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    2901 Bowen Rd Elma, NY 14059
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    Property profile & analytics

    2901 Bowen Rd Elma, NY 14059

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    • Investment properties
    • 6,450 SF
    • 1.42 lot acres
    For Sale
    $699,000
    View Listing →
    Firehouse Square Mixed-Use Facility For Sale
    $699,000
    6,450 SF

    Firehouse Square Mixed-Use Facility

    Multi-use facility with office suites and residential apartments for sale.

    2901 Bowen Road, Elma, NY 14059
    View Listing
    Property ID
    US63-1926557
    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
    Location Intelligence

    Current Use by Public Records

    • Law Office of Mark A. Montour / Law Firm
    • Crash Research & Analysis / Consultant
    • Creekside Funding / Loan Service
    • Elma Title Agency Inc / Title Company
    • Buffalo Wealth Management / Consultant

    Property Details for 2901 Bowen Rd

    Year built
    1978
    Lot size
    1.42 lot acres
    Property size
    6,450 SF
    Zone code
    C/AG
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    144200 137.02-1-22.12
    APU
    1442001370212212

    Description

    This exceptional multi-use property, situated on 1.42 acres along the scenic Buffalo Creek in Elma, NY, presents a unique investment opportunity. The 6,450 square foot building boasts a rich history, meticulously maintained for 38 years. Currently configured as four office suites and two residential apartments, this versatile space offers significant income potential. The office suites range in size from 400 to 1780 square feet, with Suites 1 and 2 easily combined to create a larger space. Two offices are currently occupied, while two are vacant and ready for immediate lease. Each of the two spacious one-bedroom, one-bathroom apartments features a large kitchen, living room, in-unit laundry, and a second-floor loft area ideal for a home office. A complete renovation in 1985, coupled with ongoing updates, ensures the building is in excellent condition. A full, dry basement with 8-foot ceilings provides ample, individually accessible storage for tenants. Convenient access is provided via a main entrance for the office suites (with rear entrances for Suites 1 & 2) and a separate rear entrance for the residential units. Ample parking is available on the paved lot. Detailed floor plans are available upon request. This property offers a blend of commercial and residential income streams in a desirable location, making it an attractive investment for discerning buyers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Elma
    County
    Erie
    State
    New York
    Longitude
    -78.6397
    Latitude
    42.8486
    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
    $1,400
    $10,700
    $12,100
    -
    $50,000
    $382,143
    $432,143

    Comparable in this City

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    • Value Estimation by Request
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      430 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,128 SF
      430 Main St, Elma, NY 14059-9675
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    • Value Estimation by Request
      1,200 SF

      7141 Seneca St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,200 SF
      7141 Seneca St, Elma, NY 14059-9525
      View Details
    • Value Estimation by Request
      3,640 SF

      2510 Bowen Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 3,640 SF
      2510 Bowen Rd, Elma, NY 14059-9468
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    • Value Estimation by Request
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      720 Jamison Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 1,998 SF
      720 Jamison Rd, Elma, NY 14059
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    • Value Estimation by Request
      1,038 SF

      6691 Seneca St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,038 SF
      6691 Seneca St, Elma, NY 14059-9587
      View Details

    Similar Nearby for Sale

    • New
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      Firehouse Square Mixed-Use Facility

      Multi-use facility with office suites and residential apartments for sale.
      2901 Bowen Rd, Elma, NY 14059
      View Details
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      Elma Office Suites For Lease

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      View Details
    View Listing
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    Elma, NY 14059
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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.

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