22-Unit Apartment Building
For Sale
Contact for pricing
65 ASHLAND AVE, Buffalo, NY 14222
Two adjacent multifamily buildings offer updated residences, rear parking, and a detached garage in Buffalo’s Elmwood area.
Property Size9,043 SF
Price / SF$186.88
Days on Market63
Property Features for 65 ASHLAND AVE
General Information
Standard status
Active
Size
9,043 SF
Total Parking Spaces
8
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$127,283
Units
Unit Mix
10 x studio, 12 x 1BR
Multifamily Units
22
Building Details
Year Built
1920
Year Renovated
2020
Buildings
2
Stories
2
Units
22
Listing Agency:
Chubb Aubrey Leonard Real Estate
Listed By:
Todd Danni · License #NY 10301201083
(716) 465-1282
Source:
Crexi
Added: Jul 2
Changed: Sep 1
Last Checked: Aug 31 at 11:26PM
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 Chubb Aubrey Leonard Real Estate
Investment Insights
Based on property information with market context.
This multifamily offering combines two adjacent apartment buildings at 65 Ashland Ave and 69 Ashland Ave in Buffalo. The properties contain 22 residential units, including 10 studios and 12 one-bedroom apartments. Residences feature modern updates and appliances, while rents include all utilities. A detached garage and ample off-street parking in the rear add practical support for residents.
The buildings are situated in Buffalo’s Elmwood area, with access to the area’s amenities and an established rental market. Built in 1920, the properties provide a combined apartment asset with a varied unit mix and multiple residential layouts.
The buildings are situated in Buffalo’s Elmwood area, with access to the area’s amenities and an established rental market. Built in 1920, the properties provide a combined apartment asset with a varied unit mix and multiple residential layouts.
Key Highlights
- 22 residential units: 10 studios and 12 one‑bedrooms
- Two adjacent multifamily buildings at 65 and 69 Ashland Ave
- Modern unit updates include appliances
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
$82,647
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
4.89%
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%
$1,652,940
$1.7M
Cap Rate 7%
$1,180,671
$1.2M
Cap Rate 9%
$918,300
$918.3K
Market Conditions
NOI Build-Up for 9,043 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
$157.3K $17.40/SF
− Vacancy
−$7.1K −$0.78/SF
EGI
$150.3K $16.62/SF
− OpEx
−$67.6K −$7.48/SF
NOI
$82.6K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,652,940
Cap Rate 7%
$1,180,671
Cap Rate 9%
$918,300
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,647 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.17M
$1.90M – $2.54M
NOI $152,226 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
3,206
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 Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent multifamily buildings offer updated residences, rear parking, and a detached garage in Buffalo’s Elmwood area.
Where is this apartment building located?
The property is located at 65 ASHLAND AVE Buffalo, NY.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: 22 residential units: 10 studios and 12 one‑bedrooms; Two adjacent multifamily buildings at 65 and 69 Ashland Ave; Modern unit updates include appliances
