14-Unit Apartment
For Sale
$1,750,000
197 Virginia Street, Buffalo, NY 14201
MultiFamily, Buffalo, NY
Property Size13,246 SF
Lot Size0.09 Acres
Price / SF$132.12
Days on Market8
Property Features for 197 Virginia Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
13
Rooms
Bedroom 7, Bedroom 11, Bedroom 13, Bedroom 3, Bedroom 12, Bedroom 8, Bedroom 1, Bedroom 6, Bedroom 2, Bedroom 5, Basement, Bedroom 9, Bedroom 4, Bedroom 10
Parking features
Garage, Driveway
Appliances
Dishwasher, GasOven, GasRange, GasWaterHeater, Refrigerator
Subdivision
City/Buffalo
Lot features
Corner Lot, Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Prospect to Virginia
Standard status
Active
APN
140200-110-360-0007-012-000
Size
13,246 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
29620
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
coin operated washer/dryers
Building Details
Year built
1900
Floors in Building
3
Number of units
14
Flooring type
Varies, Hardwood, Tile
Building materials
BlownInInsulation, Brick
Roof type
Flat
Listing Agency:
WNY Metro Roberts Realty
(716) 891-1710
Listed By:
David M Witczak · License #40WI1033093
(716) 602-9708
Added: Sep 24
Changed: Sep 29
Last Checked: Oct 1 at 6:06PM
MLS# B1717132
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.
This 14-unit apartment property was built in 1900 and remodeled in 2018/19. The 13,246-square-foot building sits on a 0.0902-acre lot. Apartment interiors include granite countertops and tile bathrooms, while the property also has coin-operated laundry, a water line to the street, and updated furnaces and air-conditioning units.
Located at 197 Virginia Street in Buffalo, the property includes driveway and garage parking. Long-term tenants are present. Heating is forced-air with natural gas, and cooling is provided by central air.
Located at 197 Virginia Street in Buffalo, the property includes driveway and garage parking. Long-term tenants are present. Heating is forced-air with natural gas, and cooling is provided by central air.
Key Highlights
- 14 apartment units in a 13,246‑square‑foot building
- Remodeled in 2018/19; built in 1900
- Granite countertops and tile bathrooms in the apartments
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
$121,060
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
6.92%
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%
$2,421,200
$2.4M
Cap Rate 7%
$1,729,429
$1.7M
Cap Rate 9%
$1,345,111
$1.3M
Market Conditions
NOI Build-Up for 13,246 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
$230.5K $17.40/SF
− Vacancy
−$10.4K −$0.78/SF
EGI
$220.1K $16.62/SF
− OpEx
−$99.0K −$7.48/SF
NOI
$121.1K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$2,421,200
Cap Rate 7%
$1,729,429
Cap Rate 9%
$1,345,111
Alternative Uses
Best Use
Apartment 5plus
$1.73M
$1.51M – $2.02M
NOI $121,060 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.19M
$2.79M – $3.72M
NOI $222,978 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
14
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,601
Businesses Nearby
Explore this area
Business Placement
Demographics for 14201, NY
12,364
Population
7,172
Households
1.7
Avg Household Size
33
Median Age
39%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
11,240
Density / Sq Mi
$34,204
Median Household Income
$34,081
Median Earnings
$953
Median Rent
$327,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated apartments feature granite countertops and tile bathrooms, with building systems updated for resident comfort.
Where is this apartment building located?
The property is located at 197 Virginia Street Buffalo, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 14 apartment units in a 13,246‑square‑foot building; Remodeled in 2018/19; built in 1900; Granite countertops and tile bathrooms in the apartments
