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    Property profile & analytics

    653 Main St Buffalo, NY 14203

    • Investment properties
    • 16,896 SF
    • 0.20 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Last Sale
    Jun 29, 2022
    $1,400,000
    Value Estimations
    $1,510,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1760642
    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

    • Investment properties

    Property Details for 653 Main St

    Year built
    1900
    Lot size
    0.20 lot acres
    Property size
    16,896 SF
    Zone code
    N-1C
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    140200 111.38-4-4.12
    APU
    140200111384412

    Description

    This exceptional 1,400 square foot executive office suite is located at 653 Main Street #104, directly across from Shea's Performing Arts Center in Buffalo's vibrant Theater District. Housed within the historic Pierce Building, constructed in 1921 and extensively renovated in 2010, this space offers a unique blend of character and contemporary amenities. The open-plan layout is ideal for a variety of businesses, providing a clean, modern, and "plug-and-play" environment. The suite is part of a larger building totaling 24,334 square feet, with multiple tenancies. While the building itself does not offer on-site parking, its prime location provides easy access to public transportation and nearby parking options. The property is zoned N1D, and the minimum divisible space is 1,400 square feet, with a maximum contiguous space also at 1,400 square feet. This presents a fantastic opportunity for businesses seeking a prestigious address in a high-traffic area, benefiting from the foot traffic generated by Shea's Performing Arts Center and the surrounding cultural district. The address is easily accessible via Tupper Street. This move-in ready space is perfect for businesses seeking a blend of history and modern convenience. The property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,510,000
      ML approach
      $1,525,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,940,000
      Market price range: $498k - $2.65M
      AI Estimate
      $1,094,000
      Market price range: $419k - $1.51M

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

    Location Insight

    • Map
    • Local Demand
    City
    Buffalo
    County
    Erie
    State
    New York
    Longitude
    -78.8721
    Latitude
    42.8916
    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
    $6,496
    $93,800
    $998,200
    $1,092,000
    -
    $134,000
    $1,426,000
    $1,560,000

    Comparable in this City

    • Value Estimation
      $130,000
      3,366 SF

      608 Michigan Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,366 SF
      608 Michigan Ave, Buffalo, NY 14203-1624
      View Details
    • Value Estimation
      $920,000
      229,593 SF

      233 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 229,593 SF
      233 Main St, Buffalo, NY 14203
      View Details
    • Value Estimation
      $635,000
      39,834 SF

      505 Ellicott St

      OFFICE/RESIDENTIAL (MIXED USE) • 39,834 SF
      505 Ellicott St, Buffalo, NY 14203-1547
      View Details
    • Value Estimation
      $400,000
      14,594 SF

      181 Elm St

      OFFICE/RESIDENTIAL (MIXED USE) • 14,594 SF
      181 Elm St, Buffalo, NY 14203
      View Details
    • Value Estimation
      $300,000
      6,818 SF

      223 Genesee St

      OFFICE/RESIDENTIAL (MIXED USE) • 6,818 SF
      223 Genesee St, Buffalo, NY 14203
      View Details
    • Value Estimation
      $660,000
      6,900 SF

      38 Swan St

      OFFICE/RESIDENTIAL (MIXED USE) • 6,900 SF
      38 Swan St, Buffalo, NY 14203-2615
      View Details

    Similar Nearby for Sale

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    • $1,350,000
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    • $4,085,000
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      Luxury Multifamily Mixed-Use Building

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      Downtown Buffalo Office Building

      11,289 SF Flex Space, $1.1M
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    • $1,900,000
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      Main Street Office Building For Sale

      33,000 sq ft office building in revitalized downtown block.
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    • $399,900
      0.19 Acres

      Land in Revitalizing Heritage Corridor

      Commercial land in Buffalo's historic district, revitalization project planned.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      11,289 SF

      Downtown Building with On-Site Parking

      Corner building with kitchen, bathrooms, and access to expressways.
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      68,000 SF

      Class A Office Building

      Premier office space in downtown Buffalo with high visibility.
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    • $12 SF/Yr
      24,334 SF

      Prime Downtown Office Suite

      Historic building, modern office space
      653 Main St, Buffalo, NY 14203
      View Details
    • $11 SF/Yr
      300,000 SF

      295 Main Rd

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      View Details
    • $19 SF/Yr
      109,880 SF

      270 Michigan Ave Office Space

      Buffalo CBD Office, Retail, Industrial
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      View Details
    • Contact for pricing
      5,581 SF

      Modern Office Space Near BNMC

      Efficient office space near Buffalo Niagara Medical Campus.
      520 Ellicott St, Buffalo, NY 14203
      View Details
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    653 Main St
    Buffalo, NY 14203
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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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