Updated Brick
For Sale
$399,999
64 Prospect Avenue, Buffalo, NY 14201
The property includes off-street parking and shared laundry with a washer and dryer.
Property Size2,912 SF
Days on Market57
Property Features for 64 Prospect Avenue
General Information
Standard status
Active
Size
2,912 SF
Property subtype
Multi Family Home
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,955
Amenities
off street parking
common laundry area
Building Details
Building Size
2,912 SF
Year Built
1900
Stories
2
Units
3
Construction
brick
Listing Agency:
Keller Williams Realty WNY
(716) 913-3680
Listed By:
Max Fenske · License #10401313813
(716) 913-3680
Source:
Homeprocny
Added: Jul 6
Changed: Aug 29
Last Checked: Aug 30 at 5:35PM
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 Keller Williams Realty WNY
Investment Insights
Based on property information with market context.
This three-unit multifamily property has an all-brick exterior and updated interiors throughout. Built in 1900, the building includes a shared laundry area equipped with a washer and dryer, along with off-street parking. A complete tear-off roof was installed approximately 1 year ago.
The property is situated in Buffalo’s Lower West Side Historic District, with proximity to Downtown Buffalo, the Medical Campus, restaurants, parks, and public transportation. Its three-unit configuration provides flexibility for an owner occupant or multifamily ownership.
The property is situated in Buffalo’s Lower West Side Historic District, with proximity to Downtown Buffalo, the Medical Campus, restaurants, parks, and public transportation. Its three-unit configuration provides flexibility for an owner occupant or multifamily ownership.
Key Highlights
- Three‑unit brick multifamily property in Buffalo’s Lower West Side Historic District
- All three units have been updated
- Complete tear‑off roof approximately 1 year old
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
$28,894
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
7.22%
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%
$577,880
$577.9K
Cap Rate 7%
$412,771
$412.8K
Cap Rate 9%
$321,044
$321.0K
Market Conditions
NOI Build-Up for 2,912 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
$43.7K $15.00/SF
− Vacancy
−$2.4K −$0.83/SF
EGI
$41.3K $14.17/SF
− OpEx
−$12.4K −$4.25/SF
NOI
$28.9K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$577,880
Cap Rate 7%
$412,771
Cap Rate 9%
$321,044
Alternative Uses
Best Use
Multifamily LT 5
$412.8K
$361.2K – $481.6K
NOI $28,894 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$380.2K
$332.7K – $443.6K
NOI $26,614 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$700.3K
$612.7K – $817.0K
NOI $49,019 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,381
Businesses Nearby
Explore this area
Business Placement
Demographics for 14201, NY
12,364
Population
7,172
Households
1.7
Avg Household Size
33
Median Age
39%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
11,240
Density / Sq Mi
$34,204
Median Household Income
$34,081
Median Earnings
$953
Median Rent
$327,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - The property includes off-street parking and shared laundry with a washer and dryer.
Where is this triplex located?
The property is located at 64 Prospect Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Three‑unit brick multifamily property in Buffalo’s Lower West Side Historic District; All three units have been updated; Complete tear‑off roof approximately 1 year old
