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Property profile & analytics
OFF-MARKET
Estimated value
$3,070,000
Investment properties
229 Elk St Buffalo, NY 14210
Entity Owned
17-yr Hold
Free & Clear
Property ID
US63-1944150
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1917
Total area
37,228 SF
Lot
5.92 ac (257,875 SF)
Zoning code
D-IH
APN
140200 122.12-1-36
UPID
US63-1944150
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.39M
Blend (final)
Blend
$3.07M
Owner & transaction history
South Buffalo Dev LLC · 17 yrs held
South Buffalo Dev LLC
since 2009
5 recorded transactions
Zoning & alternative use
D-IH · Buffalo, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$4.8M
+141.3%
Restaurant
$4.6M
+130.3%
Office building
$4.3M
+115.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Buffalo submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Buffalo submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,000,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$4,830,000
Change: +141% · Conversion: Difficult
RESTAURANT
$4,610,000
Change: +130% · Conversion: Difficult
OFFICE BUILDING
$4,320,000
Change: +116% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,625,000
Change: +81% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,080,000
Change: +4% · Conversion: Difficult
Blend value · Realmo final
$3.07M
Range $2.76M – $3.38M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$82 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$832
Tax year 2023
Assessed value
$1,250,000
Assessed 2023
Previous assessed
$160,000
+681.3% YoY
Effective rate
0.07%
On assessed value
Assessed land
$150,000
Assessed improvement
$1,100,000
Land market value
$214,286
Improvement market value
$1,571,428
Total market value
$1,785,714
Applied tax rate
140,200.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1917
Heating
NONE
Buildings
2
Stories
2
Total area
37,228 SF
Lot
5.92 ac (257,875 SF)
Zoning code
D-IH
APN
140200 122.12-1-36
UPID
US63-1944150
Jurisdiction
ERIE
Zoning & alternative use
D-IH · Buffalo, NY
Zoning D-IH · permitted uses
D-IH · Buffalo, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Buffalo. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$2.0M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$4.8M
RESTAURANT
Est. value
$4.6M
OFFICE BUILDING
Est. value
$4.3M
AUTO REPAIR, GARAGE
Est. value
$3.6M
WAREHOUSE, STORAGE
Est. value
$2.1M
COMMERCIAL (GENERAL) Current
NEIGHBORHOOD: SHOPPING CENTER
RESTAURANT
OFFICE BUILDING
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1917
Heating
NONE
Stories
2
Buildings
2
Lot
5.92 ac
Current owner
From public records · entity-resolved
South Buffalo Dev LLC
Entity
Free & Clear · 17 yrs held
Mailing address
1001 E DELAVAN AVE UNIT #14, BUFFALO, NY 14215-3148
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2009
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 25, 2026
—
South Buffalo Development LLC
—
Deed
related
$7,125,000 · Nbt Bank National Association
Mar 6, 2020
—
South Buffalo Dev LLC
—
Deed
related
$11,000,000 · Keybank USA
Jan 31, 2018
—
South Buffalo Dev LLC
—
Trustees Deed
related
$2,832,000 · Five Star Bk
Feb 17, 2009
$80,000
South Buffalo Dev LLC
Seaman,michael A
Trustees Deed
—
—
—
South Buffalo Dev LLC
—
Deed Of Trust
related
$11,000,000 · Keybank USA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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