Triplex with Double Lot
For Sale
$239,999
31 Elkhart Street, Buffalo, NY 14218
Well-maintained triplex with unit mix of 3-bed, 1-bed, and studio apartments plus shared coin laundry and off-street parking.
Property Size1,909 SF
Days on Market71
Property Features for 31 Elkhart Street
General Information
Standard status
Active
Size
1,909 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$3,531
Building Details
Building Size
1,909 SF
Year Built
1905
Stories
2
Units
3
Listing Agency:
WNY Metro Roberts Realty
(716) 310-2934
Listed By:
Matthew Messing · License #10401360512
(716) 310-2934
Source:
Wcirealty
Added: Jun 16
Changed: Aug 23
Last Checked: Aug 24 at 2:58PM
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 WNY Metro Roberts Realty
Investment Insights
Based on property information with market context.
This well-maintained triplex is situated on a rare double lot and has been owned and cared for by the same owner for more than 20 years. The property features a unit mix of one 3-bedroom, 1-bath apartment, one 1-bedroom, 1-bath apartment, and one studio apartment. Residents have access to a common coin-operated laundry area. Capital improvements already completed include a newer electrical service line, updated electrical panels and panel boxes, extensive rewiring, and updated copper plumbing.
The expansive double lot is currently used as off-street tenant parking, adding practical convenience and improving day-to-day functionality for residents.
For investors seeking a residential income property with a clear mix of apartment sizes and on-site shared laundry, this triplex offers an established residential setup and ownership history. The completed electrical and plumbing updates provide added reassurance for the next owner while the extra outdoor space supports everyday tenant needs through dedicated off-street parking. Showings begin at the open house on Thursday, June 18, from 5:00 PM to 7:00 PM.
The expansive double lot is currently used as off-street tenant parking, adding practical convenience and improving day-to-day functionality for residents.
For investors seeking a residential income property with a clear mix of apartment sizes and on-site shared laundry, this triplex offers an established residential setup and ownership history. The completed electrical and plumbing updates provide added reassurance for the next owner while the extra outdoor space supports everyday tenant needs through dedicated off-street parking. Showings begin at the open house on Thursday, June 18, from 5:00 PM to 7:00 PM.
Key Highlights
- Well‑maintained triplex built in 1905 with unit mix of one 3BR/1BA, one 1BR/1BA, and one studio apartment.
- Owned and cared for by the same owner for more than 20 years.
- Shared common coin‑operated laundry area provides an additional income stream.
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
$18,942
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
7.89%
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%
$378,840
$378.8K
Cap Rate 7%
$270,600
$270.6K
Cap Rate 9%
$210,467
$210.5K
Market Conditions
NOI Build-Up for 1,909 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
$28.6K $15.00/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$27.1K $14.17/SF
− OpEx
−$8.1K −$4.25/SF
NOI
$18.9K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$378,840
Cap Rate 7%
$270,600
Cap Rate 9%
$210,467
Alternative Uses
Best Use
Multifamily LT 5
$270.6K
$236.8K – $315.7K
NOI $18,942 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$249.2K
$218.1K – $290.8K
NOI $17,447 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$459.1K
$401.7K – $535.6K
NOI $32,135 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
Explore this area
Business Placement
Demographics for 14218, NY
20,878
Population
9,478
Households
2.2
Avg Household Size
38
Median Age
21%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
2,578
Density / Sq Mi
$50,484
Median Household Income
$36,457
Median Earnings
$829
Median Rent
$135,000
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?
Triplex - Well-maintained triplex with unit mix of 3-bed, 1-bed, and studio apartments plus shared coin laundry and off-street parking.
Where is this triplex located?
The property is located at 31 Elkhart Street Buffalo, NY.
What is the asking price?
The asking price for this property is $239,999.
What are key features of this property?
This property features: Well‑maintained triplex built in 1905 with unit mix of one 3BR/1BA, one 1BR/1BA, and one studio apartment.; Owned and cared for by the same owner for more than 20 years.; Shared common coin‑operated laundry area provides an additional income stream.
