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    1431-1479 Kensington Ave Buffalo, NY 14215
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    1431-1479 Kensington Ave Buffalo, NY 14215

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    • Lifestyle centers
    • 53,084 SF
    • 3.40 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 1431-1479 Kensington Ave

    Lot size
    3.40 lot acres
    Property size
    53,084 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Cleve-Hill Plaza, a 53,084 square foot shopping center located at 1431-1479 Kensington Avenue in Buffalo, New York (zip code 14215), presents a compelling value-add owner-user investment opportunity. This 3.4-acre property boasts a prime corner location on two NFTA bus routes and offers easy access to the Kensington Expressway (Route 33). Currently, the center features 19,084 square feet occupied by seven well-established tenants, generating in-place income. However, a significant portion of the property, up to 24,600 square feet, is available for redevelopment or build-out following fire damage in August 2023. The property includes 175 parking spaces and a total net rentable area of 34,000 square feet. Its historically vibrant neighborhood and low vacancy rate make it an ideal location for various retail, medical, or neighborhood service businesses. The asking price for this retail investment property is $3,000,000. This is a rare chance to acquire a well-situated shopping center with significant redevelopment potential in a thriving Buffalo neighborhood.

    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
    -78.8021
    Latitude
    42.9421

    Comparable in this City

    • Value Estimation by Request
      53,084 SF

      1431-1479 Kensington Ave

      Lifestyle centers • 53,084 SF
      1431-1479 Kensington Ave, Buffalo, NY 14215
      View Details
    • Value Estimation
      $1,325,000
      12,475 SF

      3045 Bailey Ave

      SHOPPING CENTER, STRIP CENTER • 12,475 SF
      3045 Bailey Ave, Buffalo, NY 14215-2813
      View Details
    • Value Estimation
      $1,860,000
      41,553 SF

      1431 Kensington Ave

      SHOPPING CENTER, STRIP CENTER • 41,553 SF
      1431 Kensington Ave, Buffalo, NY 14215
      View Details
    • Value Estimation
      $2,120,000
      27,059 SF

      3818 Harlem Rd, Unit 3846

      SHOPPING CENTER, STRIP CENTER • 27,059 SF
      3818 Harlem Rd, Buffalo, NY 14215-1945
      View Details
    • Value Estimation by Request
      0.10 Acres

      1640 Delavan Ave

      PARKING LOT • 0.10 Acres
      1640 Delavan Ave, Buffalo, NY 14215-3620
      View Details
    • Value Estimation by Request
      1,911 SF

      771 Delavan Ave

      AUTO REPAIR, GARAGE • 1,911 SF
      771 Delavan Ave, Buffalo, NY 14215-3043
      View Details

    Similar Nearby for Sale

    • $1,380,000
      9,200 SF

      O'Reilly Auto Parts - Buffalo, NY

      Net-leased retail investment opportunity in prime Buffalo location.
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    • $3,000,000
      53,084 SF

      Retail Property for Sale

      Retail property available for purchase.
      1431-1479 Kensington Ave, Buffalo, NY 14215
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    • $859,999

      Versatile Industrial Facility in Buffalo

      21,400 SF industrial building in a prime Buffalo location.
      1085 E Delavan Ave, Buffalo, NY 14215
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    • $425,000

      Mixed-Use Building on Bailey Avenue

      10,541 SF mixed-use building with retail and warehouse space.
      2824 Bailey Ave, Buffalo, NY 14215
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    • Contact for pricing
      10,209 SF

      Redevelopment Opportunity Former Rite Aid

      Freestanding former Rite Aid in high-traffic Buffalo location.
      2474 Bailey Ave, Buffalo, NY 14215
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      24,600 SF

      Value-Add Shopping Center Opportunity

      Retail investment with redevelopment potential in vibrant neighborhood.
      1459-1463 Kensington Ave, Buffalo, NY 14215
      View Details
    • Contact for pricing

      Prime Retail Space on Bailey

      7,100+/- SF retail space in high-traffic commercial district.
      3115 Bailey Ave, Buffalo, NY 14215
      View Details
    • Contact for pricing

      Redevelopment Opportunity on Corner Location

      Office/retail/mixed-use spaces for lease with ample parking.
      1931 Kensington Ave, Buffalo, NY 14215
      View Details
    • $3,000 /Mo

      Freestanding Building with Ample Parking

      Freestanding building for lease with additional parking available.
      1219 E Delavan Ave, Buffalo, NY 14215
      View Details
    • $995 /Mo
      900 SF

      Versatile Retail or Office Space

      900 SF commercial space suitable for retail or office.
      1230 E Delavan Ave, Buffalo, NY 14215
      View Details
    • Contact for pricing

      Retail/Office Space Near Downtown Buffalo

      Nicely finished retail/office space with quick access to Buffalo.
      3807 Harlem Rd, Cheektowaga, NY 14215
      View Details
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    Buffalo, NY 14215
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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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