Five-Unit Apartment
For Sale
$339,900
93 Martin Avenue, Buffalo, NY 14219
MultiFamily, Buffalo, NY
Property Size2,458 SF
Lot Size0.13 Acres
Price / SF$138.28
Days on Market321
Property Features for 93 Martin Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
5
Rooms
Basement, Bedroom 5, Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 2
Parking features
Garage
Interior features
CeilingFans, NaturalWoodwork
Exterior features
ConcreteDriveway, Fence
Fencing
Fenced
Appliances
GasWaterHeater
Subdivision
Buffalo Crk Reservation
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school
Blasdell Elementary
Middle school
Frontier Middle
High school
Frontier Senior High
Elementary school district
Frontier
Middle school district
Frontier
High school district
Frontier
Directions
Milestrip or Lake to Martin
Standard status
Active
APN
144801-151-610-0001-005-000
Size
2,458 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
6555
Utilities
Heating system
Baseboard, Natural Gas, Radiant
Water source
Public
Amenities
covered front porch
lockable exterior storage shed
Building Details
Year built
1934
Floors in Building
2
Number of units
5
Flooring type
Varies, Carpet, Vinyl
Building materials
AluminumSiding, Frame, CopperPlumbing
Roof type
Asphalt
Listing Agency:
WNY Metro Roberts Realty
(716) 646-6400
Listed By:
Michael P Kearns · License #10301215173
(716) 348-2058
Added: Oct 28, 2025
Changed: Sep 12
Last Checked: Sep 13 at 2:06PM
MLS# B1647559
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 1934 apartment property contains five residential units across a main building and a rear cottage. The primary structure includes one three-bedroom apartment with a covered front porch and three one-bedroom apartments. The cottage adds another one-bedroom layout with a living room, kitchen, and full bathroom. Units have received updates over time, with natural woodwork, varied flooring, and gas-fired radiant and baseboard heating among the noted features.
The 2458-square-foot property occupies 0.132 acres and includes off-street parking, a large concrete driveway, a garage, and a fenced exterior. A lockable storage shed provides additional on-site utility. Public water, an asphalt roof, aluminum siding, copper plumbing, and a gas water heater are also part of the property improvements.
The 2458-square-foot property occupies 0.132 acres and includes off-street parking, a large concrete driveway, a garage, and a fenced exterior. A lockable storage shed provides additional on-site utility. Public water, an asphalt roof, aluminum siding, copper plumbing, and a gas water heater are also part of the property improvements.
Key Highlights
- Five‑unit apartment property with one 3‑bedroom unit and four 1‑bedroom units
- 2458 square feet on a 0.132‑acre parcel
- Main building plus a rear cottage with living room, kitchen, and full bath
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
$22,465
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
6.61%
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%
$449,300
$449.3K
Cap Rate 7%
$320,929
$320.9K
Cap Rate 9%
$249,611
$249.6K
Market Conditions
NOI Build-Up for 2,458 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
$42.8K $17.40/SF
− Vacancy
−$1.9K −$0.78/SF
EGI
$40.8K $16.62/SF
− OpEx
−$18.4K −$7.48/SF
NOI
$22.5K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$449,300
Cap Rate 7%
$320,929
Cap Rate 9%
$249,611
Alternative Uses
Best Use
Apartment 5plus
$320.9K
$280.8K – $374.4K
NOI $22,465 @ 7.0% cap · market cap 6.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$591.1K
$517.2K – $689.6K
NOI $41,377 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Explore this area
Business Placement
Demographics for 14219, NY
11,593
Population
5,612
Households
2.1
Avg Household Size
42
Median Age
21%
College-Educated
94%
High-School Grad
6.9 sq mi
ZIP Area
1,680
Density / Sq Mi
$75,465
Median Household Income
$45,957
Median Earnings
$928
Median Rent
$181,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multiple residential units include a larger three-bedroom apartment and a rear cottage.
Where is this apartment building located?
The property is located at 93 Martin Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Five‑unit apartment property with one 3‑bedroom unit and four 1‑bedroom units; 2458 square feet on a 0.132‑acre parcel; Main building plus a rear cottage with living room, kitchen, and full bath
