5-Unit Brick Apartment
New
For Sale
$1,000,000
83 Prospect Avenue, Buffalo, NY 14201
MultiFamily, Buffalo, NY
Property Size8,880 SF
Lot Size0.13 Acres
Price / SF$112.61
Days on Market4
Property Features for 83 Prospect Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
5
Rooms
Bedroom 5, Bedroom 3, Basement, Bedroom 2, Bedroom 1, Bedroom 4
Parking features
Garage
Exterior features
ConcreteDriveway
Appliances
Dishwasher, GasOven, GasRange, GasWaterHeater, Refrigerator
Subdivision
South Vlg/Black Rock
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Niagara to Jersey
Standard status
Active
APN
140200-111-370-0001-005-000
Size
8,880 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
13295
Utilities
Heating system
Natural Gas, Radiant
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
1900
Floors in Building
3
Number of units
5
Flooring type
Varies, Tile, Hardwood
Building materials
BlownInInsulation, Brick
Roof type
Membrane, Rubber, Flat
Listing Agency:
WNY Metro Roberts Realty
(716) 891-1710
Listed By:
David M Witczak · License #40WI1033093
(716) 602-9708
Added: Sep 28
Changed: Sep 29
Last Checked: Oct 1 at 5:06PM
MLS# B1716922
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 8,880-square-foot brick apartment property contains five units: three one-bedroom homes and two two-bedroom homes. The building underwent a full renovation in 2015–2016, with hardwood and tile flooring, granite countertops, and laundry inside each residence. A garage and concrete driveway provide on-site parking. The parcel measures 0.13 acres.
At 83 Prospect Avenue in Buffalo, the property is within walking distance of downtown, Allentown, Front Park, and the medical campus.
At 83 Prospect Avenue in Buffalo, the property is within walking distance of downtown, Allentown, Front Park, and the medical campus.
Key Highlights
- Five apartments: three 1‑bedroom units and two 2‑bedroom units
- All five units are occupied
- 8,880 square feet on a 0.13‑acre parcel
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
$81,157
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
8.12%
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%
$1,623,140
$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
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
$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 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%
$1,623,140
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
Lease Details
5
Residential units
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - All residences are occupied, with a mix of one- and two-bedroom layouts.
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 1‑bedroom units and two 2‑bedroom units; All five units are occupied; 8,880 square feet on a 0.13‑acre parcel
