Queen Anne
For Sale
$649,000
182 Lancaster Ave, Buffalo, NY 14222
Historic multifamily property with an updated first-floor kitchen, shared basement laundry, and off-street tenant parking.
Property Size4,549 SF
Price / SF$142.67
Days on Market33
Property Features for 182 Lancaster Ave
General Information
Standard status
Active
Size
4,549 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR, 2 x 1BR
Multifamily Units
4
Amenities
shared basement laundry
off-street parking
Building Details
Year Built
1900
Construction
Queen Anne
Listing Agency:
Keller Williams Realty WNY
(716) 908-4212
Listed By:
Karina Stachowiak · License #10401362457
Source:
Skinnercnyrealty
Added: Jul 30
Changed: Aug 30
Last Checked: Aug 30 at 6:55PM
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.
Built in 1900, this four-unit multifamily property occupies a Queen Anne–style residence at 182 Lancaster Ave in Buffalo. The layout includes two 2-bedroom apartments and two 1-bedroom apartments, providing a varied unit mix. The first-floor apartment is vacant and features a new kitchen, while shared basement laundry serves the property. Off-street parking is available for all tenants.
Property updates include a boiler installed in 2021 and exterior painting completed in 2023. Mechanical systems receive annual servicing. The property is situated in Elmwood Village, near Elmwood Avenue shops, cafés, restaurants, parks, nightlife, and cultural attractions.
Property updates include a boiler installed in 2021 and exterior painting completed in 2023. Mechanical systems receive annual servicing. The property is situated in Elmwood Village, near Elmwood Avenue shops, cafés, restaurants, parks, nightlife, and cultural attractions.
Key Highlights
- Four‑unit quadplex with two 2‑bedroom and two 1‑bedroom apartments
- Queen Anne–style residence built in 1900
- Vacant first‑floor unit with a brand‑new kitchen
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
$45,137
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
6.95%
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%
$902,740
$902.7K
Cap Rate 7%
$644,814
$644.8K
Cap Rate 9%
$501,522
$501.5K
Market Conditions
NOI Build-Up for 4,549 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
$68.2K $15.00/SF
− Vacancy
−$3.8K −$0.83/SF
EGI
$64.5K $14.17/SF
− OpEx
−$19.3K −$4.25/SF
NOI
$45.1K $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%
$902,740
Cap Rate 7%
$644,814
Cap Rate 9%
$501,522
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,460
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 - Historic multifamily property with an updated first-floor kitchen, shared basement laundry, and off-street tenant parking.
Where is this quadplex located?
The property is located at 182 Lancaster Ave 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: Four‑unit quadplex with two 2‑bedroom and two 1‑bedroom apartments; Queen Anne–style residence built in 1900; Vacant first‑floor unit with a brand‑new kitchen
