Queen Anne-Style
New
For Sale
$599,000
182 Lancaster Avenue, Buffalo, NY 14222
Residential, Buffalo, NY
Property Size4,549 SF
Lot Size0.11 Acres
Price / SF$131.68
Days on Market2
Property Features for 182 Lancaster Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 5, Bathroom 2, Basement, Bedroom 4, Bedroom 3, Bedroom 2, Bedroom 6, Bathroom 1, Bathroom 4, Bathroom 3
Window features
Skylight(s)
Patio and Porch features
Porch
Interior features
CeilingFans, EntranceFoyer, Skylights, NaturalWoodwork
Exterior features
Fence
Fencing
Fenced
Fireplace
1
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-100-220-0002-012-000
Size
4,549 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
10364
Utilities
Heating system
Steam, Natural Gas
Water source
Public
Amenities
shared basement laundry
off-street parking
front porch
Building Details
Year built
1900
Floors in Building
3
Number of units
4
Flooring type
Vinyl, Hardwood, Varies, Tile, Carpet
Building materials
WoodSiding, PexPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Karina Stachowiak · License #10401362457
(716) 908-4212
Added: Aug 24
Changed: Aug 25
Last Checked: Aug 25 at 11:06PM
MLS# B1709491
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.
Built in 1900, this 4,549-square-foot quadplex occupies a 0.1102-acre parcel at 182 Lancaster Avenue in Buffalo. The Queen Anne-style residence contains two two-bedroom apartments and two one-bedroom apartments, creating a balanced four-unit configuration. Natural woodwork, hardwood and tile flooring, skylights, ceiling fans, and a covered front porch add to the building’s character. The first-floor apartment is vacant and features a new kitchen, providing flexibility for an owner-occupant or a new lease. A newer boiler installed in 2021, annual mechanical servicing, public water, and PEX plumbing support the property’s operating infrastructure.
Each tenant has access to off-street parking, while shared basement laundry serves the building. The property is located in Elmwood Village, within walking distance of shops, cafés, restaurants, parks, nightlife, and cultural attractions along Elmwood Avenue.
Each tenant has access to off-street parking, while shared basement laundry serves the building. The property is located in Elmwood Village, within walking distance of shops, cafés, restaurants, parks, nightlife, and cultural attractions along Elmwood Avenue.
Key Highlights
- Four‑unit layout with two 2‑bedroom apartments and two 1‑bedroom apartments
- 4,549 square feet on a 0.1102‑acre parcel
- Vacant first‑floor apartment 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
7.54%
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 7.54%
Second Best
Apartment 5plus
$593.9K
$519.7K – $692.9K
NOI $41,575 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$1.09M
$957.2K – $1.28M
NOI $76,576 @ 7.0% cap · market cap 12.78%
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 - Four apartments include a new first-floor kitchen, shared basement laundry, and off-street parking for every tenant.
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 $599,000.
What are key features of this property?
This property features: Four‑unit layout with two 2‑bedroom apartments and two 1‑bedroom apartments; 4,549 square feet on a 0.1102‑acre parcel; Vacant first‑floor apartment with a brand‑new kitchen
