Multifamily Property with Usable
New
For Sale
$159,000
24 Philadelphia St, Buffalo, NY 14207
Residential multifamily property with a functional interior layout, practical kitchen, bedrooms, and outdoor yard space.
Property Size1,287 SF
Price / SF$123.54
Days on Market2
Property Features for 24 Philadelphia St
General Information
Standard status
Active
Size
1,287 SF
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Public Transit
Yes
Building Details
Year Built
1910
Listing Agency:
Blue Eagle Realty Corp.
Listed By:
Alan Findlay · License #10401299791
(716) 284-6510
Source:
Thejoshjamesteam
Added: Sep 1
Last Checked: Sep 1 at 8:39PM
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 Blue Eagle Realty Corp.
Investment Insights
Based on property information with market context.
This 1,287-square-foot multifamily property was built in 1910 and includes a functional interior arrangement with living areas, a practical kitchen, and bedrooms. The property also offers a usable yard for outdoor space.
Located at 24 Philadelphia Street in Buffalo’s Riverside neighborhood, the home is near local shops, parks, public transportation, and major roadways. Its residential setting provides access to everyday amenities and commuting routes while retaining a neighborhood-oriented environment.
Located at 24 Philadelphia Street in Buffalo’s Riverside neighborhood, the home is near local shops, parks, public transportation, and major roadways. Its residential setting provides access to everyday amenities and commuting routes while retaining a neighborhood-oriented environment.
Key Highlights
- 1,287‑square‑foot multifamily property built in 1910
- Functional layout with living spaces, kitchen, and bedrooms
- Usable yard provides outdoor space
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
$11,762
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
7.40%
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%
$235,240
$235.2K
Cap Rate 7%
$168,029
$168.0K
Cap Rate 9%
$130,689
$130.7K
Market Conditions
NOI Build-Up for 1,287 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
$22.4K $17.40/SF
− Vacancy
−$1.0K −$0.78/SF
EGI
$21.4K $16.62/SF
− OpEx
−$9.6K −$7.48/SF
NOI
$11.8K $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%
$235,240
Cap Rate 7%
$168,029
Cap Rate 9%
$130,689
Alternative Uses
Best Use
Apartment 5plus
$168.0K
$147.0K – $196.0K
NOI $11,762 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$309.5K
$270.8K – $361.1K
NOI $21,665 @ 7.0% cap · market cap 13.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
Explore this area
Business Placement
Demographics for 14207, NY
26,006
Population
11,317
Households
2.3
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
3.9 sq mi
ZIP Area
6,668
Density / Sq Mi
$38,951
Median Household Income
$33,851
Median Earnings
$943
Median Rent
$111,200
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?
Multifamily property - Residential multifamily property with a functional interior layout, practical kitchen, bedrooms, and outdoor yard space.
Where is this multifamily property located?
The property is located at 24 Philadelphia St Buffalo, NY.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: 1,287‑square‑foot multifamily property built in 1910; Functional layout with living spaces, kitchen, and bedrooms; Usable yard provides outdoor space
