago St Contact us

    Available Space 3 $14/Mo

    Size
    16,395 SF
    Type
    Industrial, Retail, Office
    Contact us

    Available Warehouse Space $8/Mo

    Size
    3,582 SF
    Type
    Industrial, Retail, Office
    Contact us

    Available Office Space $15/Mo

    Size
    1,530 SF
    Type
    Industrial, Retail, Office
    Contact us

    We can help!

    Listing Contact
    Sarah Couch

    Listing agent Sarah Couch License #NY

    Listing office Ellicott Development

    Listing date Nov 30, 2022

    Source Crexi

    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 Ellicott Development

    HighLights

    • Newly renovated historic building with a mix of retail/office, warehouse, and residential spaces.
    • 7 market‑rate apartments located on floors 2 and 3.
    • Located at the corner of Chicago Street and Perry Street.
    • Renovation aligns with Secretary of Interior Standards for Historic Preservation.
    • 43 parking spaces available for residential tenants at Chicago Street and Fulton Street.
    • Building constructed in 1868 with additions between 1872‑1925.

    Overview

    Located at the southwest corner of Chicago Street and Perry Street, this vacant three-story brick building, historically home to The J.W. Ruger Company and Kellner Brothers, is undergoing renovation into a mix of uses. Constructed in 1868 with additions between 1872 and 1925, the building's interior is being rehabilitated to include retail and office space on the first floor fronting Perry Street, warehouse space in the rear, and seven market-rate apartments on floors 2 and 3. The rehabilitation is being conducted in consultation with the State Historic Preservation Office and the National Park Service, aligning with the Secretary of Interior Standards for Historic Preservation. To meet parking needs, two parking lots are planned. One lot, with 28 spaces, will be located along Marvin Street for commercial and warehouse tenants. The second lot, with 43 spaces, will be at the northwest corner of Chicago Street and Fulton Street for residential tenants.
    Property Profile Location Intelligence

    Current Use by Public Records

    J.W. Ruger & Deck ... Tour Operator

    Suggested Use

    Real Estate Agency Spa & Massage Center Dental Office Restaurant Hair Salon Nail Salon Building Supply Skin Care Clinic Daycare Center Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.8681032
    Latitude
    42.8740937

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    FAQs

    What type of property is this?
    Mixed-use property - Renovated mixed-use building with retail, office, warehouse, and apartments.
    Where is this mixed-use property located?
    The property is located at 222 Chicago St Buffalo, NY.
    What is the lease rate?
    The lease rate is $8 SF/Yr.
    What are key features of this property?
    This property features: Newly renovated historic building with a mix of retail/office, warehouse, and residential spaces.; **7 market‑rate apartments located on floors 2 and 3.**; Located at the corner of Chicago Street and Perry Street.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Sarah Couch
    Real Estate License ID: NY
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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.

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