Triplex with Open
For Sale
$535,000
346 Woodward Avenue, Buffalo, NY 14214
Residential, Buffalo, NY
Property Size2,694 SF
Lot Size0.09 Acres
Price / SF$198.59
Days on Market32
Property Features for 346 Woodward Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 3, Basement, Bedroom 1
Interior features
Attic, Storage
Exterior features
Balcony
Appliances
GasWaterHeater
Subdivision
Park Gardens Sub 1
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Standard status
Active
APN
140200-089-340-0001-008-000
Size
2,694 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
5026
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
shared washer and dryer
Building Details
Year built
1915
Floors in Building
3
Number of units
3
Flooring type
Varies, Hardwood, Vinyl, Tile, Carpet
Building materials
WoodSiding, CopperPlumbing
Roof type
Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
WNY Metro Roberts Realty
(716) 559-9972
Listed By:
Philippe Khoury · License #10301223270
(716) 906-1149
Added: Aug 31
Changed: Sep 27
Last Checked: Oct 1 at 7:06PM
MLS# B1709920
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 2,694-square-foot, three-unit property was built in 1915 and sits on a 0.0875-acre lot. The first-floor apartment has two bedrooms, a formal dining room, a butler’s pantry, and French doors opening onto a porch. The second-floor unit follows a similar layout and is vacant. The third-floor apartment includes two bedrooms, a living area, and Palladian windows. Each residence has a stove and refrigerator; a washer and dryer are shared in the basement. Off-street parking is available.
Recent work includes a full tear-off roof, replacement of the main sewer line, and upgraded electrical service and panel, all completed in 2025. Flooring and interior paint work took place in 2024–2025, with interior, exterior, and window painting reported for July 2026. The property is in Buffalo, near Delaware Park, the Buffalo Zoo, and the Darwin Martin House.
Recent work includes a full tear-off roof, replacement of the main sewer line, and upgraded electrical service and panel, all completed in 2025. Flooring and interior paint work took place in 2024–2025, with interior, exterior, and window painting reported for July 2026. The property is in Buffalo, near Delaware Park, the Buffalo Zoo, and the Darwin Martin House.
Key Highlights
- Three apartments totaling 2,694 square feet on a 0.0875‑acre lot
- Built in 1915
- First‑floor unit has two bedrooms, formal dining room, pantry, and porch access
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate apartments include a vacant second-floor residence, shared basement laundry, 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 apartments totaling 2,694 square feet on a 0.0875‑acre lot; Built in 1915; First‑floor unit has two bedrooms, formal dining room, pantry, and porch access
