Queen Anne
For Sale
$589,000
182 Lancaster Avenue, Buffalo, NY 14222
Historic multifamily property with an updated first-floor kitchen, shared basement laundry, and off-street tenant parking.
Property Size4,549 SF
Days on Market78
Property Features for 182 Lancaster Avenue
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
Taxes and HOA fees
Annual Taxes
$10,364
Amenities
shared basement laundry
off-street parking
Building Details
Building Size
4,549 SF
Year Built
1900
Construction
Queen Anne
Listing Agency:
Keller Williams Realty WNY
Listed By:
Karina Stachowiak · License #10401362457
(716) 908-4212
Source:
Highfallssir
Added: Jul 30
Changed: Oct 13
Last Checked: Oct 15 at 8:02AM
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 / Yr
$45,137
Cap Rate
7.66%
Suggested Prices Based on Cap Rates
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
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 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 7.66%
Second Best
Apartment 5plus
$593.9K
$519.7K – $692.9K
NOI $41,575 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$1.09M
$957.2K – $1.28M
NOI $76,576 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with authorities.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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 Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $589,000.
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
