5-Unit Apartment
For Sale
$499,000
462 W Delavan Ave, Buffalo, NY 14213
The unit mix includes four one-bedroom apartments and a studio, with shared laundry in the basement.
Property Size3,743 SF
Price / SF$133.32
Days on Market11
Property Features for 462 W Delavan Ave
General Information
Standard status
Active
Size
3,743 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 1BR, 1 x studio
Multifamily Units
5
Additional Details
Average Monthly Rent
$900
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$8,555
Amenities
shared coin operated washer and dryer
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Kiersten Minnick · License #10401259186
(716) 868-6613
Source:
Exprealty
Added: Sep 17
Changed: Sep 26
Last Checked: Sep 26 at 2:51PM
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 Keller Williams Realty WNY
Investment Insights
Based on property information with market context.
This occupied apartment property contains five units: four one-bedroom apartments and one studio on the third floor. Units 1 through 4 have replacement windows and updated kitchens; the third-floor apartment is a separate unit. A shared coin-operated washer and dryer are available in the basement, and each apartment includes a refrigerator and electric oven and stovetop. The building has parking, a sprinkler system, and a Certificate of Occupancy. The roof dates to 2016, and the boiler and sprinkler system were updated or certified in 2026, respectively.
Located at 462 W Delavan Ave in Buffalo, the property is near Elmwood Village, Richmond Ave, Bidwell Farmer's Market, and shops and restaurants on Elmwood Ave. The landlord pays for heat and hot water, while tenants pay their own electricity.
Located at 462 W Delavan Ave in Buffalo, the property is near Elmwood Village, Richmond Ave, Bidwell Farmer's Market, and shops and restaurants on Elmwood Ave. The landlord pays for heat and hot water, while tenants pay their own electricity.
Key Highlights
- Five occupied apartments: four one‑bedroom units and one studio
- Units 1 through 4 have replacement windows and updated kitchens
- Roof dates to 2016; boiler is new in 2026
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
$34,209
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
6.86%
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%
$684,180
$684.2K
Cap Rate 7%
$488,700
$488.7K
Cap Rate 9%
$380,100
$380.1K
Market Conditions
NOI Build-Up for 3,743 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
$65.1K $17.40/SF
− Vacancy
−$2.9K −$0.78/SF
EGI
$62.2K $16.62/SF
− OpEx
−$28.0K −$7.48/SF
NOI
$34.2K $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%
$684,180
Cap Rate 7%
$488,700
Cap Rate 9%
$380,100
Alternative Uses
Best Use
Apartment 5plus
$488.7K
$427.6K – $570.2K
NOI $34,209 @ 7.0% cap · market cap 6.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$900.1K
$787.6K – $1.05M
NOI $63,008 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,159
Businesses Nearby
Explore this area
Business Placement
Demographics for 14213, NY
25,834
Population
11,397
Households
2.3
Avg Household Size
30
Median Age
36%
College-Educated
81%
High-School Grad
1.9 sq mi
ZIP Area
13,597
Density / Sq Mi
$52,597
Median Household Income
$36,084
Median Earnings
$1,059
Median Rent
$192,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - The unit mix includes four one-bedroom apartments and a studio, with shared laundry in the basement.
Where is this apartment building located?
The property is located at 462 W Delavan Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Five occupied apartments: four one‑bedroom units and one studio; Units 1 through 4 have replacement windows and updated kitchens; Roof dates to 2016; boiler is new in 2026
