Updated Four-Unit
For Sale
$599,000
180 Richmond Avenue, Buffalo, NY 14222
Residential, Buffalo, NY
Property Size5,186 SF
Lot Size0.15 Acres
Price / SF$115.50
Days on Market15
Property Features for 180 Richmond Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 6, Bedroom 7, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Basement, Bedroom 1
Parking features
Garage, Open
Patio and Porch features
Porch, Patio
Interior features
CeilingFans, Storage, NaturalWoodwork
Exterior features
Balcony, EnclosedPorch, FullyFenced, Porch, Patio
Fencing
Fenced
Fireplace
1
Appliances
GasWaterHeater
Subdivision
Late South Vlg/Black Rock
Lot features
Near Public Transit, Rectangular, Rectangular Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Elmwood to Bryant to Richmond.
Standard status
Active
APN
140200-099-600-0006-019-000
Size
5,186 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
9769
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
shared laundry
basement storage
fully fenced yard
stamped concrete patio
private patios
Building Details
Year built
1890
Floors in Building
3
Number of units
4
Flooring type
Varies, Vinyl, Carpet, Tile, Hardwood
Building materials
WoodSiding
Roof type
Asphalt
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Karina Stachowiak · License #10401362457
(716) 908-4212
Added: Aug 13
Changed: Aug 22
Last Checked: Aug 27 at 8:06PM
MLS# B1706158
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,186-square-foot quadplex contains four apartments: a first-floor three-bedroom residence, two one-bedroom units with private patios, and a third-floor two-bedroom apartment. Renovated kitchens and bathrooms, vinyl windows, updated interior finishes, natural woodwork, and basement storage complement the building’s original 1890 construction. Shared laundry is also located in the basement, and the property includes a gas water heater, forced-air heating, and a fireplace.
The 0.15-acre property at 180 Richmond Avenue is in Buffalo’s Elmwood Village/Five Points area, within walking distance of shops, restaurants, cafes, and parks. A fully fenced yard includes a stamped concrete patio. Parking consists of four garage bays, with one assigned to each apartment, plus additional front and rear driveway parking.
Capital improvements include a new water line to the street in 2026 and full exterior painting in 2023. The mechanical systems are professionally serviced annually.
The 0.15-acre property at 180 Richmond Avenue is in Buffalo’s Elmwood Village/Five Points area, within walking distance of shops, restaurants, cafes, and parks. A fully fenced yard includes a stamped concrete patio. Parking consists of four garage bays, with one assigned to each apartment, plus additional front and rear driveway parking.
Capital improvements include a new water line to the street in 2026 and full exterior painting in 2023. The mechanical systems are professionally serviced annually.
Key Highlights
- Four‑unit property with 5,186 square feet of building area
- Apartment mix includes one 3‑bedroom, two 1‑bedroom, and one 2‑bedroom units
- Four garage bays, one 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 rented property offers varied apartment layouts, private patios, garage parking, and shared basement laundry.
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 property with 5,186 square feet of building area; Apartment mix includes one 3‑bedroom, two 1‑bedroom, and one 2‑bedroom units; Four garage bays, one for each unit, plus front and rear driveway parking
