Three-Unit Property with Carriage
For Sale
$429,900
380 Fargo Avenue, Buffalo, NY 14213
MULTI_FAMILY - Buffalo, NY
Property Size3,606 SF
Lot Size0.15 Acres
Price / SF$119.22
Days on Market17
Property Features for 380 Fargo Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 9, Bedroom 6, Bedroom 7, Bathroom 2, Bathroom 3, Basement, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 2, Bedroom 8, Bedroom 1
Patio and Porch features
Porch
Appliances
GasWaterHeater
Lot features
Greenbelt, Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Coming up Niagara St toward Vermont St. Make a right onto Rhode Island. Make a right onto Fargo Ave, the property will be located on your left.
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-099-660-0004-001-000
Size
3,606 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
1661
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
covered front porch
separate laundry hookups
Building Details
Year built
1890
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Varies
Building materials
VinylSiding
Roof type
Asphalt
Listing Agency:
Gurney Becker & Bourne
(716) 849-1234
Listed By:
Carmelo A Parlato · License #10401209029
(716) 335-2227
Added: Jul 29
Changed: Aug 10
Last Checked: Aug 14 at 4:06PM
MLS# B1701035
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 3,606-square-foot triplex includes a front two-family residence and a separate rear carriage house on a 0.1515-acre parcel. Built in 1890, the property offers three units, each with three bedrooms and one bathroom. Full basements provide additional storage and separate laundry hookups for each unit, while the front home features a covered porch. Hardwood flooring, vinyl siding, asphalt roofing, natural-gas forced-air heat, and public water are among the documented improvements. The front building is fully occupied.
Located at 380 Fargo Avenue in Buffalo, the property sits beside a community garden and includes parking behind the front residence. The two-building configuration creates physical separation between the front multifamily structure and the rear single-family carriage house, offering a distinct layout within one residential income property.
Located at 380 Fargo Avenue in Buffalo, the property sits beside a community garden and includes parking behind the front residence. The two-building configuration creates physical separation between the front multifamily structure and the rear single-family carriage house, offering a distinct layout within one residential income property.
Key Highlights
- 3,606 SF triplex on a 0.1515‑acre lot
- Front two‑family residence plus a separate rear carriage house
- Three units, each with 3 bedrooms and 1 bathroom
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
$35,781
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
8.32%
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%
$715,620
$715.6K
Cap Rate 7%
$511,157
$511.2K
Cap Rate 9%
$397,567
$397.6K
Market Conditions
NOI Build-Up for 3,606 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
$54.1K $15.00/SF
− Vacancy
−$3.0K −$0.83/SF
EGI
$51.1K $14.17/SF
− OpEx
−$15.3K −$4.25/SF
NOI
$35.8K $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%
$715,620
Cap Rate 7%
$511,157
Cap Rate 9%
$397,567
Alternative Uses
Best Use
Multifamily LT 5
$511.2K
$447.3K – $596.4K
NOI $35,781 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$470.8K
$412.0K – $549.3K
NOI $32,956 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$867.2K
$758.8K – $1.01M
NOI $60,702 @ 7.0% cap · market cap 14.12%
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
891
Businesses Nearby
Explore this area
Business Placement
Demographics for 14213, NY
25,834
Population
11,397
Households
2.3
Avg Household Size
30
Median Age
36%
College-Educated
81%
High-School Grad
1.9 sq mi
ZIP Area
13,597
Density / Sq Mi
$52,597
Median Household Income
$36,084
Median Earnings
$1,059
Median Rent
$192,300
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 combine classic period details, basement storage, and on-site parking on a compact Buffalo lot.
Where is this triplex located?
The property is located at 380 Fargo Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: 3,606 SF triplex on a 0.1515‑acre lot; Front two‑family residence plus a separate rear carriage house; Three units, each with 3 bedrooms and 1 bathroom
