Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    500 Seneca St Buffalo, NY 14204

    • Investment properties
    • 320,576 SF
    • 1.90 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5706640
    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

    • Frontier Industrial Corporation / Construction Company / General Contractor
    • Provident Funding / Tech Support Center
    • Covell Chiropractic / Alternative Medicine Practice
    • The Slater Law Firm, PLLC / Law Firm
    • Oracle Hospitality (Previously MICROS Systems) / (Bike/Boat/Book/etc) Store / Corporate Office

    Property Details for 500 Seneca St

    Year built
    1920
    Lot size
    1.90 lot acres
    Property size
    320,576 SF
    Zone code
    N-1S
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    140200 111.81-7-1
    APU
    1402001118171

    Description

    This exceptional 5,000 square foot restaurant space at 500 Seneca St, Buffalo, NY is available for immediate occupancy. Completely built out in 2016 to exacting chef specifications, this former flagship location boasts a stunning design, including floor-to-ceiling windows maximizing natural light and creating an inviting atmosphere. A large patio provides ample outdoor seating, complementing the substantial 124-seat interior. The property includes a full basement offering extensive storage, two convenient walk-in refrigerators, and impressive 20-foot industrial hood ventilation – a chef's dream. The property also features a private parking lot, a significant advantage in a bustling urban setting. Currently vacant, this turnkey space is perfectly suited for a wide range of culinary concepts. The incredibly attractive lease terms offer significant value: a low monthly rent of $6,500 inclusive, with a lease term of 5 years, followed by two 7-year renewal options. This represents an exceptional opportunity to secure a prime location at an unparalleled price point, reflecting the property's AAA status and desirability. The property is located in Buffalo, NY.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $57,705,000
      6.5%
      $53,265,000
      7%
      $49,460,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $38,562,000
      Market price range: $12.8M - $38.6M
      AI Estimate
      $31,390,000
      Market price range: $9.65M - $31.4M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $25,090,000
      Current use
      RETAIL STORES
      $46,040,000
      Change: +83% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $41,600,000
      Change: +66% Conversion: Difficult
      RESTAURANT
      $39,690,000
      Change: +58% Conversion: Difficult
      OFFICE BUILDING
      $37,180,000
      Change: +48% Conversion: Easy
      AUTO REPAIR, GARAGE
      $31,210,000
      Change: +24% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.8571
    Latitude
    42.8777
    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
    $732,608
    $827,600
    $27,787,400
    $28,615,000
    -
    $1,182,286
    $39,696,285
    $40,878,571

    Comparable in this City

    • Value Estimation by Request
      2,474 SF

      561 Park Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,474 SF
      561 Park Ave, Buffalo, NY 14204-2627
      View Details
    • Value Estimation by Request
      3,566 SF

      553 Park Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,566 SF
      553 Park Ave, Buffalo, NY 14204-2627
      View Details
    • Value Estimation by Request
      5,779 SF

      303 Broadway St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,779 SF
      303 Broadway St, Buffalo, NY 14204
      View Details
    • Value Estimation by Request
      9,408 SF

      313 Broadway St

      OFFICE/RESIDENTIAL (MIXED USE) • 9,408 SF
      313 Broadway St, Buffalo, NY 14204-1543
      View Details
    • Value Estimation by Request
      1,812 SF

      413 Swan St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,812 SF
      413 Swan St, Buffalo, NY 14204-2036
      View Details
    • Value Estimation by Request
      6,064 SF

      204 Sycamore St

      OFFICE/RESIDENTIAL (MIXED USE) • 6,064 SF
      204 Sycamore St, Buffalo, NY 14204
      View Details

    Similar Nearby for Sale

    • $275,000
      4,002 SF

      Mixed-Use Property with Bakery Features

      Versatile investment property with commercial space and remodeled residential unit.
      543 S Park Ave, Buffalo, NY 14204
      View Details
    • $75,000
      Pending

      Fruit Belt Two-Family Investment Property

      Two-family unit in Buffalo's Fruit Belt, near medical corridor.
      191 Orange St, Buffalo, NY 14204
      View Details
    • New
      $279,888
      5,212 SF

      Updated Mixed-Use Building in Buffalo

      5212 sq ft mixed-use building with store and apartments.
      592 Genesee St, Buffalo, NY 14204
      View Details
    • New
      $279,888
      6,180 SF

      Updated Mixed-Use Building with Apartments

      Updated mixed-use building with store and apartments. Vacant option.
      592 Genesee St, Buffalo, NY 14204
      View Details
    • Contact for pricing
      32,232 SF

      Prime Buffalo Warehouse Space

      32,232 SF Warehouse - Ideal Location
      300 Genesee St, Buffalo, NY 14204
      View Details
    • $755,000
      12,560 SF

      Downtown Warehouse with Highway Access

      Two-story warehouse with convenient access to major highways.
      118 Michigan Ave, Buffalo, NY 14204
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      46,110 SF

      222 Chicago St: Industrial Spaces

      Buffalo Warehouse/Office/Flex Space Available
      222 Chicago St, Buffalo, NY 14204
      View Details
    • $15 SF/Yr
      2,000 SF

      New Retail/Office Space Available

      New commercial space in mixed-use development, available January 2026.
      434 Perry St, Buffalo, NY 14204
      View Details
    • $12 SF/Yr
      30,000 SF

      225 Louisiana St

      Restaurants • 30,000 SF
      225 Louisiana St, Buffalo, NY 14204
      View Details
    • Contact for pricing

      Turn-Key Restaurant in Downtown Buffalo

      Sub-leasable, fully equipped restaurant with seating for 120.
      500 Seneca St, Buffalo, NY 14204
      View Details
    • Contact for pricing

      Shovel-Ready Land in Cobblestone District

      One acre of land in Buffalo's thriving Cobblestone District.
      142 Perry St, Buffalo, NY 14204
      View Details
    • $4,000 /Mo

      Remodeled Building Near Kensington Expressway

      Turnkey 3,000 SF building near Route 33 and medical centers.
      845 Jefferson Ave, Buffalo, NY 14204
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    500 Seneca St
    Buffalo, NY 14204
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.