224 Elmwood AveBuffalo, NY 14222

Property Details for 224 Elmwood Ave

Year built

1930

Lot size

0.33 AC

Property size (Sq ft)

6,012 SF

Zone code

N-2C

Property type

Investment properties

Property subtype

Live-work space

APN

140200 100.69-6-1

APU

1402001006961

Description

This exceptional mixed-use investment opportunity, located at 224 Elmwood Avenue in Buffalo, New York's vibrant Allentown neighborhood, presents a compelling case for both seasoned investors and developers. The property boasts a substantial 0.33-acre lot with 112 feet of frontage, providing significant redevelopment potential. The existing structure, built in 1930, comprises three buildings and four stories, encompassing a total of 6,012 square feet. Currently, the building operates at 100% occupancy, generating a gross annual income of $101,880. The property features a mix of commercial storefronts and residential apartments, offering diverse income streams. The Mixed-use N-2C zoning allows for a wide range of commercial and residential uses, enhancing its versatility. With a modified lease structure and a remaining term of four years on the current tenancy, this property offers immediate cash flow and long-term growth prospects. Its convenient location, minutes from the Canadian border, expressways, schools, and shopping, within a densely populated area, further underscores its investment appeal. The property includes ample parking, a significant advantage in a bustling urban setting. This is a rare chance to acquire a well-situated, income-producing asset with substantial upside potential in a thriving Buffalo neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $1,090,600

  6.5%

  $1,006,707

  7%

  $934,800

• Comparable approach

  Method

  Valuation

  Relative Method

  $575,170

  Geo Method

  $542,347

• Alternative Use

  Use

  Valuation

  Residential

  $1,248,317

  Hospitality

  $1,143,452

  Educational

  $951,338

  Medical

  $984,056

  Retail

  $1,479,860

Location Insight

City

Buffalo

County

Erie

State

New York

Latitude

42.9032

Longitude

-78.8775

CBSA code

15380

CBSA name

BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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