187 Delaware AveBuffalo, NY 14202

Property Details for 187 Delaware Ave

Year built

1917

Lot size

0.07 AC

Property size (Sq ft)

6,002 SF

Zone code

N-1D

Property type

Investment properties

Property subtype

Live-work space

APN

140200 111.37-4-13

APU

14020011137413

Description

This exceptional mixed-use investment opportunity in downtown Buffalo, NY, presents a compelling value-add proposition. Located at 187 Delaware Avenue, this property boasts 6,000 square feet across two stories, situated on a 0.07-acre lot. The building, constructed in 1917, features three units: a vacant ground-floor retail space (previously a pizza shop, complete with a hood vent), and two vacant apartments on the second floor—one with one bedroom and the other with two bedrooms. All units are ready for immediate lease-up. Adding to the property's income stream is a rooftop billboard generating $7,000 in annual revenue. The property includes four parking spaces and is conveniently located near the intersection of Delaware and Huron, just a block from the vibrant Delaware and Chippewa entertainment district. This prime location is surrounded by hotels (Embassy Suites, Hampton Inn & Suites, Curtiss Hotel, and Hyatt Regency), numerous bars, restaurants, and nightclubs, catering to a young professional and college-graduate demographic. Daytime activity is also robust, with proximity to New Era's flagship store, Fountain Plaza, the Convention Center, and various local, state, and federal office buildings, including City Hall, Western NY District Federal Court, FBI, IRS, and VA offices, as well as Buffalo Police Headquarters and Erie County Court. The asking price is $650,000 ($108.33 per square foot), with annual property taxes of $8,182.64. Occupancy is available September 1, 2023. The APN is 140200-111-370-0004-013-000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,088,787

  6.5%

  $1,005,034

  7%

  $933,246

• Comparable approach

  Method

  Valuation

  Relative Method

  $574,213

  Geo Method

  $541,472

• Alternative Use

  Use

  Valuation

  Residential

  $1,246,242

  Hospitality

  $1,141,551

  Educational

  $949,757

  Medical

  $982,420

  Retail

  $1,477,400

Location Insight

City

Buffalo

County

Erie

State

New York

Latitude

42.8895

Longitude

-78.8767

CBSA code

15380

CBSA name

BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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