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    Property profile & analytics

    401 Connecticut St Buffalo, NY 14213

    • Retail properties
    • 1,350 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Connecticut Street Creamery / Cafe

    Property Details for 401 Connecticut St

    Property size
    1,350 SF
    Property type
    Retail properties

    Description

    This exceptional 1,350 square foot retail space, located at 401 Connecticut Street in Buffalo, New York, presents a unique investment opportunity. The property, a single-story building completely renovated in 2024, is zoned for commercial use and operates as a fully equipped ice cream and candy shop. The entire 1,350 square feet is currently vacant and ready for immediate occupancy. Situated in Erie County's bustling West Side business district, this location benefits from high foot traffic, ensuring excellent visibility and potential for strong sales. The property's appeal is further enhanced by a newly completed patio area, ideal for outdoor seating during the warmer months. This turnkey operation is perfect for an aspiring entrepreneur seeking a well-established business in a prime location. The property's single-tenancy status offers simplicity and control, while its recent renovation eliminates the need for immediate capital improvements. The address is 401 Connecticut Street, Buffalo, NY 14213.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.8862
    Latitude
    42.9065

    Comparable in this City

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      8,158 SF

      389 Connecticut St

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    • Value Estimation
      $235,000
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      1340 Ww Ave

      AUTO REPAIR, GARAGE • 3,675 SF
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    • Value Estimation
      $2,600,000
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      305 Fry St

      RETAIL STORES (PERSONAL SERVICES) • 21,396 SF
      305 Fry St, Buffalo, NY 14213
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    • Value Estimation
      $295,000
      3,600 SF

      319 Massachusetts Ave

      SERVICE STATION WITH FOOD MART • 3,600 SF
      319 Massachusetts Ave, Buffalo, NY 14213-2223
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    • Value Estimation
      $405,000
      6,292 SF

      492 Rhode Is St

      RESTAURANT • 6,292 SF
      492 Rhode Is St, Buffalo, NY 14213-2316
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    • Value Estimation
      $265,000
      5,924 SF

      830 Niagara St

      AUTO REPAIR, GARAGE • 5,924 SF
      830 Niagara St, Buffalo, NY 14213
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    Similar Nearby for Lease

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    • $2,700 /Mo
      1,350 SF

      Remodeled Ice Cream and Candy Shop

      Turn-key ice cream and candy shop in a high-traffic area.
      389-401 Connecticut St, Buffalo, NY 14213
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    • $2,700 /Mo

      Remodeled Ice Cream and Candy Shop

      Turn-key ice cream and candy shop in a high-traffic area.
      401 Connecticut St, Buffalo, NY 14213
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    • $25 SF/Yr
      700 SF

      Grant Street Retail Storefront

      Brand new 700 sq ft retail space in Buffalo, NY.
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      Prime Retail Space Available

      Two street-level units in up-and-coming historic neighborhood.
      389 Connecticut St, Buffalo, NY 14213
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      30,700 SF

      Retail Space in Densely Populated Area

      Retail space with ample parking in a densely populated area.
      257 W Ferry St, Buffalo, NY 14213
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    401 Connecticut St
    Buffalo, NY 14213
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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
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