1586 Park AveBuffalo, NY 14220

Property Details for 1586 Park Ave

Year built

1935

Lot size

0.11 AC

Property size (Sq ft)

2,954 SF

Zone code

N-3E

Property type

Investment properties

Property subtype

Live-work space

APN

140200 123.78-5-14

APU

14020012378514

Description

This exceptional investment opportunity in Buffalo, NY presents a versatile commercial property at 1586 S Park Ave, spanning 4,329 square feet on a 0.11-acre lot. The main level boasts a fully equipped restaurant, currently not in operation but primed for immediate relaunch. The kitchen is complete and ready for use, and two restrooms are conveniently located for customer and staff use. This presents a significant advantage for a new owner, eliminating the substantial costs and time associated with building out a commercial kitchen. The property's potential extends beyond the restaurant space. Upstairs, a spacious four-bedroom apartment offers additional income potential through rental or owner occupancy. Recent upgrades significantly enhance the property's value and operational efficiency. These improvements include a brand-new furnace, hot water tank, complete electrical system overhaul, and a new electrical panel, ensuring reliable and cost-effective operation for years to come. The property's location in Buffalo offers excellent access to local amenities and a strong potential customer base. This is a rare opportunity to acquire a turnkey restaurant and apartment building with significant upside potential. The asking price is $339,900. Don't miss this chance to own a piece of Buffalo's vibrant commercial landscape.

• CAP approach

  CAP return

  Valuation

  6%

  $535,866

  6.5%

  $494,646

  7%

  $459,314

• Comparable approach

  Method

  Valuation

  Relative Method

  $282,610

  Geo Method

  $185,836

• Alternative Use

  Use

  Valuation

  Residential

  $613,361

  Hospitality

  $561,835

  Educational

  $467,440

  Medical

  $483,516

  Retail

  $727,129

Location Insight

City

Buffalo

County

Erie

State

New York

Latitude

42.8552

Longitude

-78.8274

CBSA code

15380

CBSA name

BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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