8328 Erie RdAngola, NY 14006

Property Details for 8328 Erie Rd

Year built

1920

Lot size

1.10 AC

Property size (Sq ft)

8,319 SF

Property type

Office buildings

APN

144489 220.19-1-5

APU

1444892201915

Description

This 8,631 square foot commercial building, situated on a 1.1-acre lot at 8328 Erie Road in Angola, NY, presents a unique adaptive reuse opportunity. Originally constructed and completely renovated in the early 2000s, the property boasts a rich history of uses, including a hotel, retirement home, and most recently, offices for Suburban Adult Services, Inc. The building's current vacancy is attributed to the shift to remote work following the COVID-19 pandemic. The property is well-equipped for a variety of commercial applications, featuring multiple electrical panels, air conditioning units, furnaces, and bathrooms. This infrastructure ensures the building is ready for immediate occupancy and flexible adaptation to suit diverse business needs. The basement, while generally dry, experiences occasional water intrusion during periods of heavy spring thaw and rain, due to the proximity of a nearby creek. However, multiple sump pumps are in place to effectively manage this infrequent issue. The expansive lot size and versatile interior layout make this property an attractive investment for entrepreneurs and businesses seeking a substantial and adaptable space in a desirable location. Priced at $360,000, this property offers significant potential for return on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,595,396

  6.5%

  $1,472,673

  7%

  $1,367,482

• Comparable approach

  Method

  Valuation

  Relative Method

  $813,813

  Geo Method

  $1,435,230

• Alternative Use

  Use

  Valuation

  Residential

  $1,826,115

  Hospitality

  $1,672,711

  Educational

  $1,391,676

  Medical

  $1,439,538

  Retail

  $2,164,830

Location Insight

City

Angola

County

Erie

State

New York

Latitude

42.6589

Longitude

-79.0355

CBSA code

15380

CBSA name

BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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