Renovated Three-Unit
New
For Sale
$535,000
346 Woodward Avenue, Buffalo, NY 14214
Three residential units offer flexible occupancy, basement laundry, appliances, and off-street parking.
Property Size2,694 SF
Days on Market5
Property Features for 346 Woodward Avenue
General Information
Standard status
Active
Size
2,694 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,026
Amenities
stove and refrigerator
shared washer and dryer
Building Details
Building Size
2,694 SF
Year Built
1915
Listing Agency:
WNY Metro Roberts Realty
Listed By:
Philippe Khoury · License #10301223270
(716) 906-1149
Source:
Highfallssir
Added: Aug 31
Changed: Sep 3
Last Checked: Sep 2 at 9:23PM
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 Buffalo triplex contains three residential units within a 1915 property. The first and second floors share a two-bedroom layout with formal dining rooms, butler’s pantries, and porch access on the first floor. The second-floor apartment is vacant, while the first-floor unit is leased through March 2027. The third-floor apartment also includes two bedrooms, a living area, and Palladian windows; it has been occupied since October 2025. Stoves and refrigerators serve all units, with shared laundry in the basement and off-street parking.
Recent work includes a full tear-off roof, replacement of the main sewer line, upgraded electrical service and panel, refreshed flooring and paint, and painting throughout the interior, exterior, and windows. The property is located near Delaware Park, the Buffalo Zoo, and the Darwin Martin House in Buffalo’s historic residential setting.
Recent work includes a full tear-off roof, replacement of the main sewer line, upgraded electrical service and panel, refreshed flooring and paint, and painting throughout the interior, exterior, and windows. The property is located near Delaware Park, the Buffalo Zoo, and the Darwin Martin House in Buffalo’s historic residential setting.
Key Highlights
- Three‑unit triplex built in 1915
- First‑floor unit leased through March 2027; second‑floor unit is vacant
- Third‑floor unit occupied since October 2025
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
$26,731
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
5.00%
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%
$534,620
$534.6K
Cap Rate 7%
$381,871
$381.9K
Cap Rate 9%
$297,011
$297.0K
Market Conditions
NOI Build-Up for 2,694 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
$40.4K $15.00/SF
− Vacancy
−$2.2K −$0.83/SF
EGI
$38.2K $14.17/SF
− OpEx
−$11.5K −$4.25/SF
NOI
$26.7K $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%
$534,620
Cap Rate 7%
$381,871
Cap Rate 9%
$297,011
Alternative Uses
Best Use
Multifamily LT 5
$381.9K
$334.1K – $445.5K
NOI $26,731 @ 7.0% cap · market cap 5.00%
Second Best
Apartment 5plus
$351.7K
$307.8K – $410.4K
NOI $24,621 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$647.9K
$566.9K – $755.8K
NOI $45,350 @ 7.0% cap · market cap 8.48%
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
801
Businesses Nearby
Explore this area
Business Placement
Demographics for 14214, NY
20,732
Population
9,280
Households
2.2
Avg Household Size
32
Median Age
46%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
6,282
Density / Sq Mi
$56,573
Median Household Income
$29,928
Median Earnings
$1,072
Median Rent
$234,600
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 - Three residential units offer flexible occupancy, basement laundry, appliances, and off-street parking.
Where is this triplex located?
The property is located at 346 Woodward Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Three‑unit triplex built in 1915; First‑floor unit leased through March 2027; second‑floor unit is vacant; Third‑floor unit occupied since October 2025
