Mixed-Unit Rooming House
340 Elmwood Avenue Buffalo, NY 14222
For Sale
$599,900
Unique multifamily property with seven shared-amenity rooms, multiple studios, and one single-bedroom unit under professional management.
Property Size4,970 SF
Price / SF$120.70
Days on Market172
Property Features for 340 Elmwood Avenue
General Information
- Standard status
- Active
- Size
- 4,970 SF
- Property subtype
- Multi Family / Other
Building Details
- Year Built
- 1900
Listing Agency:
Network One Realty
(716) 874-3530
Listed By:
Michael F Battaglia · License #10371200173
(716) 874-3530
Source:
Compass
Added: Feb 3
Changed: Jul 23
Last Checked: Jul 25 at 12:25PM
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 Network One Realty
Investment Insights
Based on property information with market context.
This mixed-unit income building operates as a rooming house and includes seven individual rooms that share two modern bathrooms, plus one single-bedroom apartment. The property also features three modified studio-style units. Roof and mechanicals are approximately eight years old, and the building has mostly replacement windows and a newer roof and mechanicals.
The property includes shared driveway access and a deep lot with room to expand parking. All utilities are included in rents, and tenants are leased and also month-to-month. Professional third-party management is in place, and the operator notes that appointments require 48 hours; on the first tour, 1–3 units will be shown.
The property is offered for sale and includes supplemental information on income and expenses. Existing licenses for the rooming house operation have been in place for many years, supporting the current configuration and management approach.
The property includes shared driveway access and a deep lot with room to expand parking. All utilities are included in rents, and tenants are leased and also month-to-month. Professional third-party management is in place, and the operator notes that appointments require 48 hours; on the first tour, 1–3 units will be shown.
The property is offered for sale and includes supplemental information on income and expenses. Existing licenses for the rooming house operation have been in place for many years, supporting the current configuration and management approach.
Key Highlights
- 340 Elmwood is a multifamily/rooming‑house setup with 7 individual rooms sharing 2 modern bathrooms.
- Unit mix includes 3 studio‑style units plus 1 single‑bedroom apartment.
- Total building size is 4,970 SF with a full basement.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $86.5k | $17.40 |
| − Vacancy | −$3.9k | −$0.78 |
| EGI | $82.6k | $16.62 |
| − OpEx | −$37.2k | −$7.48 |
| NOI | $45.4k | $9.14 |
4,970 SF · lease $17.40/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$648.9K
$567.8K – $757.1K
NOI $45,423 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.39M
NOI $83,663 @ 7.0% cap · market cap 13.95%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Unique multifamily property with seven shared-amenity rooms, multiple studios, and one single-bedroom unit under professional management.
Where is this apartment building located?
The property is located at 340 Elmwood Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 340 Elmwood is a multifamily/rooming‑house setup with 7 individual rooms sharing 2 modern bathrooms.; Unit mix includes 3 studio‑style units plus 1 single‑bedroom apartment.; Total building size is 4,970 SF with a full basement.
