Updated Four-Unit
For Sale
$599,000
180 Richmond Avenue, Buffalo, NY 14222
Fully leased residential property with renovated interiors, private patios, shared laundry, storage, and dedicated garage parking.
Property Size5,186 SF
Days on Market11
Property Features for 180 Richmond Avenue
General Information
Standard status
Active
Size
5,186 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
1 x 3BR, 2 x 1BR, 1 x 2BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,769
Amenities
private patios
shared laundry
basement storage
fenced yard
stamped concrete patio
Building Details
Building Size
5,186 SF
Year Built
1890
Listing Agency:
Keller Williams Realty WNY
(716) 908-4212
Listed By:
Karina Stachowiak · License #10401362457
(716) 908-4212
Source:
Highfallssir
Added: Aug 13
Changed: Aug 21
Last Checked: Aug 22 at 11:21AM
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 Keller Williams Realty WNY
Investment Insights
Based on property information with market context.
This four-unit residential property includes a first-floor three-bedroom apartment, two one-bedroom apartments, and a third-floor two-bedroom residence. Interior improvements include renovated kitchens and bathrooms, vinyl windows, updated finishes, interior paint, and professionally serviced mechanical systems. Shared laundry and additional basement storage serve the units. Two apartments offer private patios, while the property also features a fenced yard and stamped concrete patio.
Parking includes four garage bays, with one assigned to each apartment, along with additional front and rear driveway spaces. A new water line to the street was installed in 2026, and the exterior was fully painted in 2023. The property is located at 180 Richmond Avenue in Buffalo, near the Elmwood Village and Five Points areas, with shops, restaurants, cafes, and parks within steps of the building.
Parking includes four garage bays, with one assigned to each apartment, along with additional front and rear driveway spaces. A new water line to the street was installed in 2026, and the exterior was fully painted in 2023. The property is located at 180 Richmond Avenue in Buffalo, near the Elmwood Village and Five Points areas, with shops, restaurants, cafes, and parks within steps of the building.
Key Highlights
- Four‑unit configuration with one 3‑bedroom, two 1‑bedroom, and one 2‑bedroom apartments
- Fully rented property at 180 Richmond Avenue, Buffalo, NY 14222
- Four garage bays, one designated for each unit, plus front and rear driveway parking
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
$51,458
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
8.59%
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%
$1,029,160
$1.0M
Cap Rate 7%
$735,114
$735.1K
Cap Rate 9%
$571,756
$571.8K
Market Conditions
NOI Build-Up for 5,186 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
$77.8K $15.00/SF
− Vacancy
−$4.3K −$0.83/SF
EGI
$73.5K $14.17/SF
− OpEx
−$22.1K −$4.25/SF
NOI
$51.5K $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%
$1,029,160
Cap Rate 7%
$735,114
Cap Rate 9%
$571,756
Alternative Uses
Best Use
Multifamily LT 5
$735.1K
$643.2K – $857.6K
NOI $51,458 @ 7.0% cap · market cap 8.59%
Second Best
Apartment 5plus
$677.1K
$592.5K – $790.0K
NOI $47,397 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,299 @ 7.0% cap · market cap 14.57%
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
2,259
Businesses Nearby
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?
Quadplex - Fully leased residential property with renovated interiors, private patios, shared laundry, storage, and dedicated garage parking.
Where is this quadplex located?
The property is located at 180 Richmond Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Four‑unit configuration with one 3‑bedroom, two 1‑bedroom, and one 2‑bedroom apartments; Fully rented property at 180 Richmond Avenue, Buffalo, NY 14222; Four garage bays, one designated for each unit, plus front and rear driveway parking
