Corner-Lot
For Sale
$540,000
Pending
242 NORWOOD AVE, Buffalo, NY 14222
Three apartments offer hardwood interiors, included appliances, shared laundry, a walk-up attic, garage, and driveway access.
Property Size3,102 SF
Days on Market344
Property Features for 242 NORWOOD AVE
General Information
Standard status
Pending
Size
3,102 SF
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1BA, 2 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,624
Amenities
in-unit laundry hookups
shared coin-operated laundry
covered front porch
private balcony
walk-up attic
full basement
Gas
Full
3
Hardwood, Tile
Corner Lot.
2 Garage Spaces. Concrete Driveway.
Wood
Rectangular
40X108
Corner, Rectangular.
Building Details
Year Built
1894
Buildings
1
Listing Agency:
AMP Equity Management
(716) 640-4562
Listed By:
Maxwell Salman
(716) 628-5377
Source:
Xome
Added: Sep 22, 2025
Changed: Aug 30
Last Checked: Aug 30 at 8:14PM
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 AMP Equity Management
Investment Insights
Based on property information with market context.
This three-unit property at 242 Norwood Ave includes 3,102 square feet across a lower three-bedroom, one-bath apartment and two one-bedroom upper apartments. Hardwood flooring, natural woodwork, tile, and abundant natural light distinguish the interiors. The lower residence includes in-unit laundry hookups and a covered front porch, while the upper front apartment has a private balcony and the upper rear unit features an eat-in kitchen. Appliances remain with the property, and recent work includes exterior painting, a replacement driveway, a new walkway, and interior updates to the apartments.
The building occupies a corner lot near Five Points, Elmwood Village, Allentown, and downtown Buffalo. Exterior amenities include a three-car driveway, two-car garage, full walk-up attic, and full basement with shared coin-operated laundry. Built in 1894, the property combines period architectural details with practical tenant amenities.
The building occupies a corner lot near Five Points, Elmwood Village, Allentown, and downtown Buffalo. Exterior amenities include a three-car driveway, two-car garage, full walk-up attic, and full basement with shared coin-operated laundry. Built in 1894, the property combines period architectural details with practical tenant amenities.
Key Highlights
- Three‑unit triplex with 3,102 square feet
- Lower apartment has 3 bedrooms, 1 bathroom, covered front porch, and in‑unit laundry hookups
- Two upper apartments each have 1 bedroom; front unit includes a private balcony
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
$30,780
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
5.70%
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%
$615,600
$615.6K
Cap Rate 7%
$439,714
$439.7K
Cap Rate 9%
$342,000
$342.0K
Market Conditions
NOI Build-Up for 3,102 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
$46.5K $15.00/SF
− Vacancy
−$2.6K −$0.83/SF
EGI
$44.0K $14.17/SF
− OpEx
−$13.2K −$4.25/SF
NOI
$30.8K $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%
$615,600
Cap Rate 7%
$439,714
Cap Rate 9%
$342,000
Alternative Uses
Best Use
Multifamily LT 5
$439.7K
$384.8K – $513.0K
NOI $30,780 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$405.0K
$354.4K – $472.5K
NOI $28,350 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$746.0K
$652.7K – $870.3K
NOI $52,218 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,818
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 apartments offer hardwood interiors, included appliances, shared laundry, a walk-up attic, garage, and driveway access.
Where is this triplex located?
The property is located at 242 NORWOOD AVE Buffalo, NY.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Three‑unit triplex with 3,102 square feet; Lower apartment has 3 bedrooms, 1 bathroom, covered front porch, and in‑unit laundry hookups; Two upper apartments each have 1 bedroom; front unit includes a private balcony
