Move-In Ready 2-Unit
1046 Elmwood Avenue Buffalo, NY 14222
For Sale
$489,900
Pending
MULTI_FAMILY - Other - Buffalo, NY
Property Size2,858 SF
Lot Size0.13 Acres
Days on Market44
Property Features for 1046 Elmwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 5, Bathroom 2, Bedroom 6, Basement, Bathroom 1, Bedroom 1
Exterior features
Awnings, Balcony
Appliances
GasWaterHeater
Standard status
Pending
APN
140200-089-690-0003-007-000
Size
2,858 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
3653
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Carpet, Hardwood, Varies
Building materials
AluminumSiding, WoodSiding, CopperPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
LoVallo Real Estate
(716) 634-5101
Listed By:
Michael Calabrese · License #10301218793
(716) 949-3405
Added: Jun 16
Changed: Jul 28
Last Checked: Jul 29 at 1:06PM
MLS# B1691320
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This move-in ready 2-unit duplex offers two very clean, updated 3-bedroom apartments, each with an additional flex space that can serve as a playroom, office, or guest area. A partially finished attic and a large full basement add substantial storage for tenant and household needs. The upper apartment features a private balcony, hardwood floors, an updated kitchen, and bedrooms with bay windows for natural light.
The property is set in the heart of Elmwood Village and is described as walkable to Buffalo State University, AKG, and Delaware Park, with convenient access to Allentown and Downtown. Off-street parking is supported by a massive parking area, and the property also includes a rare 3-car garage.
From a tenant or owner-occupant perspective, the layout is designed for everyday flexibility, with a dedicated flex space in each unit plus ample interior storage through the basement and attic. The home is also supported by practical improvements including high-efficiency furnaces, air conditioning, and a newer roof installed in 2020, along with maintained front and rear gardens that reflect long-term upkeep.
The property is set in the heart of Elmwood Village and is described as walkable to Buffalo State University, AKG, and Delaware Park, with convenient access to Allentown and Downtown. Off-street parking is supported by a massive parking area, and the property also includes a rare 3-car garage.
From a tenant or owner-occupant perspective, the layout is designed for everyday flexibility, with a dedicated flex space in each unit plus ample interior storage through the basement and attic. The home is also supported by practical improvements including high-efficiency furnaces, air conditioning, and a newer roof installed in 2020, along with maintained front and rear gardens that reflect long-term upkeep.
Key Highlights
- Duplex (2‑family) home with two 3‑bedroom units, each with an additional flex space for office/playroom/guest use
- Upper apartment features a private balcony, hardwood floors, and an updated kitchen
- Partially finished attic plus a large full basement for added storage
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $42.9k | $15.00 |
| − Vacancy | −$2.4k | −$0.83 |
| EGI | $40.5k | $14.17 |
| − OpEx | −$12.2k | −$4.25 |
| NOI | $28.4k | $9.92 |
2,858 SF · lease $15.00/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$405.1K
$354.5K – $472.7K
NOI $28,359 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$373.1K
$326.5K – $435.3K
NOI $26,120 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$687.3K
$601.4K – $801.8K
NOI $48,110 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two clean, move-in-ready 3-bedroom apartments with flex space, storage, and a rare 3-car garage.
Where is this duplex located?
The property is located at 1046 Elmwood Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $489,900.
What are key features of this property?
This property features: Duplex (2‑family) home with two 3‑bedroom units, each with an additional flex space for office/playroom/guest use; Upper apartment features a private balcony, hardwood floors, and an updated kitchen; Partially finished attic plus a large full basement for added storage
