Elmwood Village Mixed-Use
615 Elmwood Ave, Buffalo, NY 14222
Two-family home with commercial space in vibrant Elmwood Village.
Property size:
4,662 SFPrice / SF:
$171/SF- Added:
- Apr 13, 2026
- Days on Market:
- 45
- Last Refresh:
- May 19 at 11:33 pm
Property Features for 615 Elmwood Ave
General Information
- Standard status
- Active
- Size
- 4,662 SF
Listing agent Maria C Bufalino License #40BU0853538 (716) 308-6561
Listing office MJ Peterson Real Estate Inc. (716) 308-6561
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.
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.
- Chef's kitchen with stainless steel appliances and granite counters.
- Off‑street parking with a 2‑car attached garage.
- Private fenced‑in yard and open porch with Elmwood Strip view.
Overview
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.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$645.9K
NOI $58,133 @ 9.00% cap · cautious / downside scenario
Moderate
$830.5K
NOI $58,133 @ 7.00% cap · market / base-case scenario
Aggressive
$1.16M
NOI $58,133 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Office B
| 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 Use Scenarios
Best Use
Office B
$830.5K
$726.7K – $968.9K
NOI $58,133 @ 7.0% cap · market cap 7.28%
Second Best
Mixed Use
$719.3K
$629.4K – $839.2K
NOI $50,350 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$1.12M
$981.0K – $1.31M
NOI $78,478 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
State Farm: Dan ...
Insurance Agency
Location Insight
- Map
- Local Demand
- City
- Buffalo
- County
- Erie
- State
- New York
- Longitude
- -78.8766932
- Latitude
- 42.9138251
Nearby Similar for Sale
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 $799,000.
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.
