Rarely does an opportunity such as this come to pass. Currently, three outstanding interlinked properties are for sale in downtown Buffalo. A purchase of all three properties, which are owned by the same owner, would present limitless possibilities for a strategic buyer. The featured properties are 305 Franklin Street (a parking lot situated next to Aloft Buffalo downtown), 484 Pearl Street (home to Pour Taproom), and 492/494 Pearl Street (formerly Hemingway’s and Encore).
Situated in the heart of the Theatre District, and a stone’s throw from Chippewa, this is an ideal location. And while most potential buyers will see the parking lot as an asset, there will be a handful that might consider infill, especially considering that the property’s neighbor is 500 Pearl, which boast multiple restaurants, a bowling alley, hotel suites, and banquet rooms. Buffalo is in need of more residential units for enhanced density and walkability, which is something to consider.
305 Franklin Street Buffalo, NY 14202
Executive Summary:
Location! Location! Location! 305 Franklin Street is a prime real estate opportunity in the heart of the entertainment district in downtown Buffalo, located next door to the Aloft Hotel, and across the street from Shea’s Buffalo Theatre, which provides ample opportunity for event parking revenue. The 75′ x 115′ parking lot has the capacity to park 30 vehicles and is buildable, in a market with access to several different sources of government funding for new construction projects.
The current zoning, N-1C, permits the development of a variety of building types, including attached homes, carriage houses, commercial blocks, and stacked units.
Listed at $1,300,000.
484 Pearl Street
Executive Summary:
This 9 unit mixed use building in downtown Buffalo is a prime, turn-key investment opportunity in one of the most desirable locations. The 17,204 square foot all brick building was completely renovated in 2020 and ready for the next owner to collect rents and maintain. The building is a stable, renovated and rented asset that boasts 14 off street parking spots, has a 6 year old tear-off roof, and an elevator that’s 5 years old.
The first floor is home to Pour Taproom Buffalo that has a lease through 2026 – the tenant is responsible for their portion of the property taxes, water expense, and their own electric and gas service. The restaurant has 3 heating/cooling units and 2 separate 80 gallon hot water tanks for efficient operations.
The 8 residential apartments are all on floors two and three and four of the apartments are 2 bedrooms/1 bath, and the other four have 1 bedroom/1 bath each with separate heating/cooling units and hot water tanks. Four of the apartments feature in unit laundry and the other four apartments have access to on floor common laundry. All of the apartments come with an owner-supplied refrigerator and stoves, and six of the apartments have dishwashers.
The actual gross income is $200,400/year.
Listed at $2,300,000.
492/494 Pearl StreetÂ
Executive Summary:
For sale, all brick Victorian row house style building that was formerly Hemingway’s and Encore Restaurant available for sale in PRIME downtown Buffalo! This property features a wide open stable brick shell with brand new roofing system including new framing and trusses and a 50-year architectural shingle roof, and is ready to be built-to-suit by the next investor or end user.
The total lot size of 56’ x 115’ (includes 494 Pearl Street which is a vacant lot with 12 off street parking spots) and the existing building type is designated as restaurant space however the current zoning is N-1C can serve a multitude of purposes including retail, office space, or stacked units for a new construction redevelopment project. The building next door at 494 Pearl Street and parking lot behind the building at 305 Franklin Street is also available for sale if your investment appetite permits. The asking price of this property includes the sale of 494 Pearl Street Buffalo, NY 14202. In addition, this building is also available for lease.
Listed at $950,000.
Loopnet: 492-494 Pearl Street | Virtual Tour
All three properties are being listed by Nicholas Giambra of Giambra Realty Corp. While they are being individually listed, it would be great to see one buyer purchase all three in order to capitalize on the significant scale of the portfolio. All three of these properties could (and should) play off one another. A buyer with a real vision could do great things. The possibilities are endless, to connect them all together in some capacity.
Source: Buffalo Rising
