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

    2438 Elmwood Ave Buffalo, NY 14217-2244

    • Investment properties
    • 8,365 SF
    • 0.53 lot acres
    OFF-MARKET
    Value Estimations
    $865,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2428021
    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

    • Sylbie Hodas, PT / Physical Therapist
    • Mark Dirlam, PT / Physical Therapist / Physical Therapy Clinic
    • Ken-Ton Physical Therapy / Physical Therapist
    • Lisa Beeny / Physical Therapist
    • Madelaine Baco / Physical Therapist

    Property Details for 2438 Elmwood Ave

    Year built
    1960
    Lot size
    0.53 lot acres
    Property size
    8,365 SF
    Zone code
    04 - FARM
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    146401 78.21-1-19.1
    APU
    14640178211191

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $927,000
      Market price range: $472k - $955k
      AI Estimate
      $875,000
      Market price range: $362k - $951k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $680,000
      Current use
      RETAIL STORES
      $1,200,000
      Change: +76% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,085,000
      Change: +59% Conversion: Difficult
      RESTAURANT
      $1,035,000
      Change: +52% Conversion: Difficult
      OFFICE BUILDING
      $970,000
      Change: +42% Conversion: Easy
      AUTO REPAIR, GARAGE
      $815,000
      Change: +19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.8792
    Latitude
    42.9638
    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
    $0.00
    $108,000
    $109,000
    $217,000
    -
    $450,017
    $454,183
    $904,200

    Comparable in this City

    • Value Estimation by Request
      8,297 SF

      1887 Military Rd

      STORE/OFFICE (MIXED USE) • 8,297 SF
      1887 Military Rd, Buffalo, NY 14217
      View Details
    • Value Estimation
      $635,000
      10,592 SF

      3807 Delaware Ave

      STORE/OFFICE (MIXED USE) • 10,592 SF
      3807 Delaware Ave, Buffalo, NY 14217-1040
      View Details
    • Value Estimation
      $535,000
      13,380 SF

      2365 Elmwood Ave

      STORE/OFFICE (MIXED USE) • 13,380 SF
      2365 Elmwood Ave, Buffalo, NY 14217-2603
      View Details
    • Value Estimation by Request
      1,360 SF

      1137 Kenmore Ave

      STORE/OFFICE (MIXED USE) • 1,360 SF
      1137 Kenmore Ave, Buffalo, NY 14217
      View Details
    • Value Estimation by Request
      7,640 SF

      3281 Delaware Ave

      STORE/OFFICE (MIXED USE) • 7,640 SF
      3281 Delaware Ave, Buffalo, NY 14217-1726
      View Details
    • Value Estimation by Request
      1,524 SF

      1297 Kenmore Ave

      STORE/OFFICE (MIXED USE) • 1,524 SF
      1297 Kenmore Ave, Buffalo, NY 14217-2736
      View Details

    Similar Nearby for Sale

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      5,000 SF

      Delaware Avenue Investment Opportunity

      Mixed-use and residential income properties with income potential.
      3878 Delaware Ave, Tonawanda, NY 14217
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    • $399,000
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      Mixed-use building featuring office space and apartments in Buffalo.
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      Charming, updated 2-family home in Kenmore with modern amenities.
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      Elmwood Avenue Multifamily Investment Property

      14-unit apartment complex in Kenmore, updated with off-street parking.
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    • $396,000
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      Warehouse and Office Space Available

      Warehouse and office space on Military Road with development potential.
      1320 Military Rd, Kenmore, NY 14217
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    • $249,000
      2,592 SF

      Versatile Commercial Building in Kenmore

      2592 SF commercial building with showroom, offices, and warehouse.
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    Similar Nearby for Lease

    • Contact for pricing
      8,176 SF

      Kenmore Village Storefront for Lease

      Storefront in walkable commercial area, Kenmore Village. Lease only.
      3107 Delaware Ave, Buffalo, NY 14217
      View Details
    • $7 SF/Yr
      16,500 SF

      Manufacturing Facility Available For Lease

      16,500 SF manufacturing facility for lease in Buffalo, NY.
      941-955 Military Rd, Buffalo, NY 14217
      View Details
    • $10 SF/Yr
      4,000 SF

      Kenmore Office Space for Rent

      Charming 4,000 SF office space in Kenmore area.
      2746 Delaware Ave, Buffalo, NY 14217
      View Details
    • Contact for pricing
      3,120 SF

      Elmwood Avenue Warehouse Space Available

      Warehouse space with office and basement, convenient highway access.
      3095 Elmwood Ave, Buffalo, NY 14217
      View Details
    • $1,400 /Mo

      Retail Space with Great Visibility

      Move-in ready retail space with large signage and high ceilings.
      2323 Elmwood Suite 3 Ave, Tonawanda, NY 14217
      View Details
    • $12 SF/Yr
      4,800 SF

      Elmwood Ave Office Space For Lease

      Versatile Office Building, 4,500 SF Available
      2282 Elmwood Ave, Buffalo, NY 14217
      View Details
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    2438 Elmwood Ave
    Buffalo, NY 14217-2244
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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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