Renovated Three-Unit
For Sale
$469,900
Pending
412 Ashland Avenue, Buffalo, NY 14222
Residential, Buffalo, NY
Property Size2,838 SF
Lot Size0.10 Acres
Days on Market62
Property Features for 412 Ashland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Patio and Porch features
Porch
Interior features
Attic
Exterior features
FullyFenced, PrivateYard
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
West Ferry to Ashland Avenue.
Subdivision
Buffalo City-140200
Standard status
Pending
APN
140200-100-290-0002-016-000
Size
2,838 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
5151
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
3
Flooring type
Tile, Varies, Vinyl, Hardwood
Building materials
BlownInInsulation, WoodSiding, CopperPlumbing
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 819-4200
Listed By:
Susan D Lenahan · License #30LE1129135
(716) 864-6757
Added: Jun 24
Changed: Aug 19
Last Checked: Aug 24 at 8:06PM
MLS# B1692274
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 2,838-square-foot triplex contains three residential units within a 1910 building. The first floor includes a foyer, hardwood flooring, living and dining rooms, a kitchen with a gas range and refrigerator, two bedrooms, and a full bath. The second unit offers living and dining areas, an updated kitchen, two bedrooms, a full bath, and built-in hallway storage. The top-floor unit features luxury vinyl flooring, a living room with a half-moon window, two bedrooms, a kitchen, and a renovated full bath.
Recent work includes blown-in insulation in the floors, basement, and attic; Anderson replacement windows; updated furnaces; a tankless water heater; new laundry equipment; exterior painting; and electrical and plumbing upgrades. The property also includes a covered porch, fenced private yard, attic, basement, public water, forced-air natural gas heat, copper plumbing, wood siding, and an asphalt shingle roof. It is located at 412 Ashland Avenue in Buffalo's Elmwood Village, near restaurants, shops, cultural attractions, art museums, and parks.
Recent work includes blown-in insulation in the floors, basement, and attic; Anderson replacement windows; updated furnaces; a tankless water heater; new laundry equipment; exterior painting; and electrical and plumbing upgrades. The property also includes a covered porch, fenced private yard, attic, basement, public water, forced-air natural gas heat, copper plumbing, wood siding, and an asphalt shingle roof. It is located at 412 Ashland Avenue in Buffalo's Elmwood Village, near restaurants, shops, cultural attractions, art museums, and parks.
Key Highlights
- Three‑unit multifamily property with 2,838 square feet of building area
- 1910 construction with updated furnaces, tankless water heater, insulation, windows, electrical, and plumbing
- First‑floor and second‑floor units each include two bedrooms and a full bath
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
$28,160
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
5.99%
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%
$563,200
$563.2K
Cap Rate 7%
$402,286
$402.3K
Cap Rate 9%
$312,889
$312.9K
Market Conditions
NOI Build-Up for 2,838 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
$42.6K $15.00/SF
− Vacancy
−$2.3K −$0.83/SF
EGI
$40.2K $14.17/SF
− OpEx
−$12.1K −$4.25/SF
NOI
$28.2K $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%
$563,200
Cap Rate 7%
$402,286
Cap Rate 9%
$312,889
Alternative Uses
Best Use
Multifamily LT 5
$402.3K
$352.0K – $469.3K
NOI $28,160 @ 7.0% cap · market cap 5.99%
Second Best
Apartment 5plus
$370.5K
$324.2K – $432.3K
NOI $25,937 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$682.5K
$597.2K – $796.2K
NOI $47,774 @ 7.0% cap · market cap 10.17%
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
1,829
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?
Triplex - Three residential units combine period character with updated kitchens, baths, windows, mechanical systems, and electrical improvements.
Where is this triplex located?
The property is located at 412 Ashland Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,838 square feet of building area; 1910 construction with updated furnaces, tankless water heater, insulation, windows, electrical, and plumbing; First‑floor and second‑floor units each include two bedrooms and a full bath
