Renovated 40-Unit Apartment
For Sale
Contact for pricing
1416 Main Street, Buffalo, NY 14209
Four renovated assets offer residential apartments alongside a single commercial unit in a multifamily portfolio.
Property Size31,194 SF
Price / SF$118.29
Days on Market60
Property Features for 1416 Main Street
General Information
Standard status
Active
Size
31,194 SF
Class
B
Total Parking Spaces
8
Property subtype
Multifamily, Mixed Use
Occupancy
93%
Investment Type
Value Add
Net Operating Income
$313,632
Additional Details
Multifamily Units
39
Building Details
Year Built
1886
Year Renovated
2023
Buildings
4
Units
40
Tenancy
Multi
Listing Agency:
Chubb Aubrey Leonard Real Estate
(716) 465-1282
Listed By:
Todd Danni · License #NY 10301201083
Source:
Crexi
Added: Jul 3
Changed: Aug 30
Last Checked: Aug 30 at 8:01AM
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 Chubb Aubrey Leonard Real Estate
Investment Insights
Based on property information with market context.
This multifamily portfolio includes four renovated assets with 40 total units. The configuration consists of 39 residential apartments and one commercial unit, with studio, one-bedroom, and two-bedroom layouts represented. Interior and exterior renovation work was completed between 2023 and 2026. The buildings date to 1886, establishing an older property base with updated components.
Located at 1416 Main Street in Buffalo, NY 14209, the offering combines multiple apartment formats with a commercial component across the four-asset portfolio. The residential inventory spans three stated layouts: studios, one-bedroom units, and two-bedroom units. The portfolio is offered for sale.
Located at 1416 Main Street in Buffalo, NY 14209, the offering combines multiple apartment formats with a commercial component across the four-asset portfolio. The residential inventory spans three stated layouts: studios, one-bedroom units, and two-bedroom units. The portfolio is offered for sale.
Key Highlights
- Four renovated assets totaling 40 units
- 39 residential units plus one commercial unit
- Studio, one‑bedroom, and two‑bedroom apartment layouts
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
$336,895
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
9.13%
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%
$6,737,900
$6.7M
Cap Rate 7%
$4,812,786
$4.8M
Cap Rate 9%
$3,743,278
$3.7M
Market Conditions
NOI Build-Up for 31,194 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
$598.9K $19.20/SF
− Vacancy
−$59.9K −$1.92/SF
EGI
$539.0K $17.28/SF
− OpEx
−$202.1K −$6.48/SF
NOI
$336.9K $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%
$6,737,900
Cap Rate 7%
$4,812,786
Cap Rate 9%
$3,743,278
Alternative Uses
Best Use
Mixed Use
$4.81M
$4.21M – $5.61M
NOI $336,895 @ 7.0% cap · market cap 9.13%
Second Best
Apartment 5plus
$4.07M
$3.56M – $4.75M
NOI $285,093 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$7.50M
$6.56M – $8.75M
NOI $525,107 @ 7.0% cap · market cap 14.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
39
Residential units
Location Intelligence
Trade Area within ½ mile
1,726
Businesses Nearby
Explore this area
Business Placement
Demographics for 14209, NY
8,251
Population
4,729
Households
1.7
Avg Household Size
39
Median Age
46%
College-Educated
90%
High-School Grad
1.0 sq mi
ZIP Area
8,251
Density / Sq Mi
$49,359
Median Household Income
$33,329
Median Earnings
$1,025
Median Rent
$408,600
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 - Four renovated assets offer residential apartments alongside a single commercial unit in a multifamily portfolio.
Where is this apartment building located?
The property is located at 1416 Main Street Buffalo, NY.
What is the asking price?
The asking price for this property is $3,690,000.
What are key features of this property?
This property features: Four renovated assets totaling 40 units; 39 residential units plus one commercial unit; Studio, one‑bedroom, and two‑bedroom apartment layouts
