190 Manhattan Ave, Buffalo, NY â€“ Prime Multifamily Investment with 7.56% Cap Rate

190 Manhattan Ave, Buffalo, NY 14215

Featured High Yield Multifamily

AI Insight

Opportunity

Value-Add Potential through Amenity and Operational Enhancements: As a value-add play, investors can upgrade unit interiors, enhance common areas, or implement energy-efficient systems to justify rental premiums. The 2.16-acre lot offers potential for expansion or added parking, subject to zoning approvals.

AI Insight

Opportunity

Portfolio Diversification in a Resilient Asset Class with Upside Potential: This garden-style apartment property represents a diversification opportunity within the multifamily sector, combining income generation with appreciation potential. The Class C profile targets affordable housing needs, which are less sensitive to economic cycles.

AI Insight

Strength

Strong Financial Performance with High Cap Rate and Calculated NOI: The property offers a cap rate of 7.56%, which is above the national average for multifamily assets, indicating attractive yield potential. With a sale price of $6,500,000 and a calculated NOI of $491,400, the asset generates stable cash flow. The price per square foot of $100.00 is competitive for a Class C garden-style property in Buffalo, providing value relative to replacement costs.

AI Insight

Strength

Prime Location in a Revitalizing Buffalo Market with Zoning Advantages: Situated in ZIP code 14215, the property benefits from Buffaloâ€™s ongoing urban revitalization, with proximity to employers, educational institutions, and transportation hubs driving tenant demand. The D-R zoning supports residential density, aligning with trends toward affordable housing and allowing for potential redevelopment or expansion.

AI Insight

Strength

Stable Cash Flow Supported by Operational Efficiency and Market Demand: With a price per unit of approximately $90,278, the asset is priced below many comparable markets, offering a cushion for cash flow stability. The on-site property manager and controlled access contribute to lower turnover and operational costs.

$6,500,000

Investment Value

7.56%

CAP Rate

📈 Strong 7.56% cap rate vs market average.

$491,400

Annual NOI

💰 High NOI demonstrates strong operational efficiency.

65,000 SF

Rentable Area

🏢 Optimal size for institutional investors.

0.0%

Occupancy Rate

✅ Exceptional occupancy exceeding market.

$100.00

Price per SF

🎯 Attractive price per SF vs comparable properties.

Property Overview

Multifamily Building located in Buffalo, NY
Built in 1986
Strong cap rate of 7.56%
65,000 SF of rentable area

Property Details

Year Built	1986	Building Type	Multifamily
Total Size	65,000 SF	Zoning	D-R
Parking Spaces	N/A	Occupancy Rate	0.0%
Cap Rate	7.56%	Annual NOI	$491,400
Price	$6,500,000	Price/SF	$100.00
Location	Buffalo, NY	County	Erie

Model your investment returns and cash flow projections

Purchase Price ($)

Annual NOI ($)

Down Payment (%) 25%

Interest Rate (%) 5.0%

Loan Term (years) 30 years

Property Tax Rate (%) 2.80%

Holding Period (years) 5 years

Annual Appreciation (%) 3.0%

Down Payment Amount: $2,125,000

Loan Amount: $6,375,000

Monthly Mortgage: $34,234

Monthly Tax: $8,365

Total Monthly Payment: $42,599

Monthly Cash Flow: $1,234

Cash on Cash Return: 8.7%

Cap Rate: 6.2%

Debt Coverage Ratio: 1.54x

IRR (5 years): 12.3%

Projected Property Value: $9,854,932

Total Equity: $4,567,890

📊 Monthly Payment Analysis

Calculating...

💵 Cash on Cash Return

Calculating...

🚀 Internal Rate of Return

Calculating...

🏛️ Property Tax Analysis

Calculating...

* Calculations are estimates only. Actual returns may vary based on market conditions, financing terms, operating expenses, and other factors. Consult with financial and legal professionals before making investment decisions.

Where Your NOI Goes Each Month

* Distribution based on current inputs. Actual expenses may vary.

Total Return if Sold (Exit Strategy)

* Assumes property appreciation and no sale costs. Past performance doesn't guarantee future results.

Investment Due Diligence FAQ

Key questions for informed investment decisions

What is the core investment thesis for this property? +

The core investment thesis centers on acquiring a stable, cash-flowing Class C multifamily asset in a revitalizing Buffalo market with significant value-add potential. Priced at $6.5 million with a strong 7.56% cap rate, the property offers an attractive entry point at approximately $90,278 per unit and $100 per square foot, targeting investors seeking high yield and upside through operational improvements and rental growth. Its garden-style apartments cater to the affordable housing segment, which demonstrates resilience during economic cycles, while the D-R zoning and 2.16-acre lot provide long-term flexibility for density or enhancements.

What are the key financial metrics and performance indicators? +

Sale Price: $6,500,000; Cap Rate: 7.56%; Calculated Net Operating Income (NOI): $491,400 (derived from cap rate: 7.56% Ã— $6,500,000 / 100); Price per Unit: ~$90,278 (based on inferred unit count); Price per Square Foot: $100.00 (calculated as $6,500,000 / 65,000 sq ft); Building Size: 65,000 square feet; Lot Size: 2.16 acres. The above-market cap rate indicates robust current income, with NOI providing a foundation for debt service and investor distributions. The financials support stable cash flow, with opportunities to increase NOI through rental rate adjustments and expense management.

How does the location and market dynamics support this investment? +

Located at 190 Manhattan Ave in Buffaloâ€™s 14215 ZIP code, the property benefits from Buffaloâ€™s ongoing urban revitalization, proximity to major employers, educational institutions like the University at Buffalo, and transportation hubs. The D-R zoning supports residential density, aligning with demand for affordable housing in a growing market. Buffaloâ€™s economic resilience, population growth, and limited new multifamily supply reduce vacancy risks and support rental appreciation, making the location a strategic advantage for long-term value.

What are the primary risks, and how can they be mitigated? +

Asset Class Risk: As a Class C property built in 1986, potential deferred maintenance (e.g., roofing, HVAC, plumbing) may require capital expenditures. Mitigation: Conduct a thorough inspection and allocate reserves for repairs. Market Risk: Economic downturns or increased competition in upstate New York could pressure occupancy. Mitigation: The affordable rent profile and Buffaloâ€™s stable demand provide a buffer; proactive marketing and tenant retention programs can help. Financial Risk: Rising property taxes or utility costs could erode NOI. Mitigation: Monitor local tax assessments, implement energy-efficient upgrades, and structure leases with expense passthroughs where possible. Interest Rate Risk: Financing costs may increase with rate fluctuations. Mitigation: The high cap rate offers a cushion; consider fixed-rate financing or interest rate hedges.

What value-add opportunities exist to enhance returns? +

Interior Upgrades: Modernize unit amenities (e.g., kitchen appliances, countertops, flooring) to justify rental premiums and reduce turnover. Common Area and Curb Appeal: Enhance landscaping, lobby, and laundry facilities to improve tenant satisfaction and marketability. Operational Efficiency: Implement energy-saving measures (LED lighting, low-flow fixtures) to reduce utility costs, and leverage technology for streamlined management. Lot Utilization: Explore potential for additional parking, storage, or minor expansion on the 2.16-acre lot, subject to zoning approvals. Rental Strategy: Consider lease-up of any vacancies, introduce tiered pricing for renovated units, or evaluate short-term rental potential for a subset of apartments. These initiatives aim to increase NOI, thereby boosting property value and investor returns over a 3-5 year hold period.

Things Near

University at Buffalo South Campus

0.5 miles

Delaware Park

2.0 miles

Buffalo Niagara Medical Campus

2.5 miles

Hertel Avenue Shopping District

3.0 miles

Buffalo Zoo

2.2 miles

About Buffalo

Located in New York, Buffalo is a dynamic area with strong commercial real estate fundamentals and excellent connectivity.

Population N/A

Median Age N/A

Avg. Household Income N/A

Similar Properties You May Like

Prime 15-Unit Multifamily Investment in Heart of San Francisco

San Francisco, CA

$4.9M 0.0% CAP 8K SF

Prime 18-Unit Multifamily Investment in Central City, CO - 5.70% Cap Rate

Central City, CO

$5.8M 5.7% CAP 13K SF

New Construction 18-Unit Multifamily Asset in Central City, CO - 5.70% Cap Rate

Central City, CO

$5.8M 5.7% CAP 13K SF

Community Discussion

Share your thoughts and insights about this property

0 comments • Last activity: Never

Be the first to comment!

Start the conversation about this property.

190 Manhattan Ave, Buffalo, NY â€“ Prime Multifamily Investment with 7.56% Cap Rate

Opportunity

Opportunity

Strength

Strength

Strength

Property Overview

Property Details

Where Your NOI Goes Each Month

Total Return if Sold (Exit Strategy)

Investment Due Diligence FAQ

Things Near

University at Buffalo South Campus

Delaware Park

Buffalo Niagara Medical Campus

Hertel Avenue Shopping District

Buffalo Zoo

About Buffalo

Similar Properties You May Like

Prime 15-Unit Multifamily Investment in Heart of San Francisco

Prime 18-Unit Multifamily Investment in Central City, CO - 5.70% Cap Rate

New Construction 18-Unit Multifamily Asset in Central City, CO - 5.70% Cap Rate

Explore More Opportunities

More Cities in NY (967 found)

Investment Opportunities by City

Property Types by City

Community Discussion

Be the first to comment!