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    229 Elk St Buffalo, NY 14210
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    Property profile & analytics

    229 Elk St, Buffalo, NY 14210

    View on Map
    • Investment properties
    • 37,228 SF
    • 5.92 lot acres
    Off-Market
    Property ID
    US63-1944150
    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.
    Value Estimations
    $3,070,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Investment properties

    Property Details for 229 Elk St

    Year built
    1917
    Lot size
    5.92 lot acres
    Zone code
    D-IH
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    140200 122.12-1-36
    APU
    14020012212136

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 25, 2026 — South Buffalo Development LLC — Deed · related $7.1M · Nbt Bank National Association
    Mar 6, 2020 — South Buffalo Dev LLC — Deed · related $11M · Keybank USA
    Jan 31, 2018 — South Buffalo Dev LLC — Trustees Deed · related $2.8M · 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 $11M · Keybank USA

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,385,000
      Market price range: $1.29M - $2.55M
      AI Estimate
      $3,168,000
      Market price range: $1.67M - $3.67M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.8426
    Latitude
    42.8669
    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
    $832
    $150,000
    $1,100,000
    $1,250,000
    -
    $214,286
    $1,571,428
    $1,785,714

    Comparable in this City

    • Value Estimation by Request
      275 SF

      48 Wildwood Pl

      OFFICE/RESIDENTIAL (MIXED USE)
      48 Wildwood Pl, Buffalo, NY 14210
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    • Value Estimation by Request
      3,192 SF

      2256 Seneca St

      OFFICE/RESIDENTIAL (MIXED USE)
      2256 Seneca St, Buffalo, NY 14210-2444
      View Details
    • Value Estimation
      $7,540,000
      86,728 SF

      799 Seneca St

      OFFICE/RESIDENTIAL (MIXED USE)
      799 Seneca St, Buffalo, NY 14210-1474
      View Details
    • Value Estimation by Request
      2,674 SF

      596 Park Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      596 Park Ave, Buffalo, NY 14210-1327
      View Details
    • Value Estimation by Request
      2,898 SF

      1207 Seneca St

      OFFICE/RESIDENTIAL (MIXED USE)
      1207 Seneca St, Buffalo, NY 14210-1627
      View Details
    • Value Estimation by Request
      4,515 SF

      2465 Seneca St

      OFFICE/RESIDENTIAL (MIXED USE)
      2465 Seneca St, Buffalo, NY 14210-2634
      View Details

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    • Contact for pricing
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    • $449,900
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      Two-Story Retail and Apartment Property

      Two updated buildings combine street-level retail with three-bedroom apartments above, supporting multiple revenue streams.
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    • $449,900
      4,515 SF

      Mixed-Use Building with Vacant Storefronts

      Two vacant storefronts and four updated 1-bedroom apartments offer leasing flexibility on Seneca Street.
      2096 Seneca St, Buffalo, NY 14210
      View Details
    • $249,900
      Pending

      Tenant-Occupied Mixed-Use Building

      Mixed-use property with tenant-occupied retail and apartments, plus a vacant lot next door for expansion or parking.
      2322 Seneca St, Buffalo, NY 14210
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    Similar Nearby for Lease

    • $13 SF/Yr

      Loft-Style Office Space Available

      Office space with private offices, cubicles, kitchen, and nap room.
      701 Seneca St, Buffalo, NY 14210
      View Details
    • Contact for pricing
      840 SF

      Retail Space on Seneca Street

      840 sq ft retail space in South Buffalo.
      2178 Seneca St, Buffalo, NY 14210
      View Details
    • Contact for pricing
      3,670 SF

      Industrial Warehouse Space in Buffalo

      8,700 SF warehouse space available for lease in Buffalo.
      20 Cornelia St, Buffalo, NY 14210
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    • Contact for pricing
      24,860 SF

      Industrial Building with Cranes For Rent

      24,860 SF industrial building featuring cranes and easy highway access.
      343 Elk St, Buffalo, NY 14210
      View Details
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    Buffalo, NY 14210
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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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