Five-Unit Apartment
For Sale
$499,000
462 W Delavan Avenue, Buffalo, NY 14213
MultiFamily, Buffalo, NY
Property Size3,743 SF
Lot Size0.12 Acres
Price / SF$133.32
Days on Market11
Property Features for 462 W Delavan Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Rooms
Bedroom 1, Bedroom 4, Basement, Bedroom 2, Bedroom 3
Parking features
Driveway
Interior features
NaturalWoodwork
Exterior features
ConcreteDriveway
Appliances
Dryer, ElectricOven, ElectricRange, GasWaterHeater, Refrigerator, Washer
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Richmond Avenue to West Delavan
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-088-840-0003-035-000
Size
3,743 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
8555
Utilities
Heating system
Natural Gas, Other (Heating), Steam
Water source
Public
Amenities
coin-operated washer and dryer
Building Details
Year built
1926
Floors in Building
3
Number of units
5
Flooring type
Varies, Hardwood
Building materials
CompositeSiding
Roof type
Asphalt
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Kiersten Minnick · License #10401259186
(716) 868-6613
Added: Sep 17
Changed: Sep 25
Last Checked: Sep 27 at 12:06PM
MLS# B1715455
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.
This 3,743-square-foot apartment building contains five occupied units: four one-bedroom apartments and one studio. Units 1 through 4 feature newer replacement windows and refreshed kitchens, while the third-floor fifth unit occupies the entire level and offers room for further updates. Hardwood flooring, natural woodwork, refrigerators, and electric ovens or stovetops are included across the property. A shared coin-operated washer and dryer serve residents in the basement.
The property at 462 W Delavan Avenue in Buffalo is near Elmwood Village, Richmond Avenue, Bidwell Farmer's Market, and shops and restaurants along Elmwood Avenue. Improvements include a 2016 roof, a new boiler installed in 2026, a certified sprinkler system from 2026, a hot water tank, composite siding, an asphalt roof, and a concrete driveway. Public water, natural gas, and steam heat are in place. The landlord pays heat and hot water, while tenants pay electricity.
The property at 462 W Delavan Avenue in Buffalo is near Elmwood Village, Richmond Avenue, Bidwell Farmer's Market, and shops and restaurants along Elmwood Avenue. Improvements include a 2016 roof, a new boiler installed in 2026, a certified sprinkler system from 2026, a hot water tank, composite siding, an asphalt roof, and a concrete driveway. Public water, natural gas, and steam heat are in place. The landlord pays heat and hot water, while tenants pay electricity.
Key Highlights
- Five‑unit property with four 1‑bedroom apartments and one studio
- 3,743 square feet on 0.1173 acres
- 2016 roof and boiler installed 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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Open Analytics
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 - Occupied multifamily property with updated kitchens, off-street parking, and shared basement laundry facilities.
Where is this apartment building located?
The property is located at 462 W Delavan Avenue 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‑unit property with four 1‑bedroom apartments and one studio; 3,743 square feet on 0.1173 acres; 2016 roof and boiler installed in 2026
