Historic Three-Unit
For Sale
Contact for pricing
Pending
174 Mariner Street, Buffalo, NY 14201
Well-maintained triplex with historic interior details and updated systems, currently producing annual rental income with extended leases.
Property Size3,392 SF
Days on Market68
Property Features for 174 Mariner Street
General Information
Standard status
Pending
Size
3,392 SF
Class
B
Property subtype
Multifamily
Additional Details
Business Included
Yes
Multifamily Units
3
Building Details
Year Built
1880
Buildings
1
Tenancy
Multi
Listing Agency:
MJ Peterson Real Estate
(716) 830-9032
Listed By:
Michael Concialdi · License #10401396635
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Jul 24 at 6:41PM
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 MJ Peterson Real Estate
Investment Insights
Based on property information with market context.
174 Mariner Street is a well-maintained three-unit triplex totaling about 3,392 square feet. The property retains historic architectural character with original details such as ornate fireplaces, inlay hardwood floors, and clawfoot tubs. Improvements noted include updates to the roof, exterior, electrical, plumbing, and mechanical systems.
Located in Buffalo’s Allentown neighborhood, the home is described as being just steps from local restaurants, boutiques, nightlife, the Buffalo Medical Campus, and downtown Buffalo. The property’s unit mix includes two leases extended through 2027 and a third unit that provides flexibility for an owner-occupant or future rental use.
For buyers seeking an income-producing multifamily property in a distinctive, well-cared-for historic residence, this offering combines multiple system updates with maintained period features. With two current leases extending through 2027 and reported annual rental income of $54,900, the triplex is positioned for continuity while still allowing room to adjust the third unit for future strategy.
Located in Buffalo’s Allentown neighborhood, the home is described as being just steps from local restaurants, boutiques, nightlife, the Buffalo Medical Campus, and downtown Buffalo. The property’s unit mix includes two leases extended through 2027 and a third unit that provides flexibility for an owner-occupant or future rental use.
For buyers seeking an income-producing multifamily property in a distinctive, well-cared-for historic residence, this offering combines multiple system updates with maintained period features. With two current leases extending through 2027 and reported annual rental income of $54,900, the triplex is positioned for continuity while still allowing room to adjust the third unit for future strategy.
Key Highlights
- Three‑unit triplex built in 1880, currently generating $54,900 in annual rental income
- Two leases extended through 2027
- Improvements include roof, exterior, electrical, plumbing, and mechanical updates
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
$33,657
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
6.01%
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%
$673,140
$673.1K
Cap Rate 7%
$480,814
$480.8K
Cap Rate 9%
$373,967
$374.0K
Market Conditions
NOI Build-Up for 3,392 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
$50.9K $15.00/SF
− Vacancy
−$2.8K −$0.83/SF
EGI
$48.1K $14.17/SF
− OpEx
−$14.4K −$4.25/SF
NOI
$33.7K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$673,140
Cap Rate 7%
$480,814
Cap Rate 9%
$373,967
Alternative Uses
Best Use
Multifamily LT 5
$480.8K
$420.7K – $561.0K
NOI $33,657 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$442.9K
$387.5K – $516.7K
NOI $31,001 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$815.7K
$713.8K – $951.7K
NOI $57,100 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,729
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained triplex with historic interior details and updated systems, currently producing annual rental income with extended leases.
Where is this triplex located?
The property is located at 174 Mariner Street Buffalo, NY.
What is the asking price?
The asking price for this property is $559,900.
What are key features of this property?
This property features: Three‑unit triplex built in 1880, currently generating $54,900 in annual rental income; Two leases extended through 2027; Improvements include roof, exterior, electrical, plumbing, and mechanical updates
