12-Unit Apartment
For Sale
Contact for pricing
247 West Utica, Buffalo, NY 14222
Renovated units combine stainless steel appliances with preserved architectural details.
Property Size10,040 SF
Price / SF$147.41
Days on Market26
Property Features for 247 West Utica
General Information
Standard status
Active
Size
10,040 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$108,971
Additional Details
Multifamily Units
12
Amenities
shared laundry
hardwood floors
Building Details
Year Built
1926
Year Renovated
2026
Buildings
1
Units
12
Tenancy
Multi
Listing Agency:
Cushman & Wakefield Pyramid Brokerage Company - Buffalo, New York
Listed By:
Robert Stewart · License #0000
Source:
Crexi
Added: Jul 20
Changed: Aug 9
Last Checked: Aug 13 at 2:36PM
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 Cushman & Wakefield Pyramid Brokerage Company - Buffalo, New York
Investment Insights
Based on property information with market context.
This 12-unit apartment building at 247 West Utica in Buffalo was constructed in 1926 and has received several renovations, including work as recent as 2026. Unit interiors feature updated finishes, stainless steel appliances, hardwood floors, decorative fireplaces, patterned tile, and abundant natural light. Shared laundry is available on the property.
The ownership structure includes landlord-paid gas, electric, water, and garbage service, while tenants are responsible for cable and internet. Original architectural details remain integrated with the renovated interiors, creating a combination of updated residential functionality and historic character.
The ownership structure includes landlord-paid gas, electric, water, and garbage service, while tenants are responsible for cable and internet. Original architectural details remain integrated with the renovated interiors, creating a combination of updated residential functionality and historic character.
Key Highlights
- 12‑unit apartment building at 247 West Utica, Buffalo, NY 14222
- Originally constructed in 1926
- Several renovations, with updates as recent as 2026
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
$91,759
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
6.20%
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%
$1,835,180
$1.8M
Cap Rate 7%
$1,310,843
$1.3M
Cap Rate 9%
$1,019,544
$1.0M
Market Conditions
NOI Build-Up for 10,040 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
$174.7K $17.40/SF
− Vacancy
−$7.9K −$0.78/SF
EGI
$166.8K $16.62/SF
− OpEx
−$75.1K −$7.48/SF
NOI
$91.8K $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%
$1,835,180
Cap Rate 7%
$1,310,843
Cap Rate 9%
$1,019,544
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $91,759 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.41M
$2.11M – $2.82M
NOI $169,009 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,208
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?
Apartment building - Renovated units combine stainless steel appliances with preserved architectural details.
Where is this apartment building located?
The property is located at 247 West Utica Buffalo, NY.
What is the asking price?
The asking price for this property is $1,480,000.
What are key features of this property?
This property features: 12‑unit apartment building at 247 West Utica, Buffalo, NY 14222; Originally constructed in 1926; Several renovations, with updates as recent as 2026
