Modern Multifamily Apartment
For Sale
Contact for pricing
164 Chalmers Avenue, Buffalo, NY 14214
Built in 2019 with 1- and 2-bedroom apartments featuring in-unit laundry and off-street parking.
Property Size45,337 SF
Price / SF$106.98
Days on Market68
Property Features for 164 Chalmers Avenue
General Information
Standard status
Active
Size
45,337 SF
Property subtype
Multifamily
Occupancy
97%
Investment Type
Owner/User
Building Details
Year Built
2019
Buildings
3
Listing Agency:
Besen Partners
(917) 741-5652
Listed By:
Sam Finkler · License #NY 10401291664
Source:
Crexi
Added: Jun 8
Changed: Aug 7
Last Checked: Aug 13 at 6:12AM
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 Besen Partners
Investment Insights
Based on property information with market context.
Built in 2019, this modern multifamily apartment building offers 39 total apartments in a mix of one- and two-bedroom layouts. Units are described as having open layouts and are finished with in-unit laundry, stainless steel appliances, and granite countertops. The property also includes landscaped green space and offers off-street parking, with the asset presented as professionally maintained.
Located on the north side of Chalmers Avenue between Holden Street and Hill Street in Northeast Buffalo, the property is positioned for residents who want straightforward access to public transportation. The surrounding area supports a broader employment base that includes major regional institutions cited in the marketing materials, including the University at Buffalo, Buffalo Niagara Medical Campus, M&T Bank HQ, and Tesla Gigafactory 2.
For prospective tenants, the combination of contemporary finishes, spacious one- and two-bedroom floor plans, and in-unit laundry supports everyday convenience. For buyers, the building’s newer construction and established unit mix can help support straightforward leasing and property operations within Buffalo’s rental market, including connectivity to transit and on-site parking for residents.
Located on the north side of Chalmers Avenue between Holden Street and Hill Street in Northeast Buffalo, the property is positioned for residents who want straightforward access to public transportation. The surrounding area supports a broader employment base that includes major regional institutions cited in the marketing materials, including the University at Buffalo, Buffalo Niagara Medical Campus, M&T Bank HQ, and Tesla Gigafactory 2.
For prospective tenants, the combination of contemporary finishes, spacious one- and two-bedroom floor plans, and in-unit laundry supports everyday convenience. For buyers, the building’s newer construction and established unit mix can help support straightforward leasing and property operations within Buffalo’s rental market, including connectivity to transit and on-site parking for residents.
Key Highlights
- Built in 2019; 39 total apartments with a mix of 1- and 2‑bedroom units
- Average unit size is 1,162 SF per apartment
- Units include in‑unit laundry and stainless steel appliances
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
$414,351
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
8.54%
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%
$8,287,020
$8.3M
Cap Rate 7%
$5,919,300
$5.9M
Cap Rate 9%
$4,603,900
$4.6M
Market Conditions
NOI Build-Up for 45,337 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
$788.9K $17.40/SF
− Vacancy
−$35.5K −$0.78/SF
EGI
$753.4K $16.62/SF
− OpEx
−$339.0K −$7.48/SF
NOI
$414.4K $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%
$8,287,020
Cap Rate 7%
$5,919,300
Cap Rate 9%
$4,603,900
Alternative Uses
Best Use
Apartment 5plus
$5.92M
$5.18M – $6.91M
NOI $414,351 @ 7.0% cap · market cap 8.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.90M
$9.54M – $12.72M
NOI $763,185 @ 7.0% cap · market cap 15.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
829
Businesses Nearby
Explore this area
Business Placement
Demographics for 14214, NY
20,732
Population
9,280
Households
2.2
Avg Household Size
32
Median Age
46%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
6,282
Density / Sq Mi
$56,573
Median Household Income
$29,928
Median Earnings
$1,072
Median Rent
$234,600
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 - Built in 2019 with 1- and 2-bedroom apartments featuring in-unit laundry and off-street parking.
Where is this apartment building located?
The property is located at 164 Chalmers Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $4,850,000.
What are key features of this property?
This property features: Built in 2019; 39 total apartments with a mix of 1- and 2‑bedroom units; Average unit size is 1,162 SF per apartment; Units include in‑unit laundry and stainless steel appliances
