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 Market134
Property Features for 615 Elmwood Ave
General Information
Standard status
Active
Size
4,662 SF
Taxes and HOA fees
Annual Taxes
$7,450
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 308-6561
Listed By:
Maria C Bufalino · License #40BU0853538
(716) 308-6561
Source:
Exprealty
Added: Apr 13
Changed: Aug 21
Last Checked: Aug 23 at 3:46AM
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.
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
$50,350
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
6.85%
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%
$1,007,000
$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
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
$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 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%
$1,007,000
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.
Property Analytics
Property Profile
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
Questions? Ask Rey
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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.
