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    2297-2303 Main St Buffalo, NY 14214
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    Property profile & analytics

    2297-2303 Main St, Buffalo, NY 14214

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    • Lifestyle centers
    • 11,824 SF
    • 0.51 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 2297-2303 Main St

    Year built
    1900
    Lot size
    0.51 lot acres
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional value-add investment property, located at 2297-2303 Main Street in Buffalo, NY, presents a compelling opportunity for owner-operators. The 11,824 square foot, two-story building boasts eight units and sits on a 0.505-acre lot. Built in 1900, the property offers significant potential for renovation and repositioning. Currently configured as a mixed-use building, the property's prime location between Sister's Hospital and the UB South campus provides excellent visibility and accessibility. The existing structure presents a unique chance to create four new retail storefronts, each benefiting from on-site parking for 15 vehicles. Additionally, the property includes space suitable for warehouse storage, featuring a large grade-level door, and the potential to develop four new residential units. The asking price is $724,900. This property offers substantial curb appeal and significant upside potential for a savvy investor seeking to capitalize on the strong demand in this vibrant Buffalo neighborhood. The property's zoning and specific unit configurations should be independently verified. This is an investment property with a strong potential for return. The property features a total of 15 parking spaces.

    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
    -78.8467
    Latitude
    42.932

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      2186 Fillmore Ave

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      2116 Fillmore Ave

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    Similar Nearby for Sale

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      11,567 SF

      Mixed-Use Building on Main Street

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      Mixed-Use Investment Property on Main

      Two-story, 11,824 SF mixed-use investment property with renovation potential.
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      Mixed-Use Building on Main Street

      Fully occupied mixed-use building with six apartments and storefronts.
      2321-2331 Main St, Buffalo, NY 14214
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      11,824 SF

      Mixed-Use Investment Opportunity

      Two-story mixed-use property with redevelopment potential near UB South.
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    Similar Nearby for Lease

    • $2,400 /Mo
      4,620 SF

      Main Street Commercial Space Available

      First floor commercial space on Main Street, Buffalo, NY.
      2290 Main St, Buffalo, NY 14214
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      Main Street Retail Space Available

      Retail spaces available on Main Street in Buffalo, NY.
      2323 Main St, Buffalo, NY 14214
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      1,000 SF

      Main Street Storefronts for Rent

      Storefronts available on Main Street in Buffalo, NY.
      2325 Main St, Buffalo, NY 14214
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      Former Roller Rink Available

      Former Arcadia Skating Center available for lease or purchase.
      30 East Amherst St, Buffalo, NY 14214
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    Buffalo, NY 14214
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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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