Triplex with Two-Car
New
For Sale
$220,000
367 University Avenue, Buffalo, NY 14223
Residential, Buffalo, NY
Property Size1,842 SF
Lot Size0.11 Acres
Price / SF$119.44
Days on Market2
Property Features for 367 University Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 2, Basement, Bathroom 1, Bathroom 3, Bedroom 1
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Kenmore-Tonawanda Union Free District
Middle school district
Kenmore-Tonawanda Union Free District
High school district
Kenmore-Tonawanda Union Free District
Subdivision
Tonawanda-Town-146489
Standard status
Active
APN
146489-079-220-0004-041-000
Size
1,842 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
3845
Utilities
Heating system
Electric (Heating), Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Carpet, Tile, Varies
Building materials
CompositeSiding, VinylSiding
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Hua Yang · License #10401323265
(716) 839-1189
Added: Aug 25
Last Checked: Aug 26 at 2:06PM
MLS# B1708898
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 1,842-square-foot triplex, built in 1930, includes two generously sized primary apartments plus a third studio in the lower level. The studio can remain a separate apartment, connect with the lower unit, or serve as storage. The lower apartment has two full bathrooms, while the property also offers a basement and a two-car garage with a newer roof. Heating includes forced air, natural gas, and electric systems, and the building is served by public water. Vinyl siding and composite siding are among the exterior materials, with vinyl, carpet, and tile flooring throughout.
The property is located at 367 University Avenue in Buffalo, near the library and UB South Campus. Off-street parking is available, and the separate apartment configuration supports independent occupancy of the units.
The property is located at 367 University Avenue in Buffalo, near the library and UB South Campus. Off-street parking is available, and the separate apartment configuration supports independent occupancy of the units.
Key Highlights
- Three‑apartment configuration with two spacious primary units and a lower‑level studio
- 1,842 square feet on a 0.1092‑acre lot
- Lower apartment includes two full bathrooms
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
$18,277
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
8.31%
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%
$365,540
$365.5K
Cap Rate 7%
$261,100
$261.1K
Cap Rate 9%
$203,078
$203.1K
Market Conditions
NOI Build-Up for 1,842 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
$27.6K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$26.1K $14.17/SF
− OpEx
−$7.8K −$4.25/SF
NOI
$18.3K $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%
$365,540
Cap Rate 7%
$261,100
Cap Rate 9%
$203,078
Alternative Uses
Best Use
Multifamily LT 5
$261.1K
$228.5K – $304.6K
NOI $18,277 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$240.5K
$210.4K – $280.6K
NOI $16,835 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$443.0K
$387.6K – $516.8K
NOI $31,007 @ 7.0% cap · market cap 14.09%
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
591
Businesses Nearby
Explore this area
Business Placement
Demographics for 14223, NY
22,658
Population
10,586
Households
2.1
Avg Household Size
41
Median Age
44%
College-Educated
97%
High-School Grad
3.5 sq mi
ZIP Area
6,474
Density / Sq Mi
$83,528
Median Household Income
$49,835
Median Earnings
$976
Median Rent
$202,200
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-apartment property with spacious primary units, flexible studio space, and off-street parking.
Where is this triplex located?
The property is located at 367 University Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Three‑apartment configuration with two spacious primary units and a lower‑level studio; 1,842 square feet on a 0.1092‑acre lot; Lower apartment includes two full bathrooms
