Historic 5-Unit Apartment
For Sale
$799,000
46 Norwood Avenue, Buffalo, NY 14222
Historic architectural details and updated building systems complement a multi-unit layout with on-site parking.
Property Size7,685 SF
Price / SF$103.97
Days on Market34
Property Features for 46 Norwood Avenue
General Information
Standard status
Active
Size
7,685 SF
Property subtype
Multi Family Home
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/2BA, 1 x 1BR, 1 x studio, 1 x 2BR/1BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$12,207
Amenities
solarium
porte-cochere
private porch
gardens
Building Details
Building Size
7,685 SF
Year Built
1870
Buildings
1
Stories
3
Units
5
Listing Agency:
Gurney Becker & Bourne
(716) 818-9042
Listed By:
Jeffrey Moyer · License #10401225154
(716) 818-9042
Source:
Dealrealtyonline
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 28 at 12:29PM
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 Gurney Becker & Bourne
Investment Insights
Based on property information with market context.
Built in 1870, this 7,685-square-foot apartment property at 46 Norwood Avenue comprises five apartments within a residence that retains substantial original architectural character. Interior features include a two-story foyer, mosaic tile flooring, ornate woodwork, leaded glass, bay windows, hardwood and wood floors, decorative fireplaces, and a semi-circular solarium. The unit mix includes two 2-bedroom, 2-bath apartments, a 1-bedroom apartment, a studio with kitchenette, and a third-floor 2-bedroom, 1-bath apartment. Several units have updated kitchens, while other features include laundry hookups, a private porch, a formal dining room, and eat-in kitchens.
Building updates include a tear-off roof and gutters completed in 2020, two newer Dunkirk boilers installed in 2020, and updated 200-amp electric service from 2020. The property also has a sump pump, storage areas, parking for 6+ cars, and manicured gardens. Its Elmwood Village setting places the building on Norwood Avenue in Buffalo, New York.
Building updates include a tear-off roof and gutters completed in 2020, two newer Dunkirk boilers installed in 2020, and updated 200-amp electric service from 2020. The property also has a sump pump, storage areas, parking for 6+ cars, and manicured gardens. Its Elmwood Village setting places the building on Norwood Avenue in Buffalo, New York.
Key Highlights
- 5‑unit apartment property with 7,685 square feet of building area
- Unit mix includes two 2‑bedroom, 2‑bath apartments, one 1‑bedroom, one studio, and one 2‑bedroom, 1‑bath apartment
- Two‑story foyer with mosaic tile floor, grand staircase, ornate banister, and leaded glass bay window
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
$70,236
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
8.79%
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%
$1,404,720
$1.4M
Cap Rate 7%
$1,003,371
$1.0M
Cap Rate 9%
$780,400
$780.4K
Market Conditions
NOI Build-Up for 7,685 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
$133.7K $17.40/SF
− Vacancy
−$6.0K −$0.78/SF
EGI
$127.7K $16.62/SF
− OpEx
−$57.5K −$7.48/SF
NOI
$70.2K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,404,720
Cap Rate 7%
$1,003,371
Cap Rate 9%
$780,400
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$878.0K – $1.17M
NOI $70,236 @ 7.0% cap · market cap 8.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,366 @ 7.0% cap · market cap 16.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,452
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?
Apartment building - Historic architectural details and updated building systems complement a multi-unit layout with on-site parking.
Where is this apartment building located?
The property is located at 46 Norwood Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 5‑unit apartment property with 7,685 square feet of building area; Unit mix includes two 2‑bedroom, 2‑bath apartments, one 1‑bedroom, one studio, and one 2‑bedroom, 1‑bath apartment; Two‑story foyer with mosaic tile floor, grand staircase, ornate banister, and leaded glass bay window
