Mixed-Use Property with Attached
For Sale
$735,000
615 Elmwood Avenue, Buffalo, NY 14222
CommercialSale, Buffalo, NY
Property Size4,662 SF
Price / SF$157.66
Days on Market133
Property Features for 615 Elmwood Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M1
Rooms
Basement
Parking
2
Lot features
Rectangular, Rectangular Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Elmwood At Highland
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-100-380-0002-037-000
Size
4,662 SF
Taxes and HOA fees
Tax Annual Amount
7450
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Amenities
gas fireplace
open porch
patio
private fenced yard
Building Details
Year built
1915
Floors in Building
3
Number of units
2
Flooring type
Varies, Hardwood
Roof type
Asphalt
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 819-4200
Listed By:
Maria C Bufalino · License #40BU0853538
(716) 308-6561
Added: Apr 13
Changed: Aug 19
Last Checked: Aug 23 at 4:06AM
MLS# B1673021
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 mixed-use property combines a first-floor office with a two-story upper-level apartment. The 4,662-square-foot building dates to 1915 and includes a three-bedroom, two-bath residence with hardwood flooring, a gas fireplace, formal dining room, and a kitchen equipped with stainless steel appliances, granite countertops, and extensive cabinetry. The primary bedroom includes a walk-in closet and spa-style bathroom. Forced-air natural gas heat, public sewer, and an asphalt roof serve the property.
Located at 615 Elmwood Avenue in Buffalo, the property is near local shops, cafés, restaurants, parks, and cultural attractions. The upper residence includes an open porch, while the exterior provides a patio, private fenced yard, off-street parking, and a two-car attached garage. The property is zoned M1.
Located at 615 Elmwood Avenue in Buffalo, the property is near local shops, cafés, restaurants, parks, and cultural attractions. The upper residence includes an open porch, while the exterior provides a patio, private fenced yard, off-street parking, and a two-car attached garage. The property is zoned M1.
Key Highlights
- 4,662 SF mixed‑use property built in 1915
- First‑floor office with a two‑story, 3‑bedroom, 2‑bath apartment above
- Two‑car attached garage, off‑street parking, patio, and private fenced yard
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
$58,133
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
7.91%
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%
$1,162,660
$1.2M
Cap Rate 7%
$830,471
$830.5K
Cap Rate 9%
$645,922
$645.9K
Market Conditions
NOI Build-Up for 4,662 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
$95.1K $20.40/SF
− Vacancy
−$17.6K −$3.77/SF
EGI
$77.5K $16.63/SF
− OpEx
−$19.4K −$4.16/SF
NOI
$58.1K $12.47/SF
Area
Buffalo, NY
Vacancy
18.50%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,162,660
Cap Rate 7%
$830,471
Cap Rate 9%
$645,922
Alternative Uses
Best Use
Office B
$830.5K
$726.7K – $968.9K
NOI $58,133 @ 7.0% cap · market cap 7.91%
Second Best
Mixed Use
$719.3K
$629.4K – $839.2K
NOI $50,350 @ 7.0% cap · market cap 6.85%
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.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
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
Market
Vacancy Rate% for Office in Buffalo, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story apartment above a first-floor office, with private outdoor space and off-street parking.
Where is this mixed-use property located?
The property is located at 615 Elmwood Avenue 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: 4,662 SF mixed‑use property built in 1915; First‑floor office with a two‑story, 3‑bedroom, 2‑bath apartment above; Two‑car attached garage, off‑street parking, patio, and private fenced yard
