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    3063 Genesee St Cheektowaga, NY 14225-2658
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    Property profile & analytics

    3063 Genesee St, Cheektowaga, NY 14225-2658

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    • Investment properties
    • 1,892 SF
    • 0.11 lot acres
    Off-Market
    Last Sale Jan 23, 2025
    $120,000
    Property ID
    US63-2843946
    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

    • Investment properties

    Property Details for 3063 Genesee St

    Year built
    1956
    Lot size
    0.11 lot acres
    Zone code
    05C
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    143089 91.18-7-3
    APU
    143089911873

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 23, 2025 $120,000 Phq Properties LLC Fnu Kwayo Ithe Bonkuka Warranty Deed —
    Jul 8, 2019 $75,000 Fnu K I Bonkuka Damato,alice Warranty Deed —
    Apr 17, 2019 $40,000 Alice Damato Cherry,jennifer Warranty Deed —
    Aug 30, 2018 — Jennifer Cherry Santora,chris Quit Claim Deed · related —
    Nov 29, 2017 $26,000 Chris Santora Referee Of Erie County Trustees Deed —

    Description

    This 1,892 square foot multi-use commercial building, located at 3063 Genesee St in Cheektowaga, NY, presents a fantastic opportunity for a savvy investor. Situated on a 0.11-acre lot, this property is ideally suited for a variety of commercial uses, including but not limited to a salon, mini grocery store, or banquet hall. Recent updates significantly enhance the property's value and functionality. These improvements include a new hot water tank, furnace, electrical system, flooring, recessed lighting, and a freshly paved blacktop. The interior has been freshly painted, and the bathrooms have been renovated, with one being wheelchair accessible. However, it's important to note that the property requires sewer repairs. A buyer should conduct their own due diligence and inspection to assess the extent of the necessary repairs. The asking price has been significantly reduced to facilitate a quick sale. This property is being sold "AS IS" and is a cash-only sale. Don't miss this chance to acquire a versatile commercial space in a desirable location at a highly competitive price. The property's strong potential, coupled with the recent renovations, makes it an attractive investment opportunity.

    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
    Cheektowaga
    County
    Erie
    State
    New York
    Longitude
    -78.7716
    Latitude
    42.9243
    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
    $16,700
    $64,300
    $81,000
    -
    $18,352
    $70,659
    $89,011

    Comparable in this City

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      21,496 SF

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      STORE/OFFICE (MIXED USE)
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    • Value Estimation
      $2,555,000
      16,610 SF

      3385 Un Rd, Unit 3393

      STORE/OFFICE (MIXED USE)
      3385 Un Rd, Buffalo, NY 14225-5111
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    • Value Estimation
      $1,465,000
      10,000 SF

      1746 Walden Ave

      STORE/OFFICE (MIXED USE)
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    • Value Estimation by Request
      2,613 SF

      123 Andres Pl

      STORE/OFFICE (MIXED USE)
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    • Value Estimation
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      21,902 SF

      3820 Un Rd

      STORE/OFFICE (MIXED USE)
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    • Value Estimation by Request
      600 SF

      3371 Harlem Rd

      STORE/OFFICE (MIXED USE)
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      View Details

    Similar Nearby for Lease

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    • $7 SF/Yr
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      Industrial Space Near Buffalo Airport

      52,917 sq ft industrial space near Buffalo Airport.
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    • Contact for pricing

      Transit Road Retail/Office Space

      High-traffic retail/office space available on Transit Road.
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      16,826 SF

      Industrial Warehouse Space Available

      16,826 SF warehouse with office space for rent.
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      2,160 SF

      Retail Space in Urbandale Plaza

      Retail space available in supermarket-anchored Urbandale Plaza.
      30-40 Patrick Ln, Depew, NY 14225
      View Details
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    Cheektowaga, NY 14225-2658
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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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