Triplex on Double
For Sale
$239,999
Pending
31 Elkhart Street, Buffalo, NY 14218
MULTI_FAMILY - Other - Buffalo, NY
Property Size1,909 SF
Lot Size0.07 Acres
Days on Market53
Property Features for 31 Elkhart Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 4, Bedroom 2, Bathroom 3
Parking features
On Street
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Lackawanna
Middle school district
Lackawanna
High school district
Lackawanna
Directions
South Park to Elkhart St.
Subdivision
Lackawanna-City-140900
Standard status
Pending
APN
140900-142-700-0001-007-000
Size
1,909 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
3531
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
coin-operated laundry
off-street parking
Building Details
Year built
1905
Floors in Building
2
Number of units
3
Flooring type
Varies, Laminate
Building materials
AluminumSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 662-0449
Listed By:
Matthew Messing · License #10401360512
(716) 310-2934
Added: Jun 16
Changed: Aug 6
Last Checked: Aug 7 at 9:06AM
MLS# B1690290
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 triplex offers a practical rental layout with one 3-bedroom, 1-bath unit, one 1-bedroom, 1-bath unit, and one studio apartment. Residents have access to a common coin-operated laundry area. The property is supported by natural gas forced-air heating and includes a gas water heater. Exterior materials include aluminum siding, and the roof is asphalt.
A key differentiator is the expansive double lot (0.0747 acres), currently used as off-street tenant parking, adding useful day-to-day convenience beyond typical on-street options. Public water service is in place.
Significant capital improvements have been completed by the current owner, including a newer electrical service line, updated electrical panels and panel boxes, extensive rewiring, and updated copper plumbing. Built in 1905, the property is positioned for an investor seeking a well-cared-for, income-generating multifamily with added outdoor/parking flexibility.
A key differentiator is the expansive double lot (0.0747 acres), currently used as off-street tenant parking, adding useful day-to-day convenience beyond typical on-street options. Public water service is in place.
Significant capital improvements have been completed by the current owner, including a newer electrical service line, updated electrical panels and panel boxes, extensive rewiring, and updated copper plumbing. Built in 1905, the property is positioned for an investor seeking a well-cared-for, income-generating multifamily with added outdoor/parking flexibility.
Key Highlights
- 0.0747‑acre double lot used as off‑street tenant parking
- Unit mix: one 3‑bedroom 1‑bath, one 1‑bedroom 1‑bath, and one studio apartment
- Common coin‑operated laundry area for residents
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
Lease Details
3
Residential units
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 a rare double lot and coin-operated laundry common area for resident convenience.
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: 0.0747‑acre double lot used as off‑street tenant parking; Unit mix: one 3‑bedroom 1‑bath, one 1‑bedroom 1‑bath, and one studio apartment; Common coin‑operated laundry area for residents
