Mixed-Use Building on Main
For Sale
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2321 Main St, Buffalo, NY 14214
Fully occupied mixed-use building with apartments and storefronts in Buffalo.
Property Size11,567 SF
Price / SF$112.39
Days on Market1301
Property Features for 2321 Main St
General Information
Standard status
Active
Size
11,567 SF
Property subtype
Mixed Use
Occupancy
100%
Lease Type
Gross
Investment Type
Net Lease
Net Operating Income
$89,841
Building Details
Year Built
1900
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Donovan Real Estate Services
Listed By:
Brian Donovan · License #NY 10491202934
(585) 703-3888
Source:
Crexi
Added: Mar 27, 2023
Changed: Oct 15
Last Checked: Oct 16 at 5:49AM
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 Donovan Real Estate Services
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Investment Insights
Based on property information with market context.
This fully occupied mixed-use building presents a great investment opportunity on Main Street in the City of Buffalo. The property features 6 apartments and 6 storefronts, along with a garage space. Recent upgrades have been completed over the last few years. The apartments have been refreshed with new paint and flooring and are in excellent overall condition. The HVAC equipment is in running order with regular maintenance. The roof was re-silvered in 2022. Located at the corner of Main St. and East Oakwood Pl, the building benefits from its position on a major traffic corridor connecting the Amherst and Williamsville neighborhoods to downtown Buffalo. The property is less than half a mile from the campuses of Medialle College and Canisius College and is easily accessed from NY-198. Major employers in the area include Sisters of Charity Hospital (.25 miles), Erie County Medical Center (1 mile), and National Grid (.25 miles). Notable landmarks close by include the Buffalo Zoo, Delaware Park, and Frank Lloyd Wright's Darwin Martin House Complex. The property size is 11567 square feet.
Key Highlights
- Fully occupied mixed‑use building with 6 apartments and 6 storefronts
- Located on Main St., a major traffic corridor, near Medaille College and Canisius College
- Recent upgrades including refreshed apartments with new paint and flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$112,670
Cap Rate
8.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,253,400
$2.3M
Cap Rate 7%
$1,609,571
$1.6M
Cap Rate 9%
$1,251,889
$1.3M
Market Conditions
NOI Build-Up for 11,567 SF
Gross rent
$180.4K $15.60/SF
− Vacancy
−$19.5K −$1.68/SF
EGI
$161.0K $13.92/SF
− OpEx
−$48.3K −$4.17/SF
NOI
$112.7K $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 Rate 5%
$2,253,400
Cap Rate 7%
$1,609,571
Cap Rate 9%
$1,251,889
Alternative Uses
Best Use
Mixed Use
$1.78M
$1.56M – $2.08M
NOI $124,924 @ 7.0% cap · market cap 9.61%
Second Best
Retail
$1.61M
$1.41M – $1.88M
NOI $112,670 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$2.78M
$2.43M – $3.25M
NOI $194,714 @ 7.0% cap · market cap 14.98%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,062
Businesses Nearby
Explore this area
Business Placement
Demographics for 14214, NY
20,732
Population
9,280
Households
2.2
Avg Household Size
32
Median Age
46%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
6,282
Density / Sq Mi
$56,573
Median Household Income
$29,928
Median Earnings
$1,072
Median Rent
$234,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied mixed-use building with apartments and storefronts in Buffalo.
Where is this mixed-use property located?
The property is located at 2321 Main St Buffalo, 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: Fully occupied mixed‑use building with 6 apartments and 6 storefronts; Located on Main St., a major traffic corridor, near Medaille College and Canisius College; Recent upgrades including refreshed apartments with new paint and flooring
