973 Hertel AveBuffalo, NY 14216

Property Details for 973 Hertel Ave

Year built

1978

Lot size

0.71 AC

Property size (Sq ft)

10,881 SF

Property type

Retail properties

Property subtype

Retail space

Description

This 10,881 square foot storefront, located at 973 Hertel Ave, Buffalo, NY 14216, presents a compelling net-lease investment opportunity. The property is 100% occupied by Gerber Collision, a national brand backed by a corporate guarantee from the Boyd Group (TSX:BYD), a service-oriented and recession-resistant tenant. The current lease, commenced March 1, 2019, has a remaining term of 5.5 years, expiring July 31, 2029, with three 5-year renewal options at a 5% rent increase per option. The property boasts a strong 7.88% cap rate based on a Net Operating Income (NOI) of $75,600 and an asking price of $960,000. Average rent per square foot is $6.95. Built in 1978, this commercially zoned property sits on a 0.71-acre lot and benefits from high visibility and frontage on Hertel Avenue, a major retail thoroughfare with over 15,000 vehicles passing daily. The property is conveniently located approximately 1.8 miles from Interstate 190, providing easy access to the regional expressway system. The surrounding area features numerous national retailers, and within a three-mile radius, there's a population exceeding 187,000 with an average household income over $71,000. The property's APN is 140200 78.70-4-1.1.

Location Insight

City

Buffalo

County

Erie

State

New York

Latitude

42.9474

Longitude

-78.8725

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