Renovated 36-Unit Apartment
For Sale
Contact for pricing
273 Richmond Avenue, Buffalo, NY 14222
Three updated residential buildings offer modernized units in Buffalo’s Allentown neighborhood.
Property Size35,462 SF
Price / SF$173.43
Days on Market153
Property Features for 273 Richmond Avenue
General Information
Standard status
Active
Size
35,462 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$403,947
Additional Details
Multifamily Units
36
Building Details
Year Built
1900
Year Renovated
2024
Buildings
3
Tenancy
Multi
Listing Agency:
Cushman & Wakefield Pyramid Brokerage Company - Buffalo, New York
Listed By:
Robert Stewart · License #0000
Source:
Crexi
Added: May 21
Changed: Oct 18
Last Checked: Oct 19 at 5:34AM
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
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Investment Insights
Based on property information with market context.
This apartment portfolio comprises three buildings with a combined 36 residential units and 35,462 square feet. The properties are located at 273 Richmond Avenue, 159 College Street, and 26 Irving Place in Buffalo. Originally built in 1900, each building received a comprehensive renovation in 2024, bringing updated interiors while retaining elements associated with the surrounding historic district.
The assets are positioned in Buffalo’s Allentown neighborhood, with proximity to Downtown Buffalo and the Buffalo Niagara Medical Campus. The neighborhood is described as walkable and amenity-rich, providing an urban setting for the residential properties. Together, the three locations form a consolidated multifamily offering within the city.
The assets are positioned in Buffalo’s Allentown neighborhood, with proximity to Downtown Buffalo and the Buffalo Niagara Medical Campus. The neighborhood is described as walkable and amenity-rich, providing an urban setting for the residential properties. Together, the three locations form a consolidated multifamily offering within the city.
Key Highlights
- 36 residential units across three apartment buildings
- 35,462 square feet combined
- Comprehensive renovations completed in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$324,100
Cap Rate
5.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,482,000
$6.5M
Cap Rate 7%
$4,630,000
$4.6M
Cap Rate 9%
$3,601,111
$3.6M
Market Conditions
NOI Build-Up for 35,462 SF
Gross rent
$617.0K $17.40/SF
− Vacancy
−$27.8K −$0.78/SF
EGI
$589.3K $16.62/SF
− OpEx
−$265.2K −$7.48/SF
NOI
$324.1K $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 Rate 5%
$6,482,000
Cap Rate 7%
$4,630,000
Cap Rate 9%
$3,601,111
Alternative Uses
Best Use
Apartment 5plus
$4.63M
$4.05M – $5.40M
NOI $324,100 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.53M
$7.46M – $9.95M
NOI $596,953 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
36
Residential units
Location Intelligence
Trade Area within ½ mile
1,984
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Three updated residential buildings offer modernized units in Buffalo’s Allentown neighborhood.
Where is this apartment building located?
The property is located at 273 Richmond Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $6,150,000.
What are key features of this property?
This property features: 36 residential units across three apartment buildings; 35,462 square feet combined; Comprehensive renovations completed in 2024
