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 Market106
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: Aug 31
Last Checked: Aug 31 at 2:23PM
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 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 = 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
$324,100
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
5.27%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
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 - 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
