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 Market69
Property Features for 1046 Elmwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 6, Bedroom 2, Bedroom 5, Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 1, Basement
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
private balcony
hardwood floors
updated kitchen
bay windows
manicured gardens
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Varies, Carpet
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: Aug 19
Last Checked: Aug 23 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 duplex offers two move-in ready apartments, each described as a 3-bedroom layout with an additional flex space suitable for a playroom, office, or guest area. The property includes a partially finished attic and a large full basement, providing storage. The upper apartment features a private balcony and hardwood flooring, along with an updated kitchen. Spacious bedrooms include bay windows for natural light.
Exterior amenities include awnings and a balcony, plus landscaped front and rear gardens. The home is served by public water, natural gas forced-air heating, and central air conditioning. Built in 1900, the home features an asphalt roof, with a newer roof installed in 2020. Mechanical systems include high-efficiency furnaces.
Location is in the Elmwood Village area, with the property described as walkable to Buffalo State University, AKG, Delaware Park, and convenient to Allentown and Downtown. On-site parking includes a massive parking area and a rare 3-car garage.
Exterior amenities include awnings and a balcony, plus landscaped front and rear gardens. The home is served by public water, natural gas forced-air heating, and central air conditioning. Built in 1900, the home features an asphalt roof, with a newer roof installed in 2020. Mechanical systems include high-efficiency furnaces.
Location is in the Elmwood Village area, with the property described as walkable to Buffalo State University, AKG, Delaware Park, and convenient to Allentown and Downtown. On-site parking includes a massive parking area and a rare 3-car garage.
Key Highlights
- Two 3‑bedroom units, each with an added flex space
- Partially finished attic plus large full basement for storage
- Private balcony on the upper apartment
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Move-in ready duplex with two 3-bedroom units, central air, and a private balcony on the upper apartment.
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 3‑bedroom units, each with an added flex space; Partially finished attic plus large full basement for storage; Private balcony on the upper apartment
