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Single-Tenant Industrial

Speed Global Services

1075 William St, Buffalo, NY 14206

Listing Price: $3,100,000

Cap Rate
8.09%
Gross SF
55,708
Price/Gross SF
$55.65
Lot Size
4.12 acres
Year Built
1957
Rentable SF
55,708

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1075 William Street in Buffalo, New York. The subject property consists of approximately 55,700 square feet of space and is situated on 4.12 acres of land. The fully operational cold storage asset features up to 1.8 acres of additional land for parking or expansion. Full radius truck turns can be supported by the property’s wide court. With western and eastern street access, the property easily allows for ingress and egress. Located within the Greater Buffalo submarket, the asset has direct access to State Highway 62 and Interstate 190. Greater Buffalo is a large submarket, containing roughly 29.1 million square feet of industrial space. While the first quarter vacancy rate of 5.7 percent sits above the overall market rate of 4.1 percent, the rate has contracted faster in Greater Buffalo over the last year, falling 150 basis points. Net absorption in 2021 rose by over 577,000 square feet, far exceeding the five-year average of about 172,000 square feet. As a result, average market rents grew by 7.6 percent last year, representing the highest level on record. Industrial rents in Greater Buffalo averaged $6.23 during Q1 2022, offering tenants a nearly 60-cent discount compared to the overall market. With only 160,000 square feet of industrial space underway in Greater Buffalo, vacancies and rent growth will largely be unaffected by new deliveries (CoStar). Home to the world-renown Niagara Falls, the metro Buffalo economy generates a significant portion of revenue through tourism, in addition to financial services, healthcare, and retailing. About 1.1 million people reside within the metro area with a median household income of $57,400. Given its proximity to Canada along the Great Lakes, Buffalo serves as a major foreign trade zone in the U.S. Thanks in part to an exemption to state income taxes, the region supports a highly advanced manufacturing base with over 52,000 skilled workers.

Investment Highlights

  • Fully Operational Cold Storage Facility
  • Direct Access to State Highway 62/ I-190
  • 1.8± Acres of Additional Land for Parking or Expansion
  • Wide Truck Court to Support Truck Turn Radius
  • Western and Eastern Street Access to Allow for Ease of Egress/Ingress
  • Located in the Buffalo Market with a Vacancy Rate of 4.1 Percent

Exclusively Listed By

Financing By

Single-Tenant Industrial

Speed Global Services

Listing Price: $3,100,000

Cap Rate
8.09%
Gross SF
55,708
Price/Gross SF
$55.65
Lot Size
4.12 acres
Year Built
1957
Rentable SF
55,708

Investment Highlights

  • Fully Operational Cold Storage Facility
  • Direct Access to State Highway 62/ I-190
  • 1.8± Acres of Additional Land for Parking or Expansion
  • Wide Truck Court to Support Truck Turn Radius
  • Western and Eastern Street Access to Allow for Ease of Egress/Ingress
  • Located in the Buffalo Market with a Vacancy Rate of 4.1 Percent

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1075 William Street in Buffalo, New York. The subject property consists of approximately 55,700 square feet of space and is situated on 4.12 acres of land. The fully operational cold storage asset features up to 1.8 acres of additional land for parking or expansion. Full radius truck turns can be supported by the property’s wide court. With western and eastern street access, the property easily allows for ingress and egress. Located within the Greater Buffalo submarket, the asset has direct access to State Highway 62 and Interstate 190. Greater Buffalo is a large submarket, containing roughly 29.1 million square feet of industrial space. While the first quarter vacancy rate of 5.7 percent sits above the overall market rate of 4.1 percent, the rate has contracted faster in Greater Buffalo over the last year, falling 150 basis points. Net absorption in 2021 rose by over 577,000 square feet, far exceeding the five-year average of about 172,000 square feet. As a result, average market rents grew by 7.6 percent last year, representing the highest level on record. Industrial rents in Greater Buffalo averaged $6.23 during Q1 2022, offering tenants a nearly 60-cent discount compared to the overall market. With only 160,000 square feet of industrial space underway in Greater Buffalo, vacancies and rent growth will largely be unaffected by new deliveries (CoStar). Home to the world-renown Niagara Falls, the metro Buffalo economy generates a significant portion of revenue through tourism, in addition to financial services, healthcare, and retailing. About 1.1 million people reside within the metro area with a median household income of $57,400. Given its proximity to Canada along the Great Lakes, Buffalo serves as a major foreign trade zone in the U.S. Thanks in part to an exemption to state income taxes, the region supports a highly advanced manufacturing base with over 52,000 skilled workers.

Exclusively Listed By

Financing By

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