Renovated Brick
For Sale
$685,000
429 Franklin Street, Buffalo, NY 14202
Updated three-unit building with a separate office suite, modern kitchens, in-unit laundry, HVAC, and off-street parking.
Property Size4,440 SF
Price / SF$154.28
Days on Market193
Property Features for 429 Franklin Street
General Information
Standard status
Active
Size
4,440 SF
Property subtype
Multi Family / Commercial
Additional Details
Utilities to Site
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$5,008
Amenities
Two
Gas, Forced Air
Central Air
Gas Water Heater
Yes
4440.0
No
Washer Hookup
Carpet, Ceramic Tile, Hardwood, Varies
Ceiling Fans
Full
9
Asphalt, Architectural, Shingle
Blacktop Driveway
Storage Facilities
Blown In Insulation, Brick, Pex Plumbing
Building Details
Year Built
1890
Buildings
1
Stories
2
Building Size
4,440 SF
Construction
brick
Tenancy
Multi
Listing Agency:
Howard Hanna WNY Inc
(716) 932-5300
Listed By:
Michael J Hartke Jr · License #40HA1118942
(716) 932-5300
Source:
Compass
Added: Feb 19
Changed: Aug 30
Last Checked: Aug 30 at 7:59AM
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 Howard Hanna WNY Inc
Investment Insights
Based on property information with market context.
This 4,440-square-foot brick triplex, originally built in 1890, has been comprehensively renovated for residential rental use with an additional office component. The first floor contains a four-bedroom apartment and a separate office suite with its own bathroom. Two additional apartments occupy the second floor: one with three bedrooms and another with two bedrooms plus a loft. Unit features include updated kitchens and bathrooms, in-unit laundry, HVAC, central air, gas water heating, and varied hardwood, ceramic tile, and carpet flooring.
Recent building improvements include a new roof, upgraded mechanical systems, new HVAC equipment, and hot water tanks installed in 2025. Utility services have been separated between the spaces, and the property includes off-street parking, storage facilities, a blacktop driveway, brick exterior construction, and PEX plumbing.
Recent building improvements include a new roof, upgraded mechanical systems, new HVAC equipment, and hot water tanks installed in 2025. Utility services have been separated between the spaces, and the property includes off-street parking, storage facilities, a blacktop driveway, brick exterior construction, and PEX plumbing.
Key Highlights
- 4,440 SF brick triplex originally built in 1890
- First floor includes a 4‑bedroom apartment and separate office suite with bathroom
- Second floor offers 3‑bedroom and 2‑bedroom apartments with loft
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
$55,365
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
8.08%
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%
$1,107,300
$1.1M
Cap Rate 7%
$790,929
$790.9K
Cap Rate 9%
$615,167
$615.2K
Market Conditions
NOI Build-Up for 4,440 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
$90.6K $20.40/SF
− Vacancy
−$16.8K −$3.77/SF
EGI
$73.8K $16.63/SF
− OpEx
−$18.5K −$4.16/SF
NOI
$55.4K $12.47/SF
Area
Buffalo, NY
Vacancy
18.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,107,300
Cap Rate 7%
$790,929
Cap Rate 9%
$615,167
Alternative Uses
Best Use
Office B
$790.9K
$692.1K – $922.8K
NOI $55,365 @ 7.0% cap · market cap 8.08%
Second Best
Mixed Use
$685.0K
$599.4K – $799.2K
NOI $47,952 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$1.07M
$934.3K – $1.25M
NOI $74,741 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 14202, NY
3,850
Population
2,452
Households
1.6
Avg Household Size
38
Median Age
45%
College-Educated
92%
High-School Grad
0.9 sq mi
ZIP Area
4,278
Density / Sq Mi
$47,990
Median Household Income
$36,936
Median Earnings
$709
Median Rent
$495,800
Median Home Value
Market
Vacancy Rate% for Office in Buffalo, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Updated three-unit building with a separate office suite, modern kitchens, in-unit laundry, HVAC, and off-street parking.
Where is this triplex located?
The property is located at 429 Franklin Street Buffalo, NY.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 4,440 SF brick triplex originally built in 1890; First floor includes a 4‑bedroom apartment and separate office suite with bathroom; Second floor offers 3‑bedroom and 2‑bedroom apartments with loft
