Renovated Triplex with Attached
For Sale
$375,000
88 Schiller Street, Buffalo, NY 14206
Three renovated apartments are paired with a large attached garage in Buffalo’s Lovejoy neighborhood.
Property Size2,736 SF
Days on Market65
Property Features for 88 Schiller Street
General Information
Standard status
Active
Size
2,736 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,134
Building Details
Building Size
2,736 SF
Year Built
1930
Listing Agency:
WNY Metro Roberts Realty
(716) 864-8972
Listed By:
Anthony J Gawron · License #10301210045
(716) 864-8972
Source:
Highfallssir
Added: Jun 17
Changed: Aug 18
Last Checked: Aug 19 at 2:52PM
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.
Built in 1930, this renovated triplex contains three residential apartments: two two-bedroom units and one three-bedroom unit. The property also includes a large attached garage, adding functional space that may support storage, contractor operations, workshop use, vehicle parking, or equipment storage, subject to permitted uses.
Located at 88 Schiller Street in Buffalo’s Lovejoy neighborhood, the property combines residential space with substantial enclosed garage capacity. The unit mix provides a clear three-apartment configuration, while the attached garage expands the property’s utility beyond the residential improvements.
Located at 88 Schiller Street in Buffalo’s Lovejoy neighborhood, the property combines residential space with substantial enclosed garage capacity. The unit mix provides a clear three-apartment configuration, while the attached garage expands the property’s utility beyond the residential improvements.
Key Highlights
- Three‑unit residential property with two 2‑bedroom apartments and one 3‑bedroom apartment
- Renovated residential improvements
- Large attached garage included
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
$27,148
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
7.24%
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%
$542,960
$543.0K
Cap Rate 7%
$387,829
$387.8K
Cap Rate 9%
$301,644
$301.6K
Market Conditions
NOI Build-Up for 2,736 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
$41.0K $15.00/SF
− Vacancy
−$2.3K −$0.83/SF
EGI
$38.8K $14.17/SF
− OpEx
−$11.6K −$4.25/SF
NOI
$27.1K $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%
$542,960
Cap Rate 7%
$387,829
Cap Rate 9%
$301,644
Alternative Uses
Best Use
Multifamily LT 5
$387.8K
$339.4K – $452.5K
NOI $27,148 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$357.2K
$312.6K – $416.8K
NOI $25,005 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$658.0K
$575.7K – $767.6K
NOI $46,057 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
415
Businesses Nearby
Explore this area
Business Placement
Demographics for 14206, NY
21,706
Population
10,677
Households
2
Avg Household Size
38
Median Age
18%
College-Educated
87%
High-School Grad
5.0 sq mi
ZIP Area
4,341
Density / Sq Mi
$46,842
Median Household Income
$38,379
Median Earnings
$886
Median Rent
$111,600
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 renovated apartments are paired with a large attached garage in Buffalo’s Lovejoy neighborhood.
Where is this triplex located?
The property is located at 88 Schiller Street Buffalo, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Three‑unit residential property with two 2‑bedroom apartments and one 3‑bedroom apartment; Renovated residential improvements; Large attached garage included
