3-Unit Residential
New
For Sale
$649,900
47 Norwood Ave, Buffalo, NY 14222
Long-term tenants are in place, and the property includes off-street parking.
Property Size4,615 SF
Price / SF$140.82
Days on Market2
Property Features for 47 Norwood Ave
General Information
Standard status
Active
Size
4,615 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 3BR, 1 x 2BR/1BA
Multifamily Units
3
Amenities
faux fireplaces
off-street parking
Building Details
Year Built
1900
Stories
3
Tenancy
Multi
Listing Agency:
Howard Hanna WNY Inc.
Listed By:
Bethany Botzenhart · License #10401318474
(716) 308-7452
Source:
Skinnercnyrealty
Added: Sep 30
Last Checked: Oct 1 at 12:40PM
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 Howard Hanna WNY Inc.
Investment Insights
Based on property information with market context.
Built in 1900, this three-unit residential property has a three-bedroom, one-bath first-floor apartment; a second-floor unit with three bedrooms and an additional bonus space; and a top-floor apartment with two bedrooms and a full bath. Two units have faux fireplaces. Improvements include more than 50 new energy-efficient two-pane windows, PVC plumbing throughout, high-efficiency furnaces, and new hot water tanks for each unit. Kitchen appliances are included, and off-street parking is available.
The property is on Norwood Avenue in Buffalo, between Allentown and Elmwood Village. Long-term tenants are already in place.
The property is on Norwood Avenue in Buffalo, between Allentown and Elmwood Village. Long-term tenants are already in place.
Key Highlights
- >50 new energy‑efficient two‑pane windows
- Three apartments: 3 bedrooms and 1 bath on the first floor; 3 bedrooms plus bonus space on the second; 2 bedrooms and 1 bath on the top floor
- PVC plumbing throughout, high‑efficiency furnaces, and new hot water tanks for all three apartments
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
$45,792
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
7.05%
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%
$915,840
$915.8K
Cap Rate 7%
$654,171
$654.2K
Cap Rate 9%
$508,800
$508.8K
Market Conditions
NOI Build-Up for 4,615 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
$69.2K $15.00/SF
− Vacancy
−$3.8K −$0.83/SF
EGI
$65.4K $14.17/SF
− OpEx
−$19.6K −$4.25/SF
NOI
$45.8K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$915,840
Cap Rate 7%
$654,171
Cap Rate 9%
$508,800
Alternative Uses
Best Use
Multifamily LT 5
$654.2K
$572.4K – $763.2K
NOI $45,792 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$602.5K
$527.2K – $703.0K
NOI $42,178 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$1.11M
$971.1K – $1.29M
NOI $77,687 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Long-term tenants are in place, and the property includes off-street parking.
Where is this triplex located?
The property is located at 47 Norwood Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: >50 new energy‑efficient two‑pane windows; Three apartments: 3 bedrooms and 1 bath on the first floor; 3 bedrooms plus bonus space on the second; 2 bedrooms and 1 bath on the top floor; PVC plumbing throughout, high‑efficiency furnaces, and new hot water tanks for all three apartments
