21-Room Bed & Breakfast
New
For Sale
$699,900
45 Richmond Avenue, Buffalo, NY 14222
Historic hospitality property with two kitchens and off-street parking.
Property Size7,844 SF
Price / SF$89.23
Days on Market5
Property Features for 45 Richmond Avenue
General Information
Standard status
Active
Size
7,844 SF
Property subtype
Business
Taxes and HOA fees
Annual Taxes
$5,798
Building Details
Building Size
7,844 SF
Year Built
1875
Buildings
1
Listing Agency:
HUNT Real Estate ERA
Listed By:
Joshua McDougall · License #10401336009
(716) 427-4971
Source:
Highfallssir
Added: Sep 7
Changed: Sep 10
Last Checked: Sep 10 at 8:19AM
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 HUNT Real Estate ERA
Investment Insights
Based on property information with market context.
Built in 1875, this 7,844-square-foot property at 45 Richmond Avenue in Buffalo, NY is configured as a former bed and breakfast. The building includes 21 rooms, two kitchens, off-street parking, and additional space for a garage.
The spacious layout supports continued hospitality use, including a bed and breakfast or boarding house, with the source information also identifying potential for residential conversion. Its existing room count and kitchen infrastructure provide a defined foundation for evaluating future use options.
The spacious layout supports continued hospitality use, including a bed and breakfast or boarding house, with the source information also identifying potential for residential conversion. Its existing room count and kitchen infrastructure provide a defined foundation for evaluating future use options.
Key Highlights
- 7,844‑square‑foot former bed and breakfast
- 21 rooms within the building
- Two kitchens included
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
$59,018
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
8.43%
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%
$1,180,360
$1.2M
Cap Rate 7%
$843,114
$843.1K
Cap Rate 9%
$655,756
$655.8K
Market Conditions
NOI Build-Up for 7,844 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
$141.2K $18.00/SF
− Vacancy
−$16.9K −$2.16/SF
EGI
$124.2K $15.84/SF
− OpEx
−$65.2K −$8.32/SF
NOI
$59.0K $7.52/SF
Area
Buffalo, NY
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,180,360
Cap Rate 7%
$843,114
Cap Rate 9%
$655,756
Alternative Uses
Best Use
Hotel Hospitality
$843.1K
$737.7K – $983.6K
NOI $59,018 @ 7.0% cap · market cap 8.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,043 @ 7.0% cap · market cap 18.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,674
Businesses Nearby
Under-served
Demand for This Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Bed & breakfast - Historic hospitality property with two kitchens and off-street parking.
Where is this bed & breakfast located?
The property is located at 45 Richmond Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 7,844‑square‑foot former bed and breakfast; 21 rooms within the building; Two kitchens included
