2198 Park AveBuffalo, NY 14220

Property Details for 2198 Park Ave

Year built

1920

Lot size

0.17 AC

Property size (Sq ft)

2,902 SF

Zone code

N-3E

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

140200 133.63-4-22

APU

14020013363422

Description

This exceptional 2,902 square foot retail space is located at 2198 South Park Avenue in Buffalo, New York, within Erie County (zip code 14220). The property, a single-tenant building constructed in 1920, boasts a highly visible corner location on a busy street, offering excellent exposure for any business. The building is classified as Class C and features a completely vacant, open floor plan, making it adaptable to a wide range of retail concepts. The property benefits from a recently paved parking lot with convenient access from both South Park Avenue and Ridgewood Avenue, ensuring ample parking for customers. The asking rent is $2,950 per month, with a minimum lease term of five years. This attractive rental rate does not include tenant improvement allowances. The tenant is responsible for routine maintenance and all utilities. This freestanding brick building presents a unique opportunity for a business seeking a prominent location in a thriving neighborhood. The property's open layout provides significant flexibility for customization to suit specific business needs. Its convenient access and ample parking make it an attractive destination for customers. The five-year lease term offers stability and predictability for long-term growth.

• CAP approach

  CAP return

  Valuation

  6%

  $652,778

  6.5%

  $602,564

  7%

  $559,524

• Comparable approach

  Method

  Valuation

  Relative Method

  $430,335

  Geo Method

  $282,975

• Alternative Use

  Use

  Valuation

  Residential

  $602,564

  Hospitality

  $551,945

  Educational

  $459,212

  Medical

  $475,005

  Retail

  $714,330

Location Insight

City

Buffalo

County

Erie

State

New York

Latitude

42.8387

Longitude

-78.8235

CBSA code

15380

CBSA name

BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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