Building Details

Building Size 7,074 SF

Year Built 1930

Year Renovated 2022

Buildings 1

Stories 3

Tenancy Multi

Listing Agency: Red Door Real Estate WNY LLC

Listed By: Ezra Littman · License #10401275518 Show Phone

Source: Highfallssir

Added: Oct 13 Changed: Oct 15 Last Checked: Oct 15 at 2:34AM

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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 Red Door Real Estate WNY LLC

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Investment Insights

Based on property information with market context.

Renovated in 2022, this three-story mixed-use property contains six apartments above a ground-floor storefront. The apartment mix includes three 1-bedroom, 1-bath units and three 2-bedroom, 1-bath units. The storefront is leased to an art studio and gallery through 7/31/2027.

The property occupies a 30-by-140-foot lot in Elmwood Village, near Elmwood Avenue shops, cafes and restaurants. A municipal parking lot is next door. Apartments have separate gas and electric meters, with tenants responsible for those utilities; the owner pays water and sewer.

Key Highlights

• Seven units: six apartments and one ground‑floor storefront
• Apartment mix includes three 1BR/1BA and three 2BR/1BA units
• Renovated in 2022

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$76,399

Cap Rate

7.28%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,527,980 $1.5M

Cap Rate 7%

$1,091,414 $1.1M

Cap Rate 9%

$848,878 $848.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,074 SF

Gross rent

$135.8K $19.20/SF

− Vacancy

−$13.6K −$1.92/SF

EGI

$122.2K $17.28/SF

− OpEx

−$45.8K −$6.48/SF

NOI

$76.4K $10.80/SF

Area

Buffalo, NY

Vacancy

10.00%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,527,980

Cap Rate 7%

$1,091,414

Cap Rate 9%

$848,878

Alternative Uses

Best Use

Mixed Use

$1.09M

$955.0K – $1.27M (±1% cap)

NOI $76,399 @ 7.0% cap · market cap 7.28%

Second Best

Retail

$984.4K

$861.3K – $1.15M (±1% cap)

NOI $68,905 @ 7.0% cap · market cap 6.56%

Theoretical Best

Office A

$1.70M

$1.49M – $1.98M (±1% cap)

NOI $119,081 @ 7.0% cap · market cap 11.34%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Katharine Phillips Event ... Event Planning bōtan (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Electrical Service (Bike/Boat/Book/etc) Store Locksmith Kitchen & Bath Showroom Plumbing Service Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

2,370

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Three stories combine residential units with a ground-level commercial storefront.

Where is this mixed-use property located?

The property is located at 291 Bryant Street Buffalo, NY.

What is the asking price?

The asking price for this property is $1,050,000.

What are key features of this property?

This property features: Seven units: six apartments and one ground‑floor storefront; Apartment mix includes three 1BR/1BA and three 2BR/1BA units; Renovated in 2022