Elmwood Village Mixed-Use
For Sale
$735,000
615 Elmwood Ave, Buffalo, NY 14222
Two-family home with commercial space in vibrant Elmwood Village.
Property Size4,662 SF
Price / SF$157.66
Days on Market151
Property Features for 615 Elmwood Ave
General Information
Standard status
Active
Size
4,662 SF
Building Details
Year Built
1915
Listing Agency:
MJ Peterson Real Estate Inc.
Listed By:
Maria C Bufalino · License #40BU0853538
(716) 308-6561
Source:
Skinnercnyrealty
Added: May 19
Changed: Oct 7
Last Checked: Oct 15 at 3:18AM
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.
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,350
Cap Rate
6.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,007,000
$1.0M
Cap Rate 7%
$719,286
$719.3K
Cap Rate 9%
$559,444
$559.4K
Market Conditions
NOI Build-Up for 4,662 SF
Gross rent
$89.5K $19.20/SF
− Vacancy
−$9.0K −$1.92/SF
EGI
$80.6K $17.28/SF
− OpEx
−$30.2K −$6.48/SF
NOI
$50.3K $10.80/SF
Area
Buffalo, NY
Vacancy
10.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,007,000
Cap Rate 7%
$719,286
Cap Rate 9%
$559,444
Alternative Uses
Best Use
Mixed Use
$719.3K
$629.4K – $839.2K
NOI $50,350 @ 7.0% cap · market cap 6.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$981.0K – $1.31M
NOI $78,478 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,996
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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Frequently Asked Questions
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 $735,000.
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.
