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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2228 Delaware Ave Buffalo, NY 14216-2618

    • Strip malls
    • 8,670 SF
    • 0.71 lot acres
    OFF-MARKET
    Last Sale
    Mar 03, 2021
    $705,000
    Value Estimations
    $645,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2926793
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Western New York Occupational Medicine - Buffalo / Occupational Health Service
    • Cardtronics ATM / Atm
    • Inmediate Care / Community Health Centre
    • Western New York Immediate Care - Buffalo / Occupational Medical Physician / Occupational Safety And Health
    • Spectrum Store / Satellite Communication Service / Telephone Company

    Property Details for 2228 Delaware Ave

    Year built
    2000
    Lot size
    0.71 lot acres
    Property size
    8,670 SF
    Zone code
    D-S
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    140200 78.79-3-1
    APU
    140200787931

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $645,000
      ML approach
      $750,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,075,000
      OFFICE BUILDING
      $1,005,000
      COMMERCIAL (GENERAL)
      $915,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.8686
    Latitude
    42.9443
    CBSA code
    15380
    CBSA name
    BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,429
    $308,100
    $745,900
    $1,054,000
    -
    $440,143
    $1,065,571
    $1,505,714

    Comparable in this City

    • Value Estimation
      $370,000
      24,000 SF

      975 Hertel Ave

      SHOPPING CENTER, STRIP CENTER • 24,000 SF
      975 Hertel Ave, Buffalo, NY 14216-2627
      View Details
    • Value Estimation by Request
      3,973 SF

      2680 Delaware Ave

      SHOPPING CENTER, STRIP CENTER • 3,973 SF
      2680 Delaware Ave, Buffalo, NY 14216-1130
      View Details
    • Value Estimation by Request
      9,966 SF

      2730 Delaware Ave

      SHOPPING CENTER, STRIP CENTER • 9,966 SF
      2730 Delaware Ave, Buffalo, NY 14216-1146
      View Details
    • Value Estimation
      $400,000
      21,526 SF

      2290 Delaware Ave

      SHOPPING CENTER, STRIP CENTER • 21,526 SF
      2290 Delaware Ave, Buffalo, NY 14216-2632
      View Details
    • Value Estimation
      $635,000
      28,712 SF

      2625 Delaware Ave

      SHOPPING CENTER, STRIP CENTER • 28,712 SF
      2625 Delaware Ave, Buffalo, NY 14216-1705
      View Details
    • Value Estimation by Request
      73,266 SF

      2636 Delaware Ave

      SHOPPING CENTER, STRIP CENTER • 73,266 SF
      2636 Delaware Ave, Buffalo, NY 14216-1717
      View Details

    Similar Nearby for Sale

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      Updated building near Hertel Ave, suitable for retail or office.
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      Commercial building with apartment and parking in great location.
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      Restaurant Opportunity in North Park

      Freestanding restaurant with basement on corner lot for sale.
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      1,644 SF

      Gas Station & Convenience Store Opportunity

      Buffalo, NY - Prime Location, Vacant
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    • $450,000
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      Colvin Ave Auto Shop - Buffalo, NY

      Prime Auto Shop, 1196 sq ft, High Traffic Area
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    Similar Nearby for Lease

    • Contact for pricing
      2,814 SF

      Delaware Ave Retail Space

      High-visibility Buffalo retail space.
      2458 Delaware Ave, Buffalo, NY 14216
      View Details
    • Contact for pricing
      2,814 SF

      Retail/Office Space on Delaware Avenue

      High-visibility retail/office space in a high-traffic area.
      2458-2462 Delaware Ave, Buffalo, NY 14216
      View Details
    • Contact for pricing
      2,400 SF

      Kenmore Avenue Retail/Office Space

      2400 SF retail/office space available for lease immediately.
      750 Kenmore Ave, Buffalo, NY 14216
      View Details
    • Contact for pricing

      Freestanding Retail Building on Delaware

      Highly visible retail building for lease in Buffalo, NY.
      2245 Delaware Ave, Buffalo, NY 14216
      View Details
    • Contact for pricing
      88,620 SF

      Hertel Ave Retail Space - Buffalo, NY

      Prime Buffalo Retail Outparcel, 88,620 SF
      1025 Hertel Ave, Buffalo, NY 14216
      View Details
    • $6 SF/Yr
      20,000 SF

      North Buffalo Industrial Facility

      Prime industrial facility for lease in North Buffalo area.
      285 Hinman Ave, Buffalo, NY 14216
      View Details
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    2228 Delaware Ave
    Buffalo, NY 14216-2618
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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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