3494 Delaware Ave Buffalo, NY 14217-1230
- Banks
- 4,500 SF
- 0.39 lot acres
Current Use by Public Records
- Citizens Bank ATM / Atm
Property Details for 3494 Delaware Ave
- Year built
- 1960
- Lot size
- 0.39 lot acres
- Property size
- 4,500 SF
- Zone code
- C
- Property type
- Banks
- APN
- 146489 66.38-6-30
- APU
- 1464896638630
Description
This exceptional investment opportunity presents a single-tenant, Class A, 4,500 square foot Citizens Bank located at 3494 Delaware Ave, Buffalo, NY 14217. The property boasts a strong 6.06% cap rate (6.36% pro-forma) and a stable Absolute NNN lease with a corporate guarantee from Citizens Bank, a major financial institution. The lease, commencing May 2, 2021, and expiring October 31, 2028, has a remaining term of 3.9 years, with four three-year renewal options and 5% rent bumps every three years. Built in 1960 and renovated in 1990 and 2016, the one-story building sits on a 0.39-acre lot with 10 parking spaces. The property benefits from a high-traffic location on Delaware Avenue (approx. 22,150 vehicles per day) and proximity to Sheridan Drive (approx. 27,936 vehicles per day). The location is within a densely populated area, with over 140,000 residents within a three-mile radius. The asking price is $1,650,000 ($366.67/sq ft), reflecting a compelling return on investment. The property's strong tenant, long lease term, and favorable location make it an attractive addition to any portfolio. The property's Net Operating Income (NOI) is $100,000, with a pro-forma NOI of $105,000. The property is zoned for commercial use. This is a truly exceptional opportunity to acquire a high-performing, low-maintenance investment property in a thriving market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Buffalo
- County
- Erie
- State
- New York
- Longitude
- -78.8726
- Latitude
- 42.9794
- CBSA code
- 15380
- CBSA name
- BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA
