Four-Unit Property with Full
New
For Sale
$389,900
71 Condon Avenue, Buffalo, NY 14207
All apartments offer two bedrooms and one full bath, creating a consistent unit configuration.
Property Size3,814 SF
Days on Market7
Property Features for 71 Condon Avenue
General Information
Standard status
Active
Size
3,814 SF
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$54,000
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,278
Amenities
full basements
walk-up attic
large yard
Building Details
Building Size
3,814 SF
Year Built
1928
Stories
2
Units
4
Listing Agency:
Towne Housing Real Estate
(716) 316-9738
Listed By:
Kunji Maya Rey
(716) 316-9738
Source:
Wcirealty
Added: Aug 18
Changed: Aug 20
Last Checked: Aug 23 at 12:50PM
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 Towne Housing Real Estate
Investment Insights
Based on property information with market context.
Built in 1928, this four-unit multifamily property includes four apartments with matching layouts of two bedrooms and one full bath per unit. The building is fully occupied and has separate gas and electric utilities for each residence. Two separate full basements and a walk-up attic provide substantial storage areas.
The property occupies a corner parcel in Buffalo’s Riverside neighborhood, near the Niagara River and Riverside Park. A large yard adds outdoor space, while the site may allow for off-street parking subject to zoning requirements, approvals, and permitting. The property offers an established four-unit configuration with a consistent unit mix and existing occupancy.
The property occupies a corner parcel in Buffalo’s Riverside neighborhood, near the Niagara River and Riverside Park. A large yard adds outdoor space, while the site may allow for off-street parking subject to zoning requirements, approvals, and permitting. The property offers an established four-unit configuration with a consistent unit mix and existing occupancy.
Key Highlights
- Fully occupied 4‑unit multifamily property
- Each apartment includes 2 bedrooms and 1 full bath
- Separate gas and electric utilities
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
$34,857
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
8.94%
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%
$697,140
$697.1K
Cap Rate 7%
$497,957
$498.0K
Cap Rate 9%
$387,300
$387.3K
Market Conditions
NOI Build-Up for 3,814 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
$66.4K $17.40/SF
− Vacancy
−$3.0K −$0.78/SF
EGI
$63.4K $16.62/SF
− OpEx
−$28.5K −$7.48/SF
NOI
$34.9K $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%
$697,140
Cap Rate 7%
$497,957
Cap Rate 9%
$387,300
Alternative Uses
Best Use
Multifamily LT 5
$540.6K
$473.1K – $630.7K
NOI $37,844 @ 7.0% cap · market cap 9.71%
Second Best
Apartment 5plus
$498.0K
$435.7K – $581.0K
NOI $34,857 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$917.2K
$802.5K – $1.07M
NOI $64,203 @ 7.0% cap · market cap 16.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
Explore this area
Business Placement
Demographics for 14207, NY
26,006
Population
11,317
Households
2.3
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
3.9 sq mi
ZIP Area
6,668
Density / Sq Mi
$38,951
Median Household Income
$33,851
Median Earnings
$943
Median Rent
$111,200
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?
Quadplex - All apartments offer two bedrooms and one full bath, creating a consistent unit configuration.
Where is this quadplex located?
The property is located at 71 Condon Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Fully occupied 4‑unit multifamily property; Each apartment includes 2 bedrooms and 1 full bath; Separate gas and electric utilities
