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448 Ontario Street , Buffalo, NY 14207
Status
Active
Property type
Commercial
Sq ft
4663
Units
3
Gas meters
3
Electric meters
3
Hot water tanks
3
Heating units
3
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448 Ontario Street, Buffalo, NY 14207
Status
Active
Property type
Commercial
Sq ft
4663
Units
3
Gas meters
3
Electric meters
3
Hot water tanks
3
Heating units
3
Unit 1
Beds
3
Baths
1
Status
Tenant Occupied
Rent
$950
Unit 2
Beds
2
Baths
1
Status
Vacant
Prime Corner Investment Opportunity: Mixed-Use Property in North Buffalo
In the heart of Riverside sits this rare investment property that new or savvy investors won't want to miss. Located at 448 Ontario Street, this property features two separate buildings on a single corner lot, creating multiple income streams with significant appreciation potential.
A Property with Growth Potential
Since its last sale in 2007 for just $38,500, this mixed-use investment has seen remarkable value appreciation, with a current Zestimate of $259,100, and a competitive list price of $200,000. Situated on a 33' x 110' lot spanning 0.0833 acres, the property offers an impressive 4,663 square feet of total space under N-3E mixed-use zoning.
The front building showcases a versatile two-story structure with commercial potential on the lower level. This retail space can be configured as either one spacious unit or divided into two separate commercial spaces, offering flexibility for various business needs. The upper level features a generous 3-bedroom, 1-bathroom apartment complete with a forced air heating system, promising affordable living for future tenants.
Behind the main structure stands a two-story, 2-bedroom, 1-bathroom single-family home. This secondary building comes with the added benefit of an attached 1-car garage and features a boiler system approximately five years old. This private living space presents the perfect opportunity for an owner-occupant arrangement or additional rental income, depending on your purchasing strategy.
Infrastructure for Peace of Mind
Recent updates make this property particularly attractive to investors looking for minimal immediate capital expenditures. The front retail unit boasts a 2019 space heater and gas water heater, and the upper apartment is equipped with a 2017 gas water heater. The back building has a brand new tear-off roof with new decking that's less than 1 month old while the front building has a 1 layer asphalt roof.
The electrical service features modern circuit breakers with MC cable wiring with separate electric and gas meters for each unit, allowing for tenant-paid utilities and simplified accounting. Some of the plumbing has been updated with a combination of PVC & steel waste lines, copper, steel, and PEX hot and cold water supply lines.
Investment Potential Realized
What makes this property especially enticing is its prime corner lot location, offering excellent visibility for future commercial tenants. Each unit has separate electric and gas service (4 electric meters, 3 gas meters), providing clear utility accountability. With three distinct units generating multiple income streams, the property offers tremendous cash flow and appreciation opportunity.
Soon to be 100% vacant (the upper tenant in front building will be out by 6/30/2025), this presents an exceptional opportunity to carefully select your own tenants, make any improvements, & establish rental rates that maximize your returns. The estimated monthly rental income breaks down to approximately $1,166 for the front building commercial space (calculated at $10/sq ft for roughly 1,400 sq ft), $1,200/month for the front building upper apartment, and $1,100/month for the rear house. This creates a total potential annual income of $41,600.
After accounting for ALL expenses including taxes, insurance, property management (10%), maintenance & repairs (5%), and potential vacancy losses (5%), the projected net operating income is $26,646. At an asking price of $200,000 this calculates to be a capitalization rate (Cap Rate) of 13.32%.
This property represents an ideal opportunity for investors seeking immediate income potential or owner-occupants looking to offset their mortgage with rental income and potentially run a business. Located in a growing Buffalo neighborhood, it offers both flexibility and multiple revenue streams in a market with continued growth potential.
Contact The Giambra Team today to schedule a viewing of this promising investment opportunity and secure your piece of Buffalo's thriving real estate market.
Asking price
$200,000
Offer deadline
Open house dates
