Mixed-Use Property with Office
For Sale
$735,000
615 Elmwood Avenue, Buffalo, NY 14222
Residential, Buffalo, NY
Property Size4,662 SF
Price / SF$157.66
Days on Market134
Property Features for 615 Elmwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 2
Parking features
Garage, Open
Patio and Porch features
Porch
Interior features
CeilingFans, SlidingGlassDoors, NaturalWoodwork
Exterior features
FullyFenced
Fencing
Fenced
Fireplace
1
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Located on Elmwood Avenue at 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
7451
Utilities
Heating system
Forced Air, Natural Gas, Electric (Heating)
Water source
Public
Building Details
Year built
1915
Floors in Building
3
Number of units
2
Flooring type
Varies, Tile, Hardwood
Building materials
VinylSiding, CopperPlumbing
Roof type
Asphalt
Architectural style
Other
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 24 at 3:06PM
MLS# B1670551
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 4,662-square-foot mixed-use property includes a first-floor office and an upper residence arranged across two stories. The apartment offers three bedrooms and two bathrooms, along with cherry wood flooring, a large living room with gas fireplace, formal dining room, and a kitchen equipped with stainless steel appliances, granite countertops, and extensive cabinetry. A primary bedroom includes a walk-in closet and spa-style bathroom. Natural woodwork, tile flooring, forced-air heating, and a gas water heater add to the building’s features.
The property is located at 615 Elmwood Avenue in Buffalo’s Elmwood Village, with visibility along Elmwood Avenue and proximity to local shops, cafés, restaurants, parks, and cultural attractions. An open porch, patio, private fenced yard, off-street parking, and a 2-car attached garage support both the residential and office components.
The property is located at 615 Elmwood Avenue in Buffalo’s Elmwood Village, with visibility along Elmwood Avenue and proximity to local shops, cafés, restaurants, parks, and cultural attractions. An open porch, patio, private fenced yard, off-street parking, and a 2-car attached garage support both the residential and office components.
Key Highlights
- 4,662‑square‑foot mixed‑use property with first‑floor office and upper residence
- Two‑story apartment with 3 bedrooms and 2 bathrooms
- Kitchen with stainless steel appliances, granite counters, and extensive cabinetry
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,069
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-family configuration combines a first-floor office with a spacious upper-level apartment.
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‑square‑foot mixed‑use property with first‑floor office and upper residence; Two‑story apartment with 3 bedrooms and 2 bathrooms; Kitchen with stainless steel appliances, granite counters, and extensive cabinetry
