Mixed-Use Building for Sale in Buffalo’s Revitalized Broadway-Fillmore

For sale:The Giambra Team is pleased to present a high-upside investment opportunity in the rapidly-
improving Broadway-Fillmore neighborhood. The four-story brick building at 959 Broadway has
extremely stable commercial and residential tenancy rates and has received substantial
investment from the current owner, who took a personal interest in creating a safe, comfortable
and vibrant facility. The owner is now retiring from property management and looking for
someone who understands the potential of 959 Broadway and the surrounding community.

The building has five ground floor retail units, four of which are leased through 2029. They
include a clothing store that has expanded significantly over time, a barber shop that also hosts
a stylist business for women, a busy halal restaurant and a driving school. These stable tenants
have very active businesses that contribute to the mixed-use neighborhood, which has
transformed in the past 20 years into an active community where people from many different
backgrounds live, work, learn and play.

The top three floors have 30 large apartments, including 27 two-bedroom units and three one-
bedroom units. The community has shown strong demand for the apartments with only six
current vacancies. Residents choose the building because of its walkable location and also
because there is a bus stop directly outside the building. The current owner installed an electric
elevator and made significant investments in updated utilities. Each unit has its own gas and
electric, hot water tank, forced air and circuit breaker, and tenants pay their own utility bills. All
three floors have dedicated laundry rooms for tenants.

It’s also important to note that none of the residential tenants are on leases, so a new owner has
the flexibility to make improvements/investments in the spaces and increase pricing. The owner
also owns an adjacent property and will consider selling that to a buyer who wants to add off-
street parking to the project.

There are very few active multi-use buildings on the market in Buffalo, and none with the large
apartment spaces and flexibility that 959 Broadway has to offer. The building shares an
intersection with 950 Broadway, a 50,000-square-foot mixed-use development where a $13.5
million renovation was recently completed. Another nearby project, the $20 million Playter
Gardens residential infill development, will continue adding to the vibrancy and sense of
momentum in Broadway-Fillmore. The location is a brief walk from the Broadway Market and a
short drive to downtown Buffalo.

Broadway-Fillmore has also been identified by New York state as a Downtown Revitalization
Zone, which recognizes the neighborhood as “home to a variety of residents, workers, and
visitors that comprise an important – and evolving – diverse population center, emerging
employment center, and historic cultural destination.”

The proposed deal is designed to be investor-friendly. The $3 million listing price includes all
building operating expenses, including 10% for property management, 5% for maintenance and
5% for vacancy and collection loss. Our projected cap rate within this structure is 7% at a
minimum, with considerable upside for investors who make improvements and adjust lease
pricing in line with market demand.

If you’re interested in learning more about 959 Broadway, please contact Giambra Team
director of sales Ryan Burke at ryan@giambrateam.com or 716.572.2848.