Updated Four-Unit
For Sale
$699,900
20-22 Granger Place, Buffalo, NY 14222
Four two-bedroom apartments combine refreshed interiors with original architectural details and one vacant unit for flexible ownership use.
Property Size4,428 SF
Days on Market8
Property Features for 20-22 Granger Place
General Information
Standard status
Active
Size
4,428 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,603
Building Details
Building Size
4,428 SF
Year Built
1900
Listing Agency:
HUNT Real Estate ERA
(716) 807-6401
Listed By:
Sean Mattrey · License #10301220699
(716) 807-6401
Source:
Highfallssir
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 24 at 3:08PM
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 ERA
Investment Insights
Based on property information with market context.
Located at 20-22 Granger Place in Buffalo, this quadplex was built in 1900 and contains four apartments, each configured with two bedrooms and one full bathroom. The interiors have been refreshed with updated kitchens, cabinetry, countertops, appliances, and bathrooms, while original architectural elements remain throughout the property. Living areas provide a practical residential layout with character that carries through the building.
One apartment is vacant, while the other three provide rental income, creating an owner-occupant configuration with an established income component. The available unit allows the next owner to select a residence within the property while maintaining income from the balance of the apartments. The combination of four consistent unit layouts, completed interior updates, and retained original details supports straightforward day-to-day management.
One apartment is vacant, while the other three provide rental income, creating an owner-occupant configuration with an established income component. The available unit allows the next owner to select a residence within the property while maintaining income from the balance of the apartments. The combination of four consistent unit layouts, completed interior updates, and retained original details supports straightforward day-to-day management.
Key Highlights
- Four apartments, each with 2 bedrooms and 1 full bathroom
- One unit is vacant; the remaining three provide rental income
- Updated kitchens include cabinetry, countertops, and appliances
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
$43,937
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
6.28%
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%
$878,740
$878.7K
Cap Rate 7%
$627,671
$627.7K
Cap Rate 9%
$488,189
$488.2K
Market Conditions
NOI Build-Up for 4,428 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
$66.4K $15.00/SF
− Vacancy
−$3.7K −$0.83/SF
EGI
$62.8K $14.17/SF
− OpEx
−$18.8K −$4.25/SF
NOI
$43.9K $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%
$878,740
Cap Rate 7%
$627,671
Cap Rate 9%
$488,189
Alternative Uses
Best Use
Multifamily LT 5
$627.7K
$549.2K – $732.3K
NOI $43,937 @ 7.0% cap · market cap 6.28%
Second Best
Apartment 5plus
$578.1K
$505.9K – $674.5K
NOI $40,469 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$1.06M
$931.7K – $1.24M
NOI $74,539 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
879
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 two-bedroom apartments combine refreshed interiors with original architectural details and one vacant unit for flexible ownership use.
Where is this quadplex located?
The property is located at 20-22 Granger Place Buffalo, NY.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Four apartments, each with 2 bedrooms and 1 full bathroom; One unit is vacant; the remaining three provide rental income; Updated kitchens include cabinetry, countertops, and appliances
