5-Unit Brick Apartment
For Sale
$1,000,000
83 Prospect Avenue, Buffalo, NY 14201
Renovated apartments feature in-unit laundry, hardwood and tile flooring, and granite countertops.
Property Size8,880 SF
Days on Market9
Property Features for 83 Prospect Avenue
General Information
Standard status
Active
Size
8,880 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,295
Building Details
Building Size
8,880 SF
Year Built
1900
Listing Agency:
WNY Metro Roberts Realty
Listed By:
David M Witczak · License #40WI1033093
(716) 891-1710
Source:
Highfallssir
Added: Sep 28
Changed: Sep 30
Last Checked: Oct 4 at 5:41PM
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 WNY Metro Roberts Realty
Investment Insights
Based on property information with market context.
This five-unit brick apartment building contains three one-bedroom apartments and two two-bedroom apartments. Individual units range from approximately 1,150 to 1,650 square feet, and all five are occupied. A comprehensive remodel was completed in 2015–2016, with hardwood and tile floors, granite countertops, and laundry in each unit.
The property at 83 Prospect Avenue is in Buffalo’s Historic West Village. Downtown, Allentown, Front Park, and the medical campus are within walking distance.
The property at 83 Prospect Avenue is in Buffalo’s Historic West Village. Downtown, Allentown, Front Park, and the medical campus are within walking distance.
Key Highlights
- Five apartments: three one‑bedroom units and two two‑bedroom units
- Approximately 1,150 to 1,650 square feet per unit
- All five units are occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,157
Cap Rate
8.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,623,140
$1.6M
Cap Rate 7%
$1,159,386
$1.2M
Cap Rate 9%
$901,744
$901.7K
Market Conditions
NOI Build-Up for 8,880 SF
Gross rent
$154.5K $17.40/SF
− Vacancy
−$7.0K −$0.78/SF
EGI
$147.6K $16.62/SF
− OpEx
−$66.4K −$7.48/SF
NOI
$81.2K $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 Rate 5%
$1,623,140
Cap Rate 7%
$1,159,386
Cap Rate 9%
$901,744
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.01M – $1.35M
NOI $81,157 @ 7.0% cap · market cap 8.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.87M – $2.49M
NOI $149,482 @ 7.0% cap · market cap 14.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,381
Businesses Nearby
Explore this area
Business Placement
Demographics for 14201, NY
12,364
Population
7,172
Households
1.7
Avg Household Size
33
Median Age
39%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
11,240
Density / Sq Mi
$34,204
Median Household Income
$34,081
Median Earnings
$953
Median Rent
$327,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated apartments feature in-unit laundry, hardwood and tile flooring, and granite countertops.
Where is this apartment building located?
The property is located at 83 Prospect Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Five apartments: three one‑bedroom units and two two‑bedroom units; Approximately 1,150 to 1,650 square feet per unit; All five units are occupied
