Renovated Apartment
For Sale
$750,000
829 Fillmore Avenue, Buffalo, NY 14212
Rooming house with a one-bedroom apartment, basement laundry, and updated building systems.
Property Size7,255 SF
Days on Market23
Property Features for 829 Fillmore Avenue
General Information
Standard status
Active
Size
7,255 SF
Property subtype
Multi Family Home
Units
Unit Mix
38 x room, 1 x 1BR
Multifamily Units
39
Additional Details
Cap Rate
15%
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$2,318
Amenities
coin operated laundry
Building Details
Building Size
7,255 SF
Year Built
1900
Year Renovated
2018
Buildings
1
Stories
3
Units
1
Listing Agency:
Gurney Becker & Bourne
(716) 392-8968
Listed By:
Taya Lockwood · License #10401363542
(716) 392-8968
Source:
Homeprocny
Added: Jul 31
Changed: Aug 20
Last Checked: Aug 21 at 3:00PM
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 Gurney Becker & Bourne
Investment Insights
Based on property information with market context.
Located at 829 Fillmore Avenue in Buffalo, this rooming house contains 38 rooms, 5.5 bathrooms, and a one-bedroom apartment. The property includes coin-operated laundry in the basement and was comprehensively renovated in 2018, including a rebuilt roof and reconfigured interior layout.
Building systems include three boilers, with one serving each floor, multiple heating zones, newer electrical service, updated panels and wiring, floor-specific subpanels, and individual circuit breakers for each room. A sprinkler fire-suppression system is also installed. The certificate of occupancy is current, and the rooming house license is in good standing. Management transfer is available. The property is offered at a stated 15% cap rate, with a detailed income and expense sheet available.
Building systems include three boilers, with one serving each floor, multiple heating zones, newer electrical service, updated panels and wiring, floor-specific subpanels, and individual circuit breakers for each room. A sprinkler fire-suppression system is also installed. The certificate of occupancy is current, and the rooming house license is in good standing. Management transfer is available. The property is offered at a stated 15% cap rate, with a detailed income and expense sheet available.
Key Highlights
- 38 rooms, 5.5 bathrooms, and one 1 bedroom apartment
- Comprehensively renovated in 2018 with a rebuilt roof and redesigned floorplan
- Three newer boilers, one serving each floor, with multiple heating zones
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
$66,306
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
8.84%
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%
$1,326,120
$1.3M
Cap Rate 7%
$947,229
$947.2K
Cap Rate 9%
$736,733
$736.7K
Market Conditions
NOI Build-Up for 7,255 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
$126.2K $17.40/SF
− Vacancy
−$5.7K −$0.78/SF
EGI
$120.6K $16.62/SF
− OpEx
−$54.3K −$7.48/SF
NOI
$66.3K $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%
$1,326,120
Cap Rate 7%
$947,229
Cap Rate 9%
$736,733
Alternative Uses
Best Use
Apartment 5plus
$947.2K
$828.8K – $1.11M
NOI $66,306 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.53M – $2.04M
NOI $122,128 @ 7.0% cap · market cap 16.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
39
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 14212, NY
13,533
Population
5,935
Households
2.3
Avg Household Size
32
Median Age
11%
College-Educated
76%
High-School Grad
2.1 sq mi
ZIP Area
6,444
Density / Sq Mi
$35,517
Median Household Income
$26,545
Median Earnings
$829
Median Rent
$89,900
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?
Apartment building - Rooming house with a one-bedroom apartment, basement laundry, and updated building systems.
Where is this apartment building located?
The property is located at 829 Fillmore Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 38 rooms, 5.5 bathrooms, and one 1 bedroom apartment; Comprehensively renovated in 2018 with a rebuilt roof and redesigned floorplan; Three newer boilers, one serving each floor, with multiple heating zones
