Quadplex with Finished
New
For Sale
$299,900
2962 Bailey Avenue, Buffalo, NY 14215
Residential, Buffalo, NY
Property Size3,003 SF
Lot Size0.11 Acres
Price / SF$99.87
Days on Market3
Property Features for 2962 Bailey Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bathroom 2, Basement, Bathroom 4, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1
Appliances
GasWaterHeater
Subdivision
Kensington Bailey Add #1
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Standard status
Active
APN
140200-090-410-0001-011-000
Size
3,003 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
3764
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
finished basement
Building Details
Year built
1945
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Varies
Building materials
Brick, Frame, VinylSiding
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
MD Zahid Al Mamun · License #10401401589
(347) 357-4253
Added: Sep 29
Changed: Oct 1
Last Checked: Oct 1 at 7:06PM
MLS# B1710894
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit residential property contains a studio and three other apartments. Improvements include updated kitchens and bathrooms, vinyl windows, and luxury vinyl flooring. A finished basement and a two-car garage are also part of the property. The building was constructed in 1945 and sits on a 0.1072-acre parcel in Buffalo, New York.
Key Highlights
- Four units: one studio and three additional apartments
- Finished basement and two‑car garage
- Recent improvements include kitchens, bathrooms, vinyl windows, and luxury vinyl flooring
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
$27,445
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
9.15%
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%
$548,900
$548.9K
Cap Rate 7%
$392,071
$392.1K
Cap Rate 9%
$304,944
$304.9K
Market Conditions
NOI Build-Up for 3,003 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
$52.3K $17.40/SF
− Vacancy
−$2.4K −$0.78/SF
EGI
$49.9K $16.62/SF
− OpEx
−$22.5K −$7.48/SF
NOI
$27.4K $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%
$548,900
Cap Rate 7%
$392,071
Cap Rate 9%
$304,944
Alternative Uses
Best Use
Multifamily LT 5
$425.7K
$372.5K – $496.6K
NOI $29,797 @ 7.0% cap · market cap 9.94%
Second Best
Apartment 5plus
$392.1K
$343.1K – $457.4K
NOI $27,445 @ 7.0% cap · market cap 9.15%
Theoretical Best
Office A
$722.2K
$631.9K – $842.5K
NOI $50,551 @ 7.0% cap · market cap 16.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
746
Businesses Nearby
Explore this area
Business Placement
Demographics for 14215, NY
42,447
Population
19,203
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
87%
High-School Grad
4.8 sq mi
ZIP Area
8,843
Density / Sq Mi
$43,326
Median Household Income
$29,204
Median Earnings
$993
Median Rent
$102,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include a studio and three additional apartments.
Where is this quadplex located?
The property is located at 2962 Bailey Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Four units: one studio and three additional apartments; Finished basement and two‑car garage; Recent improvements include kitchens, bathrooms, vinyl windows, and luxury vinyl flooring
