Brick Apartment Buildings with Gated
For Sale
$3,300,000
118 Cottage Street, Buffalo, NY 14201
MultiFamily, Buffalo, NY
Property Size23,575 SF
Lot Size0.59 Acres
Price / SF$139.98
Days on Market38
Property Features for 118 Cottage Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
20
Rooms
Bedroom 9, Bedroom 5, Bedroom 14, Bedroom 13, Basement, Bedroom 10, Bedroom 6, Bedroom 20, Bedroom 8, Bedroom 17, Bedroom 15, Bedroom 19, Bedroom 3, Bedroom 7, Bedroom 1, Bedroom 2, Bedroom 11, Bedroom 4, Bedroom 16, Bedroom 12, Bedroom 18
Parking features
Garage
Security features
Security
Exterior features
BlacktopDriveway, ConcreteDriveway
Appliances
Dryer, ElectricOven, ElectricRange, GasOven, GasRange, GasWaterHeater, Refrigerator, Washer
Lot features
Greenbelt, Historic District, Irregular Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-099-840-0007-016-000
Size
23,575 SF
Lot size
0.59 Acres
Taxes and HOA fees
Tax Annual Amount
30655
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
gated entry
Building Details
Year built
1900
Floors in Building
3
Number of units
20
Flooring type
Tile, Varies, Hardwood
Building materials
Brick
Roof type
Asphalt, Shingle
Listing Agency:
Gurney Becker & Bourne
(716) 849-1234
Listed By:
Carmelo A Parlato · License #10401209029
(716) 335-2227
Added: Jul 18
Changed: Aug 19
Last Checked: Aug 24 at 7:06PM
MLS# B1698031
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.
Cottage Street Lofts comprises three brick apartment buildings at 118, 120, and 126 Cottage Street, totaling 20 residential units across 23,575 square feet on 0.5904 acres. Built in 1900 with Italianate architecture, the property includes a mix of one- and two-bedroom apartments, along with one- and two-story layouts, private and shared balconies or porches, and baths ranging from one to 2.5. Appliances include ranges, refrigerators, washers, dryers, and gas water heaters. Forced-air natural gas heating, hardwood and tile flooring, asphalt shingle roofs, and public water are also present.
The buildings sit in Buffalo’s Allentown Historic Preservation District overlooking Olmsted-designed Days Park. Gated access and parking for 26 vehicles serve the residential compound, which is within walking distance of the Buffalo Niagara Medical Campus. The property is identified by tax parcel numbers 140200--015-000 and 140200--014-000 for 120 and 126 Cottage Street.
The buildings sit in Buffalo’s Allentown Historic Preservation District overlooking Olmsted-designed Days Park. Gated access and parking for 26 vehicles serve the residential compound, which is within walking distance of the Buffalo Niagara Medical Campus. The property is identified by tax parcel numbers 140200--015-000 and 140200--014-000 for 120 and 126 Cottage Street.
Key Highlights
- 20 residential units across 3 brick apartment buildings
- 23,575 square feet on 0.5904 acres
- Parking for 26 vehicles with gated entry
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
Lease Details
20
Residential units
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 - Historic-district apartment portfolio with gated access, varied floor plans, and off-street parking.
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 residential units across 3 brick apartment buildings; 23,575 square feet on 0.5904 acres; Parking for 26 vehicles with gated entry
