2321 Main St Buffalo, NY 14214
- Investment properties
- 8,634 SF
- 0.10 lot acres
Current Use by Public Records
- Cloudy Smoke shop / Smoke Shop
- 716 Customs / Embroidery Shop
Property Details for 2321 Main St
- Year built
- 1900
- Lot size
- 0.10 lot acres
- Property size
- 8,634 SF
- Zone code
- N-3C
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 140200 89.51-4-40
- APU
- 1402008951440
Description
This exceptional mixed-use investment opportunity presents a fully leased, 11,567 square foot building located at 2321 Main Street in Buffalo, New York, 14214. The property boasts a strong 6.91% capitalization rate and a net operating income (NOI) of $89,841, with an asking price of $1,300,000. The building, constructed in 1900 and featuring two stories, comprises six apartments and six storefronts, along with a garage. Recent upgrades include refreshed apartments with new paint and flooring, ensuring excellent condition. The HVAC system is well-maintained, and the roof underwent resilvering in 2022. This prime location at the corner of Main Street and East Oakwood Place benefits from high traffic volume on Main Street, a major thoroughfare connecting Amherst and Williamsville to downtown Buffalo. Its proximity to Medaille College and Canisius College, along with easy access from NY-198, enhances its appeal. Major employers such as Sisters of Charity Hospital, Erie County Medical Center, and National Grid are located nearby. The property also enjoys proximity to notable landmarks including the Buffalo Zoo, Delaware Park, and the Darwin Martin House Complex. The building is currently 100% occupied with rent bumps available. This is a net lease property with a gross lease type and multi-tenancy. The property offers significant upside potential due to below-market leases in place. The average annual daily traffic (AADT) exceeds 23,500 vehicles.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $380,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $260,000
- 6.5%
- $250,000
- 7%
- $250,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $280,000
- Geo Method
- $250,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $240,000
- Retail
- $225,000
- Mixed-Use
- $235,000
- Hospitality
- $310,000
- Educational
- $275,000
- Residential Income
- $250,000
- Energy
- $305,000
- Income-Based Land
- $260,000
- Food Service
- $250,000
Location Insight
- Map
- Local Demand
- City
- Buffalo
- County
- Erie
- State
- New York
- Longitude
- -78.846
- Latitude
- 42.9324
- CBSA code
- 15380
- CBSA name
- BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA
