2348 Seneca StBuffalo, NY 14210

Property Details for 2348 Seneca St

Year built

1930

Lot size

0.24 AC

Property size (Sq ft)

4,607 SF

Zone code

SPLIT ZONE

Property type

Investment properties

Property subtype

Live-work space

APN

140200 133.35-3-50.111

APU

14020013335350111

Description

This exceptional mixed-use property at 2348 Seneca Street in Buffalo, NY, presents a rare investment opportunity. The 10,199 square foot building, zoned commercial, is situated on four combined lots and offers significant income potential. The ground floor houses a thriving retail space, currently occupied by Cazenovia Liquor Store, featuring four new automatic doors, a climate-controlled wine room, ample storage in the rear and basement, and a large paved parking lot. Above the retail space are two separate residential apartments. The first apartment boasts two bedrooms, one bathroom, hardwood floors, and recent updates, with a balcony overlooking a park. The second apartment includes three bedrooms, two full bathrooms, a formal dining area, a spacious living room, a kitchen equipped with a Thermador stove and hood, and additional upstairs bedrooms, including a primary suite with an updated bath and walk-in closet. This unit is fully furnished and features a new furnace, central air, and a tankless hot water tank. The property also includes an additional paved lot in the rear, offering extra parking or potential for future development. With eight parking spaces and three existing tenants, this property offers a strong cash flow and significant upside potential. The asking price is $839,900, with a price per square foot of $82.35. This is a truly unique opportunity to acquire a multi-tenant income-producing property in a desirable Buffalo location.

• CAP approach

  CAP return

  Valuation

  6%

  $835,725

  6.5%

  $771,438

  7%

  $716,335

• Comparable approach

  Method

  Valuation

  Relative Method

  $440,753

  Geo Method

  $289,826

• Alternative Use

  Use

  Valuation

  Residential

  $956,583

  Hospitality

  $876,225

  Educational

  $729,009

  Medical

  $754,081

  Retail

  $1,134,014

Location Insight

City

Buffalo

County

Erie

State

New York

Latitude

42.8499

Longitude

-78.8028

CBSA code

15380

CBSA name

BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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