Gated Historic District Apartment
For Sale
$3,300,000
118 Cottage Street, Buffalo, NY 14201
Brick apartment buildings offer varied layouts, balconies, gated entry, and off-street parking beside Days Park.
Property Size23,575 SF
Days on Market44
Property Features for 118 Cottage Street
General Information
Standard status
Active
Size
23,575 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$30,655
Building Details
Building Size
23,575 SF
Year Built
1900
Stories
3
Units
20
Listing Agency:
Gurney Becker & Bourne
(716) 335-2227
Listed By:
Carmelo A Parlato · License #30BE1100051
(716) 335-2227
Source:
Dealrealtyonline
Added: Jul 18
Changed: Aug 29
Last Checked: Aug 25 at 9:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gurney Becker & Bourne
Investment Insights
Based on property information with market context.
Cottage Street Lofts comprises three brick apartment buildings with 20 gated residential units and parking for 26 vehicles. The collection includes Italianate architectural details, a range of one- and two-bedroom floor plans, multiple two-story residences, and units with private or shared balconies and porches. Bath configurations range from one to 2.5 baths.
The 12-unit building at 118 Cottage Street contains eight one-bedroom, one-bath apartments and four two-bedroom residences. Two of the latter are two stories with 1.5 baths and private balconies, while the remaining two feature shared balconies. The four-unit properties at 120 and 126 Cottage Street add additional one- and two-bedroom layouts, including several two-story apartments.
The buildings overlook the Olmstead designed Days Park and are within the Allentown Historic Preservation District. The Buffalo Niagara Medical Campus is within walking distance. Gated access and off-street parking serve the residential complex.
The 12-unit building at 118 Cottage Street contains eight one-bedroom, one-bath apartments and four two-bedroom residences. Two of the latter are two stories with 1.5 baths and private balconies, while the remaining two feature shared balconies. The four-unit properties at 120 and 126 Cottage Street add additional one- and two-bedroom layouts, including several two-story apartments.
The buildings overlook the Olmstead designed Days Park and are within the Allentown Historic Preservation District. The Buffalo Niagara Medical Campus is within walking distance. Gated access and off-street parking serve the residential complex.
Key Highlights
- 20 gated residential units across 118, 120, and 126 Cottage Street
- Parking for 26 vehicles
- Brick construction with Italianate architecture
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
$215,460
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
6.53%
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%
$4,309,200
$4.3M
Cap Rate 7%
$3,078,000
$3.1M
Cap Rate 9%
$2,394,000
$2.4M
Market Conditions
NOI Build-Up for 23,575 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
$410.2K $17.40/SF
− Vacancy
−$18.5K −$0.78/SF
EGI
$391.7K $16.62/SF
− OpEx
−$176.3K −$7.48/SF
NOI
$215.5K $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%
$4,309,200
Cap Rate 7%
$3,078,000
Cap Rate 9%
$2,394,000
Alternative Uses
Best Use
Apartment 5plus
$3.08M
$2.69M – $3.59M
NOI $215,460 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.67M
$4.96M – $6.61M
NOI $396,852 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,399
Businesses Nearby
Explore this area
Business Placement
Demographics for 14201, NY
12,364
Population
7,172
Households
1.7
Avg Household Size
33
Median Age
39%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
11,240
Density / Sq Mi
$34,204
Median Household Income
$34,081
Median Earnings
$953
Median Rent
$327,900
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?
Apartment building - Brick apartment buildings offer varied layouts, balconies, gated entry, and off-street parking beside Days Park.
Where is this apartment building located?
The property is located at 118 Cottage Street Buffalo, NY.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 20 gated residential units across 118, 120, and 126 Cottage Street; Parking for 26 vehicles; Brick construction with Italianate architecture
