Mixed-Use Retail and Apartments
For Sale
$1,099,900
736 Elmwood Ave, Buffalo, NY 14222
Fully rented mixed-use building with two street-level retail spaces and four renovated apartments.
Property Size5,497 SF
Price / SF$200.09
Days on Market45
Property Features for 736 Elmwood Ave
General Information
Standard status
Active
Size
5,497 SF
Property subtype
Retail
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Building Size
5,497 SF
Year Built
1920
Year Renovated
2013
Stories
3
Listing Agency:
Hunt Commercial - Buffalo
(716) 864-1929
Listed By:
Nicholas Corto · License #10401244740
(716) 864-1929
Source:
Huntcommercial
Added: Jun 29
Changed: Aug 12
Last Checked: Aug 12 at 5:12AM
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 Hunt Commercial - Buffalo
Investment Insights
Based on property information with market context.
This mixed-use building features two primary storefronts with retail space on the first floor totaling 2,000 square feet. The storefronts include modern windows, a brick facade, and updated buildouts. The second and third floors comprise four city apartments.
The apartments were renovated in 2013 and include updated kitchens and baths, hardwood floors, new windows, and spacious living areas. Retail and apartments each have separate utilities for gas and electric. Showings require 24 hours’ notice for apartment viewings.
The property is fully rented and described as bankable, with steady leases through an unspecified date.
The apartments were renovated in 2013 and include updated kitchens and baths, hardwood floors, new windows, and spacious living areas. Retail and apartments each have separate utilities for gas and electric. Showings require 24 hours’ notice for apartment viewings.
The property is fully rented and described as bankable, with steady leases through an unspecified date.
Key Highlights
- 5,497 sq ft mixed‑use building (built 1920) on a retail corridor in Elmwood Village
- Two street‑level storefronts with first‑floor retail totaling 2,000 sq ft
- Second and third floors include 4 city apartments, each renovated in 2013 with updated kitchens and baths
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
$59,368
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
5.40%
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%
$1,187,360
$1.2M
Cap Rate 7%
$848,114
$848.1K
Cap Rate 9%
$659,644
$659.6K
Market Conditions
NOI Build-Up for 5,497 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
$105.5K $19.20/SF
− Vacancy
−$10.6K −$1.92/SF
EGI
$95.0K $17.28/SF
− OpEx
−$35.6K −$6.48/SF
NOI
$59.4K $10.80/SF
Area
Buffalo, NY
Vacancy
10.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
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%
$1,187,360
Cap Rate 7%
$848,114
Cap Rate 9%
$659,644
Alternative Uses
Best Use
Mixed Use
$848.1K
$742.1K – $989.5K
NOI $59,368 @ 7.0% cap · market cap 5.40%
Second Best
Multifamily LT 5
$779.2K
$681.8K – $909.1K
NOI $54,544 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,534 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,829
Businesses Nearby
Under-served
Demand for This Use
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?
Storefront property - Fully rented mixed-use building with two street-level retail spaces and four renovated apartments.
Where is this storefront property located?
The property is located at 736 Elmwood Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $1,099,900.
What are key features of this property?
This property features: 5,497 sq ft mixed‑use building (built 1920) on a retail corridor in Elmwood Village; Two street‑level storefronts with first‑floor retail totaling 2,000 sq ft; Second and third floors include 4 city apartments, each renovated in 2013 with updated kitchens and baths
