Historic Mixed-Use
New
For Sale
$799,900
461 Linwood Avenue, Buffalo, NY 14209
MULTI_FAMILY - Other - Buffalo, NY
Property Size4,594 SF
Lot Size0.21 Acres
Price / SF$174.12
Days on Market4
Property Features for 461 Linwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential Multi Use
Bedrooms
4
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 4, Bathroom 4, Basement, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 5, Bedroom 1
Fireplace
1
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
West Utica to North on Linwood (one way street)
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-100-310-0003-018-000
Size
4,594 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
8528
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Tile, Vinyl, Varies, Carpet, Hardwood
Building materials
Brick, Cedar, VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 891-1710
Listed By:
David N Perrelli · License #10301202536
(716) 861-7961
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 9 at 6:06PM
MLS# B1704194
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.
Built in 1900, this three-level mixed-use property combines a professional office with two leased residential units. The office layout includes reception space, a conference room, private offices, two bathrooms, a kitchen area, and central air conditioning. The apartments provide two-bedroom configurations, with the second-floor unit adding two full bathrooms, high ceilings, a family room, and a fireplace; the upper residence includes an eat-in kitchen and rear porch. Independent laundry hookups are provided for both residences.
Original woodwork, decorative hardware, hardwood and other varied flooring, and multiple fireplaces retain the building’s historic character. Major property features include updated electrical systems, a backup generator, an asphalt roof replaced in 2015, and a full basement for storage and utilities. A full concrete driveway accommodates eight or more vehicles, and a detached two-car garage adds covered parking. The property is located in Buffalo’s Historic Preservation District, near shops, dining, parks, and transit.
Original woodwork, decorative hardware, hardwood and other varied flooring, and multiple fireplaces retain the building’s historic character. Major property features include updated electrical systems, a backup generator, an asphalt roof replaced in 2015, and a full basement for storage and utilities. A full concrete driveway accommodates eight or more vehicles, and a detached two-car garage adds covered parking. The property is located in Buffalo’s Historic Preservation District, near shops, dining, parks, and transit.
Key Highlights
- Mixed‑use layout with professional office space and two fully leased residential units
- Three‑level building originally constructed in 1900
- Roof replaced in 2015 with updated electrical systems and backup generator
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
$57,285
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
7.16%
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%
$1,145,700
$1.1M
Cap Rate 7%
$818,357
$818.4K
Cap Rate 9%
$636,500
$636.5K
Market Conditions
NOI Build-Up for 4,594 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
$93.7K $20.40/SF
− Vacancy
−$17.3K −$3.77/SF
EGI
$76.4K $16.63/SF
− OpEx
−$19.1K −$4.16/SF
NOI
$57.3K $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%
$1,145,700
Cap Rate 7%
$818,357
Cap Rate 9%
$636,500
Alternative Uses
Best Use
Office B
$818.4K
$716.1K – $954.8K
NOI $57,285 @ 7.0% cap · market cap 7.16%
Second Best
Mixed Use
$708.8K
$620.2K – $826.9K
NOI $49,615 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$1.10M
$966.7K – $1.29M
NOI $77,334 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,042
Businesses Nearby
Explore this area
Business Placement
Demographics for 14209, NY
8,251
Population
4,729
Households
1.7
Avg Household Size
39
Median Age
46%
College-Educated
90%
High-School Grad
1.0 sq mi
ZIP Area
8,251
Density / Sq Mi
$49,359
Median Household Income
$33,329
Median Earnings
$1,025
Median Rent
$408,600
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?
Mixed-use property - Office space and two leased apartments share a three-level building with updated systems, parking, and a detached garage.
Where is this mixed-use property located?
The property is located at 461 Linwood Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Mixed‑use layout with professional office space and two fully leased residential units; Three‑level building originally constructed in 1900; Roof replaced in 2015 with updated electrical systems and backup generator
