Elmwood Village Four-Unit
182 Lancaster Avenue Buffalo, NY 14222
182 Lancaster Avenue, Buffalo, NY, 14222
$649,000
For Sale
$649,000
Four-unit property in Elmwood Village with income potential.
Property Size4,549 SF
Price / SF$142.67
Days on Market73
Property Features for 182 Lancaster Avenue
General Information
- Standard status
- Active
- Size
- 4,549 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1900
Listing Agency
Keller Williams Realty WNY
(716) 908-4212
Listed by
Karina Stachowiak · License #10401362457
(716) 908-4212
Source
Xome
Added: May 5 Checked: Jul 16 at 6:27 am
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.
Located in the heart of Elmwood Village, 182 Lancaster Avenue presents a four-unit property with architectural character in a Queen Anne-style residence. The property features two 2-bedroom apartments and two 1-bedroom apartments, offering a desirable unit mix. The first-floor unit is currently vacant and has been updated with a new kitchen. Updates include a newer boiler from 2021 and exterior paint from 2023, as well as shared basement laundry and off-street parking for all tenants. All mechanicals are serviced yearly. The property is located steps from Elmwood Avenue's shops, cafés, restaurants, parks, nightlife, and cultural attractions. The property is suitable for owner-occupancy or as an addition to an investment portfolio. The property size is 4549 square feet.
Key Highlights
- Prime Elmwood Village location: Steps from shops, restaurants, parks, and cultural attractions, offering unmatched walkability and lifestyle.
- Strong income potential: Four‑unit property with a desirable unit mix.
- Updated first‑floor unit: Features a brand‑new kitchen, ideal for owner‑occupancy or immediate market‑rate leasing.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $68.2k | $15.00 |
| − Vacancy | −$3.8k | −$0.83 |
| EGI | $64.5k | $14.17 |
| − OpEx | −$19.3k | −$4.25 |
| NOI | $45.1k | $9.92 |
4,549 SF · lease $15.00/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$644.8K
$564.2K – $752.3K
NOI $45,137 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$593.9K
$519.7K – $692.9K
NOI $41,575 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$1.09M
$957.2K – $1.28M
NOI $76,576 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four-unit property in Elmwood Village with income potential.
Where is this quadplex located?
The property is located at 182 Lancaster Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Prime Elmwood Village location: Steps from shops, restaurants, parks, and cultural attractions, offering unmatched walkability and lifestyle.; Strong income potential: Four‑unit property with a desirable unit mix.; Updated first‑floor unit: Features a brand‑new kitchen, ideal for owner‑occupancy or immediate market‑rate leasing.
