4-Unit Quadplex with Original
New
For Sale
$629,900
343 Richmond Avenue, Buffalo, NY 14222
Four separately metered apartments offer varied layouts, updated mechanical systems, and architectural details including hardwood floors and built-ins.
Property Size5,120 SF
Days on Market7
Property Features for 343 Richmond Avenue
General Information
Standard status
Active
Size
5,120 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$9,640
Building Details
Building Size
5,120 SF
Year Built
1900
Listing Agency:
HUNT Real Estate ERA
(716) 807-6401
Listed By:
Sean Mattrey · License #10301220699
(716) 807-6401
Source:
Highfallssir
Added: Aug 17
Changed: Aug 21
Last Checked: Aug 23 at 9:30AM
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 HUNT Real Estate ERA
Investment Insights
Based on property information with market context.
This four-unit residential income property, built in 1900, combines spacious apartment layouts with preserved architectural features. The configuration includes one 1BR/1BA apartment, one 2BR/2BA apartment, and two 3BR/1BA apartments. Hardwood flooring, natural woodwork, original trim, built-in shelving, and decorative leaded glass add character throughout the building. Updated mechanical systems and electric service panels support the property, while the basement houses laundry, mechanical equipment, multiple furnaces, hot water tanks, and separate electrical panels.
Each apartment is separately metered for gas and electric. One 3BR/1BA unit is currently vacant, while the other three apartments are occupied. The property is located near Buffalo’s Elmwood Village and Five Points, with restaurants, coffee shops, retail, and entertainment nearby.
Each apartment is separately metered for gas and electric. One 3BR/1BA unit is currently vacant, while the other three apartments are occupied. The property is located near Buffalo’s Elmwood Village and Five Points, with restaurants, coffee shops, retail, and entertainment nearby.
Key Highlights
- Four‑unit property built in 1900
- Unit mix includes 1BR/1BA, 2BR/2BA, and two 3BR/1BA apartments
- One 3BR/1BA apartment is currently vacant
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
$50,803
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
8.07%
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%
$1,016,060
$1.0M
Cap Rate 7%
$725,757
$725.8K
Cap Rate 9%
$564,478
$564.5K
Market Conditions
NOI Build-Up for 5,120 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
$76.8K $15.00/SF
− Vacancy
−$4.2K −$0.83/SF
EGI
$72.6K $14.17/SF
− OpEx
−$21.8K −$4.25/SF
NOI
$50.8K $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%
$1,016,060
Cap Rate 7%
$725,757
Cap Rate 9%
$564,478
Alternative Uses
Best Use
Multifamily LT 5
$725.8K
$635.0K – $846.7K
NOI $50,803 @ 7.0% cap · market cap 8.07%
Second Best
Apartment 5plus
$668.5K
$584.9K – $779.9K
NOI $46,793 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,188 @ 7.0% cap · market cap 13.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,818
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four separately metered apartments offer varied layouts, updated mechanical systems, and architectural details including hardwood floors and built-ins.
Where is this quadplex located?
The property is located at 343 Richmond Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $629,900.
What are key features of this property?
This property features: Four‑unit property built in 1900; Unit mix includes 1BR/1BA, 2BR/2BA, and two 3BR/1BA apartments; One 3BR/1BA apartment is currently vacant
