Duplex with 3-Car
For Sale
$489,900
Pending
1046 Elmwood Avenue, Buffalo, NY 14222
Residential, Buffalo, NY
Property Size2,858 SF
Lot Size0.13 Acres
Days on Market90
Property Features for 1046 Elmwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 3, Bedroom 5
Exterior features
Awnings, Balcony
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Take Forest to Elmwood Ave
Subdivision
Buffalo City-140200
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
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
gardens
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: Sep 12
Last Checked: Sep 13 at 6:06AM
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 1900 duplex contains 2858 square feet and offers two three-bedroom apartments, each with an additional flex area suitable for office, playroom, or guest use. The upper unit includes a private balcony, hardwood flooring, an updated kitchen, and bay-windowed bedrooms. A partially finished attic and full basement provide additional storage, while the property also includes a large parking area and a three-car garage.
High-efficiency furnaces, central air conditioning, natural-gas forced-air heat, and a newer asphalt roof installed in 2020 serve the building. The 0.1309-acre parcel has mature front and rear gardens and sits at 1046 Elmwood Avenue in Buffalo’s 14222 ZIP code. Buffalo State University, AKG, and Delaware Park are within walkable reach, with Allentown and Downtown nearby.
High-efficiency furnaces, central air conditioning, natural-gas forced-air heat, and a newer asphalt roof installed in 2020 serve the building. The 0.1309-acre parcel has mature front and rear gardens and sits at 1046 Elmwood Avenue in Buffalo’s 14222 ZIP code. Buffalo State University, AKG, and Delaware Park are within walkable reach, with Allentown and Downtown nearby.
Key Highlights
- Two three‑bedroom apartments, each with an additional flex space
- 2858 square feet on a 0.1309‑acre parcel
- Three‑car garage plus a large parking area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,359
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$567,180
$567.2K
Cap Rate 7%
$405,129
$405.1K
Cap Rate 9%
$315,100
$315.1K
Market Conditions
NOI Build-Up for 2,858 SF
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.
Gross rent
$42.9K $15.00/SF
− Vacancy
−$2.4K −$0.83/SF
EGI
$40.5K $14.17/SF
− OpEx
−$12.2K −$4.25/SF
NOI
$28.4K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$567,180
Cap Rate 7%
$405,129
Cap Rate 9%
$315,100
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
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,092
Businesses Nearby
Explore this area
Business Placement
Demographics for 14222, NY
13,629
Population
7,355
Households
1.9
Avg Household Size
32
Median Age
63%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
11,358
Density / Sq Mi
$83,692
Median Household Income
$50,045
Median Earnings
$1,168
Median Rent
$408,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom apartments feature bonus flex areas, updated kitchen finishes, and separate outdoor space.
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: Two three‑bedroom apartments, each with an additional flex space; 2858 square feet on a 0.1309‑acre parcel; Three‑car garage plus a large parking area
