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Elmwood Village Mixed-Use Opportunity

615 Elmwood Ave Buffalo, NY 14222

Claim this Listing
For Sale
$794,000

Two-family home with commercial space in vibrant Elmwood Village.

Property size:
4,662 SF
Price / SF:
$170/SF
Added:
Apr 13, 2026
Days on Market:
91
Last Refresh:
May 19 at 11:33 pm

Property Features for 615 Elmwood Ave

General Information

Standard status
Active
Size
4,662 SF

Listing office MJ Peterson Real Estate Inc.

Listing date Apr 13, 2026

Source Exprealty

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 MJ Peterson Real Estate Inc.


Investment Insights

Based on property information with market context.

This mixed-use property is located in the Elmwood Village neighborhood. The first floor, currently used as an office, offers an opportunity for a small business, studio, office, or retail space, benefiting from strong foot traffic and high visibility along Elmwood Avenue. The upper level features a two-story apartment with three bedrooms and two bathrooms. The apartment includes cherry wood floors, a kitchen with stainless steel appliances, granite counters, and cabinetry, a living room with a gas fireplace, a formal dining room, and a main bedroom with a walk-in closet and spa-like bathroom. The apartment also has an open porch. Additional features include off-street parking with a two-car attached garage and a patio with a private fenced-in yard. The property is located near local shops, cafes, restaurants, parks, and cultural attractions. The property size is 4662 square feet.

Key Highlights

  • Prime Elmwood Village location with high visibility and foot traffic.
  • Mixed‑use property: residential comfort with commercial potential.
  • Luxury 3‑bedroom, 2‑bath upper apartment with cherry wood floors.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $95.1k $20.40
− Vacancy −$17.6k −$3.77
EGI $77.5k $16.63
− OpEx −$19.4k −$4.16
NOI $58.1k $12.47
4,662 SF · lease $20.40/SF/yr · vacancy 18.50% · expense 25.00%

Alternative Uses

Best Use
Office B
$830.5K
$726.7K – $968.9K (±1% cap)
NOI $58,133 @ 7.0% cap · market cap 7.32%
Second Best
Mixed Use
$719.3K
$629.4K – $839.2K (±1% cap)
NOI $50,350 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$1.12M
$981.0K – $1.31M (±1% cap)
NOI $78,478 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

State Farm: Dan ... Insurance Agency

Suggested Use

Electrical Service Kitchen & Bath Showroom Plumbing Service (Bike/Boat/Book/etc) Store Auto Parts Store Locksmith (Bike/Boat/Book/etc) Store Carpet & Flooring Store Pet Store HVAC Service

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Mixed-use property - Two-family home with commercial space in vibrant Elmwood Village.
Where is this mixed-use property located?
The property is located at 615 Elmwood Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $794,000.
What are key features of this property?
This property features: Prime Elmwood Village location with high visibility and foot traffic.; Mixed‑use property: residential comfort with commercial potential.; Luxury 3‑bedroom, 2‑bath upper apartment with cherry wood floors.
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More about this property
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