Renovated Four-Unit
For Sale
$474,900
767 West Ave, Buffalo, NY 14213
Four apartments feature updated kitchens, bathrooms, and contemporary interior finishes, with additional finished attic space.
Property Size3,938 SF
Price / SF$120.59
Days on Market39
Property Features for 767 West Ave
General Information
Standard status
Active
Size
3,938 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
4
Building Details
Year Built
1900
Listing Agency:
Keller Williams Realty WNY
(716) 352-8679
Listed By:
Dalton Reynolds · License #10401342408
Source:
Thejoshjamesteam
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 7:16PM
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 3,938-square-foot quadplex, built in 1900, contains four apartments with updated kitchens, renovated bathrooms, and modern interior finishes. A finished attic adds usable space to the property’s existing residential configuration.
The building is located at 767 West Ave in Buffalo’s West Side and offers access to nearby amenities and public transportation. The renovated condition and four-unit layout provide a clearly defined multifamily format for residential rental use.
The building is located at 767 West Ave in Buffalo’s West Side and offers access to nearby amenities and public transportation. The renovated condition and four-unit layout provide a clearly defined multifamily format for residential rental use.
Key Highlights
- Four‑apartment quadplex configuration
- 3,938 square feet
- Renovated interiors with modern finishes
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
$39,075
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
8.23%
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%
$781,500
$781.5K
Cap Rate 7%
$558,214
$558.2K
Cap Rate 9%
$434,167
$434.2K
Market Conditions
NOI Build-Up for 3,938 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
$59.1K $15.00/SF
− Vacancy
−$3.2K −$0.83/SF
EGI
$55.8K $14.17/SF
− OpEx
−$16.7K −$4.25/SF
NOI
$39.1K $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%
$781,500
Cap Rate 7%
$558,214
Cap Rate 9%
$434,167
Alternative Uses
Best Use
Multifamily LT 5
$558.2K
$488.4K – $651.3K
NOI $39,075 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$514.2K
$449.9K – $599.9K
NOI $35,991 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$947.0K
$828.6K – $1.10M
NOI $66,291 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
950
Businesses Nearby
Explore this area
Business Placement
Demographics for 14213, NY
25,834
Population
11,397
Households
2.3
Avg Household Size
30
Median Age
36%
College-Educated
81%
High-School Grad
1.9 sq mi
ZIP Area
13,597
Density / Sq Mi
$52,597
Median Household Income
$36,084
Median Earnings
$1,059
Median Rent
$192,300
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 - Four apartments feature updated kitchens, bathrooms, and contemporary interior finishes, with additional finished attic space.
Where is this quadplex located?
The property is located at 767 West Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Four‑apartment quadplex configuration; 3,938 square feet; Renovated interiors with modern finishes
