Updated Triplex with Double
New
For Sale
$249,900
78 Center Street, Buffalo, NY 14218
Residential, Buffalo, NY
Property Size2,444 SF
Lot Size0.20 Acres
Price / SF$102.25
Days on Market3
Property Features for 78 Center Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential Multi Use
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Basement, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 3
Parking features
Garage
Patio and Porch features
Porch
Appliances
GasWaterHeater
Subdivision
Buffalo Crk Reservation
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Martin Road Elementary
Middle school
Lackawanna Middle
High school
Lackawanna High
Elementary school district
Lackawanna
Middle school district
Lackawanna
High school district
Lackawanna
Directions
Ridge Rd to Center St
Standard status
Active
APN
140900-142-450-0002-039-100
Size
2,444 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
5733
Utilities
Heating system
Forced Air, Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
3
Flooring type
Tile, Carpet, Varies, Laminate
Building materials
AluminumSiding, VinylSiding, CopperPlumbing
Roof type
Asphalt, Metal
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 891-1710
Listed By:
Jennifer E Hubert · License #40HU0952337
(716) 866-3536
Added: Aug 31
Last Checked: Sep 2 at 5:06AM
MLS# B1710973
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 2,444-square-foot triplex was built in 1920 and occupies a 0.2009-acre double lot. The property has a 2/2/1 unit configuration, with the upper unit vacant and the lower and rear units tenant-occupied. The upper apartment includes a large eat-in kitchen, newer windows in some areas, a furnace approximately 3 years old, and attic access for storage. The lower unit offers a formal dining room, large living room, eat-in kitchen, all-new flooring, and a boiler approximately 3 years old. The rear two-story unit includes one oversized bedroom, a kitchen, and a dining room, with a furnace approximately 6 years old.
Recent property improvements include newer roofs on the house and garage in 2025/2026, hot water tanks installed in 2020, 2021, and 2025, a new concrete driveway, and three additional off-street parking spaces. Additional features include a clean, dry basement with glass block windows, vinyl siding, front and side porches, a garage, public water, and copper plumbing. The lower unit is occupied month-to-month, while the rear unit lease ends October 1, 2026.
Recent property improvements include newer roofs on the house and garage in 2025/2026, hot water tanks installed in 2020, 2021, and 2025, a new concrete driveway, and three additional off-street parking spaces. Additional features include a clean, dry basement with glass block windows, vinyl siding, front and side porches, a garage, public water, and copper plumbing. The lower unit is occupied month-to-month, while the rear unit lease ends October 1, 2026.
Key Highlights
- 2,444‑square‑foot triplex on a 0.2009‑acre double lot
- 2/2/1 unit configuration with the upper unit vacant
- House and garage roofs reported newer in 2025/2026
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
$22,337
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%
$446,740
$446.7K
Cap Rate 7%
$319,100
$319.1K
Cap Rate 9%
$248,189
$248.2K
Market Conditions
NOI Build-Up for 2,444 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
$42.5K $17.40/SF
− Vacancy
−$1.9K −$0.78/SF
EGI
$40.6K $16.62/SF
− OpEx
−$18.3K −$7.48/SF
NOI
$22.3K $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%
$446,740
Cap Rate 7%
$319,100
Cap Rate 9%
$248,189
Alternative Uses
Best Use
Multifamily LT 5
$346.4K
$303.1K – $404.2K
NOI $24,251 @ 7.0% cap · market cap 9.70%
Second Best
Apartment 5plus
$319.1K
$279.2K – $372.3K
NOI $22,337 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$587.7K
$514.3K – $685.7K
NOI $41,141 @ 7.0% cap · market cap 16.46%
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
479
Businesses Nearby
Explore this area
Business Placement
Demographics for 14218, NY
20,878
Population
9,478
Households
2.2
Avg Household Size
38
Median Age
21%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
2,578
Density / Sq Mi
$50,484
Median Household Income
$36,457
Median Earnings
$829
Median Rent
$135,000
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 - Three-unit property with one vacant upper unit, tenant occupancy in two units, and additional off-street parking.
Where is this triplex located?
The property is located at 78 Center Street Buffalo, NY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 2,444‑square‑foot triplex on a 0.2009‑acre double lot; 2/2/1 unit configuration with the upper unit vacant; House and garage roofs reported newer in 2025/2026
