Character-Rich
For Sale
$399,000
195 Hodge Avenue, Buffalo, NY 14222
Three-unit property with separate utilities, updated mechanics, circuit breakers, and original architectural details.
Property Size3,368 SF
Price / SF$118.47
Days on Market110
Property Features for 195 Hodge Avenue
General Information
Standard status
Active
Size
3,368 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
does need updating
Additional Details
Utilities to Site
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,998
Amenities
Gas
Full
3
Hardwood, Ceramic Tile, Laminate
Internet Connection, Fire Escape, Natural Woodwork
Asphalt
Other, Full, Partial
Porch, Covered, Open
Parking. Fenced Yard.
On Street.
Wood, Other
Rectangular
40X150
City Road, Rectangular.
Building Details
Year Built
1900
Buildings
1
Listing Agency:
HUNT Real Estate Corporation
(716) 864-7001
Listed By:
Dianne Michlinski · License #10301210410
(716) 864-7001
Source:
Xome
Added: May 14
Changed: Aug 31
Last Checked: Aug 31 at 3:17AM
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 HUNT Real Estate Corporation
Investment Insights
Based on property information with market context.
Built in 1900, this 3-unit triplex contains 3368 square feet and retains period features including hardwood floors, tall ceilings, stained glass windows, natural woodwork, and other original architectural details. The property needs updating but includes separate utilities, updated mechanics, and circuit breakers. Additional features include gas service, a covered and open porch, a fenced yard, fire escape, and on-street parking.
The property is located at 195 Hodge Avenue in Buffalo’s Elmwood Village, with restaurants, cafes, shops, parks, and nightlife nearby. The lot is rectangular and measures 40X150, with wood and other exterior materials and asphalt paving.
The property is located at 195 Hodge Avenue in Buffalo’s Elmwood Village, with restaurants, cafes, shops, parks, and nightlife nearby. The lot is rectangular and measures 40X150, with wood and other exterior materials and asphalt paving.
Key Highlights
- 3‑unit triplex with 3368 square feet
- Separate utilities, updated mechanics, and circuit breakers
- Hardwood floors, tall ceilings, stained glass, and natural woodwork
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
$33,419
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
8.38%
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%
$668,380
$668.4K
Cap Rate 7%
$477,414
$477.4K
Cap Rate 9%
$371,322
$371.3K
Market Conditions
NOI Build-Up for 3,368 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
$50.5K $15.00/SF
− Vacancy
−$2.8K −$0.83/SF
EGI
$47.7K $14.17/SF
− OpEx
−$14.3K −$4.25/SF
NOI
$33.4K $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%
$668,380
Cap Rate 7%
$477,414
Cap Rate 9%
$371,322
Alternative Uses
Best Use
Multifamily LT 5
$477.4K
$417.7K – $557.0K
NOI $33,419 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$439.7K
$384.8K – $513.0K
NOI $30,781 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$809.9K
$708.7K – $944.9K
NOI $56,696 @ 7.0% cap · market cap 14.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,370
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?
Triplex - Three-unit property with separate utilities, updated mechanics, circuit breakers, and original architectural details.
Where is this triplex located?
The property is located at 195 Hodge Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 3‑unit triplex with 3368 square feet; Separate utilities, updated mechanics, and circuit breakers; Hardwood floors, tall ceilings, stained glass, and natural woodwork
