3991 Union RdBuffalo, NY 14225

Property Details for 3991 Union Rd

Year built

1938

Lot size

0.12 AC

Property size (Sq ft)

2,278 SF

Zone code

NS

Property type

Investment properties

Property subtype

Live-work space

APN

143089 91.20-4-50

APU

1430899120450

Description

This mixed-use property at 3991 Union Road in Cheektowaga, NY, presents a compelling investment opportunity. The 2,992 square foot building, constructed in 1938 and extensively renovated in 2016, features a storefront on the first floor and a two-unit apartment above. The building sits on a 0.124-acre lot and boasts high visibility due to its corner location on Union Road, a high-traffic area. The property includes four or more parking spaces and a handicap-accessible ramp. The ground floor, previously a successful alterations shop, offers a reception/lobby area, a main office with newer flooring, a private office/conference room, and two additional rear rooms, along with one full bathroom. The upper-level apartment, renovated in 2016, comprises three bedrooms and one bathroom, featuring a charming kitchen with newer counters and backsplash, and attractive tile and laminate flooring throughout. Significant updates completed in 2015 and 2016 include new high-efficiency furnaces and air conditioners for both units, electrical service upgrades, new doors and windows, and a new concrete driveway and patio. A new hot water heater was also installed in 2016. The property is conveniently located approximately 11 minutes from downtown Buffalo and near major retailers such as Walmart, Sam's Club, and Walgreens, as well as the Galleria Mall. The asking price is $299,000, translating to $99.93 per square foot. Currently vacant, this property offers immense potential for a variety of commercial uses and residential conversion. The building is zoned for mixed-use and is ready for immediate occupancy.

• CAP approach

  CAP return

  Valuation

  6%

  $413,233

  6.5%

  $381,446

  7%

  $354,199

• Comparable approach

  Method

  Valuation

  Relative Method

  $217,936

  Geo Method

  $143,309

• Alternative Use

  Use

  Valuation

  Residential

  $472,992

  Hospitality

  $433,259

  Educational

  $360,466

  Medical

  $372,863

  Retail

  $560,725

Location Insight

City

Cheektowaga

County

Erie

State

New York

Latitude

42.9226

Longitude

-78.7538

CBSA code

15380

CBSA name

BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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