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    2474 Bailey Ave Buffalo, NY 14215
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    Property profile & analytics

    2474 Bailey Ave Buffalo, NY 14215

    View on Map
    • Retail space
    • 10,209 SF
    • 0.87 lot acres
    For Sale
    $2,500,000
    View Listing →
    Redevelopment Opportunity Former Rite Aid For Sale
    $2,500,000
    10,209 SF

    Redevelopment Opportunity Former Rite Aid

    Freestanding former Rite Aid in high-traffic Buffalo location.

    2474 Bailey Ave, Buffalo, NY 14215
    View Listing
    Property ID
    US63-2609161
    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
    Cap Rate Potential
    7%
    Retail space
    Location Intelligence

    Current Use by Public Records

    • Rite Aid Pharmacy / Pharmacy
    • Rite Aid Photo / (Bike/Boat/Book/etc) Store
    • Western Union / Bank / Credit Union
    • higi / Physician
    • Philip Landi / Pharmacy

    Property Details for 2474 Bailey Ave

    Year built
    1995
    Lot size
    0.87 lot acres
    Property size
    10,209 SF
    Zone code
    N-3C
    Property type
    Retail space
    APN
    140200 90.80-1-13.111
    APU
    1402009080113111

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,415,000
      ML approach
      $1,475,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,655,000
      6.5%
      $1,530,000
      7%
      $1,420,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,089,000
      Market price range: $646k - $2.46M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,465,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,325,000
      Change: -10% Conversion: Moderate
      RESTAURANT
      $1,265,000
      Change: -14% Conversion: Easy
      OFFICE BUILDING
      $1,185,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.8141
    Latitude
    42.9222
    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
    2019
    $25,574
    $36,700
    $1,263,300
    $1,300,000
    -
    $52,429
    $1,804,714
    $1,857,143

    Comparable in this City

    • Value Estimation
      $675,000
      10,364 SF

      2607 Bailey Ave

      RETAIL STORES (PERSONAL SERVICES) • 10,364 SF
      2607 Bailey Ave, Buffalo, NY 14215-3247
      View Details
    • Value Estimation
      $740,000
      9,100 SF

      3364 Bailey Ave

      RETAIL STORES (PERSONAL SERVICES) • 9,100 SF
      3364 Bailey Ave, Buffalo, NY 14215-1102
      View Details
    • Value Estimation by Request
      2,952 SF

      2619 Bailey Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,952 SF
      2619 Bailey Ave, Buffalo, NY 14215-3219
      View Details
    • Value Estimation
      $625,000
      7,610 SF

      2705 Bailey Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,610 SF
      2705 Bailey Ave, Buffalo, NY 14215-3264
      View Details
    • Value Estimation
      $790,000
      8,804 SF

      736 Delavan Ave

      RETAIL STORES (PERSONAL SERVICES) • 8,804 SF
      736 Delavan Ave, Buffalo, NY 14215
      View Details
    • Value Estimation
      $530,000
      7,800 SF

      2589 Bailey Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,800 SF
      2589 Bailey Ave, Buffalo, NY 14215-3247
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Versatile Retail/Office/Storage Space Available

      4,355 SF retail/office/storage space with excellent access.
      3761 Harlem Rd, Cheektowaga, NY 14215
      View Details
    • Contact for pricing
      7,100 SF

      Retail Space on Bailey Avenue

      7,100+ SF retail space in a thriving commercial district.
      3115 Bailey Ave, Buffalo, NY 14215
      View Details
    • Contact for pricing

      Redevelopment Opportunity on Corner Location

      Office, retail, or mixed-use spaces available for sale.
      1933 Kensington Ave, Buffalo, NY 14215
      View Details
    • $199,000

      Mixed-Use Building with Warehouse

      Mixed-use building featuring retail, warehouse, and apartment spaces.
      1344 E Delavan Ave, Buffalo, NY 14215
      View Details

    Similar Nearby for Lease

    • $995 /Mo
      900 SF

      Versatile Retail or Office Space

      900 SF commercial space suitable for retail or office.
      1230 E Delavan Ave, Buffalo, NY 14215
      View Details
    • Contact for pricing

      Redevelopment Opportunity on Corner Location

      Office/retail/mixed-use spaces for lease with ample parking.
      1931 Kensington Ave, Buffalo, NY 14215
      View Details
    • Contact for pricing

      Retail/Office Space Near Downtown Buffalo

      Nicely finished retail/office space with quick access to Buffalo.
      3807 Harlem Rd, Cheektowaga, NY 14215
      View Details
    • $2,300 /Mo
      1,675 SF

      Retail Space with Full Kitchen

      Open concept retail space featuring a full kitchen and ample parking.
      87 Cleveland Dr, Buffalo, NY 14215
      View Details
    • Contact for pricing

      Prime Retail Space on Bailey

      7,100+/- SF retail space in high-traffic commercial district.
      3115 Bailey Ave, Buffalo, NY 14215
      View Details
    • Contact for pricing

      Freestanding Building with Ample Parking

      Freestanding building for lease with additional parking available.
      1219 E Delavan Ave, Buffalo, NY 14215
      View Details
    View Listing
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    2474 Bailey Ave
    Buffalo, NY 14215
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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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