364 West Ave · Buffalo, NY 14201

$249,900

6 bd · 4.0 ba · 4,620 sqft · MultiFamily public records · 120 Days on market

Built 1896 3,920 sqft lot $54/sqft · 54% below area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Exceptional opportunity to own a classic 4-unit multi-family property in the heart of Buffalo’s West Side just off Porter Ave — with the potential to convert back to a spacious single-family city residence. Built in 1896, this 4,620 sq ft property sits on a 29’ x 139’ lot and features a 3-car garage off Cobb Alley plus an additional front parking pad. The property includes four residential units totaling 6 bedrooms and 4 full baths, configured as two 2-bedroom apartments and two 1-bedroom apartments. The two front units require a simple turnover to rent, while the two rear units present a strong value-add renovation opportunity. Above-grade finished area measures approximately 2,722 sq ft, with a full basement offering over 1,500 sq ft of unfinished utility, laundry, and storage space, providing operational flexibility and future improvement potential. Separate utilities include 4 gas meters, 5 electric meters, and 3 heating units, with the fourth heating unit needing replacement. Additional features include forced air and space heater systems with gas, balcony access, fully fenced yard, circuit breakers, and a mix of copper and PEX plumbing. Ideally located near D’Youville University, the Medical Campus, Kleinhans Music Hall, the waterfront, Elmwood Village, Allentown, and Five Points, this property offers both strong investment upside and the opportunity to create a substantial single-family home in one of Buffalo’s most desirable neighborhoods. Proof of funds required for showings

Key facts

• Separate utilities
• Balcony access
• 3-car garage

Tags

• MULTI-FAMILY PROPERTY
• 3-CAR GARAGE
• FULL BASEMENT
• SEPARATE UTILITIES
• BALCONY ACCESS
• FULLY FENCED YARD

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $250k).
• Recommended offer: $227k (9.0% below list) — sets the bar for market timing.
• Cap rate 21.2% vs local median 8.0% in Buffalo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#195 in NY, #3,011 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Buffalo City School District (urban): math 41% / reading 40% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.3%/yr); 56 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $5,815/mo this rent would consume 172% of the median local household income ($41k/yr) (locally 1213% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y ago; this cycle's ask has dropped $50k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $227,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.33% ✓
• Cap rate: 21.19%
• Cash-on-cash: 53.20%
• DSCR: 3.37
• GRM: 3.6

CMA / ARV

• ARV (median comp): $546,282
• List price: $249,900
• Delta: -54.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
328 Pennsylvania St	0.20mi	6/4.0	4,161 (-10%)	6mo	$449,000	$108	69
767 Prospect Ave	0.53mi	5/— (-1)	4,593 (-1%)	11mo	$240,000	$52	60
58 Park St	0.65mi	6/4.0	4,799 (+4%)	11mo	$640,500	$133	54
374 Elmwood Ave	0.64mi	5/4.5 (-1)	4,810 (+4%)	3mo	$680,000	$141	54
118 Norwood Ave	0.56mi	5/4.0 (-1)	4,317 (-7%)	10mo	$493,000	$114	49
62 Park St	0.64mi	7/4.0 (+1)	4,266 (-8%)	7mo	$450,000	$105	46
59 Irving Pl	0.67mi	6/6.0	4,951 (+7%)	12mo	$849,900	$172	39
937 Niagara St	0.72mi	5/— (-1)	5,133 (+11%)	12mo	$335,000	$65	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.28% rent growth · sell at horizon

5-year hold

• IRR: 52.6%
• Equity multiple: 3.35×
• Total profit: $164,611
• Equity at exit: $37,261

10-year hold

• IRR: 58.4%
• Equity multiple: 7.14×
• Total profit: $429,467
• Equity at exit: $21,607

Cash invested: $69,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14201

• Home prices YoY: -19.1%
• Rents YoY: 4.3%
• Active inventory: 56
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $5,815 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$77 /mo · $925/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,221
• Net cashflow: $3,102

Break-even live

Break-even rent $1,888

Max offer price $249,900

Occupancy floor 42%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,998
▸ 2× units	1	1	$2,816
Total (4 units)			$5,815

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $249,900 Active 120 DOM
2. 2026-06-17
   days on market $249,900 Active 119 DOM
3. 2026-06-16
   days on market $249,900 Active 118 DOM
4. 2026-06-15
   days on market $249,900 Active 117 DOM
5. 2026-06-13
   days on market $249,900 Active 115 DOM
6. 2026-06-13
   days on market $249,900 Active 114 DOM
7. 2026-06-10
   days on market $249,900 Active 112 DOM
8. 2026-06-09
   days on market $249,900 Active 111 DOM
9. 2026-06-08
   days on market $249,900 Active 110 DOM
10. 2026-06-07
    days on market $249,900 Active 109 DOM
11. 2026-06-03
    days on market $249,900 Active 105 DOM
12. 2026-06-02
    days on market $249,900 Active 104 DOM
13. 2026-06-01
    days on market $249,900 Active 103 DOM
14. 2026-05-31
    days on market $249,900 Active 102 DOM
15. 2026-03-18
    price $249,900 1544-char remark

    Show marketing remark (1544 chars)

    Exceptional opportunity to own a classic 4-unit multi-family property in the heart of Buffalo’s West Side just off Porter Ave — with the potential to convert back to a spacious single-family city residence. Built in 1896, this 4,620 sq ft property sits on a 29’ x 139’ lot and features a 3-car garage off Cobb Alley plus an additional front parking pad. The property includes four residential units totaling 6 bedrooms and 4 full baths, configured as two 2-bedroom apartments and two 1-bedroom apartments. The two front units require a simple turnover to rent, while the two rear units present a strong value-add renovation opportunity. Above-grade finished area measures approximately 2,722 sq ft, with a full basement offering over 1,500 sq ft of unfinished utility, laundry, and storage space, providing operational flexibility and future improvement potential. Separate utilities include 4 gas meters, 5 electric meters, and 3 heating units, with the fourth heating unit needing replacement. Additional features include forced air and space heater systems with gas, balcony access, fully fenced yard, circuit breakers, and a mix of copper and PEX plumbing. Ideally located near D’Youville University, the Medical Campus, Kleinhans Music Hall, the waterfront, Elmwood Village, Allentown, and Five Points, this property offers both strong investment upside and the opportunity to create a substantial single-family home in one of Buffalo’s most desirable neighborhoods. Proof of funds required for showings

16. 2026-03-15
    price $298,900 1544-char remark

    Show marketing remark (1544 chars)

    Exceptional opportunity to own a classic 4-unit multi-family property in the heart of Buffalo’s West Side just off Porter Ave — with the potential to convert back to a spacious single-family city residence. Built in 1896, this 4,620 sq ft property sits on a 29’ x 139’ lot and features a 3-car garage off Cobb Alley plus an additional front parking pad. The property includes four residential units totaling 6 bedrooms and 4 full baths, configured as two 2-bedroom apartments and two 1-bedroom apartments. The two front units require a simple turnover to rent, while the two rear units present a strong value-add renovation opportunity. Above-grade finished area measures approximately 2,722 sq ft, with a full basement offering over 1,500 sq ft of unfinished utility, laundry, and storage space, providing operational flexibility and future improvement potential. Separate utilities include 4 gas meters, 5 electric meters, and 3 heating units, with the fourth heating unit needing replacement. Additional features include forced air and space heater systems with gas, balcony access, fully fenced yard, circuit breakers, and a mix of copper and PEX plumbing. Ideally located near D’Youville University, the Medical Campus, Kleinhans Music Hall, the waterfront, Elmwood Village, Allentown, and Five Points, this property offers both strong investment upside and the opportunity to create a substantial single-family home in one of Buffalo’s most desirable neighborhoods. Proof of funds required for showings

17. 2026-02-18
    listed $299,900 Active 1544-char remark

    Show marketing remark (1544 chars)

    Exceptional opportunity to own a classic 4-unit multi-family property in the heart of Buffalo’s West Side just off Porter Ave — with the potential to convert back to a spacious single-family city residence. Built in 1896, this 4,620 sq ft property sits on a 29’ x 139’ lot and features a 3-car garage off Cobb Alley plus an additional front parking pad. The property includes four residential units totaling 6 bedrooms and 4 full baths, configured as two 2-bedroom apartments and two 1-bedroom apartments. The two front units require a simple turnover to rent, while the two rear units present a strong value-add renovation opportunity. Above-grade finished area measures approximately 2,722 sq ft, with a full basement offering over 1,500 sq ft of unfinished utility, laundry, and storage space, providing operational flexibility and future improvement potential. Separate utilities include 4 gas meters, 5 electric meters, and 3 heating units, with the fourth heating unit needing replacement. Additional features include forced air and space heater systems with gas, balcony access, fully fenced yard, circuit breakers, and a mix of copper and PEX plumbing. Ideally located near D’Youville University, the Medical Campus, Kleinhans Music Hall, the waterfront, Elmwood Village, Allentown, and Five Points, this property offers both strong investment upside and the opportunity to create a substantial single-family home in one of Buffalo’s most desirable neighborhoods. Proof of funds required for showings

18. 2025-05-22
    historical $1,100
19. 2025-04-15
    listed $1,100
20. 2025-03-12
    historical $1,100
21. 2025-02-13
    price $1,100
22. 2024-12-03
    listed $1,200
23. 2024-03-14
    historical $1,100
24. 2024-03-05
    listed $1,100
25. 2023-12-06
    historical $1,100
26. 2023-11-28
    listed $1,100
27. 2023-07-29
    historical $975
28. 2022-08-21
    price $975
29. 2021-09-16
    soldstatus $251,000
30. 2021-09-10
    soldstatus $251,000 Closed Sale or Rented 363-char remark

    Show marketing remark (363 chars)

    364 West Avenue. Classic West side Victorian made into four distinct apartments. Restored and low maintenance shingle exterior, open porch and a great yard w/ a garage. Great living spaces in four distinct apartments. A big two bedroom owner's unit and three bright, easy to manage rentals. Updated electric, separate utilities and great monthly income potential.

31. 2021-08-01
    status Pending Sale 363-char remark

    Show marketing remark (363 chars)

    364 West Avenue. Classic West side Victorian made into four distinct apartments. Restored and low maintenance shingle exterior, open porch and a great yard w/ a garage. Great living spaces in four distinct apartments. A big two bedroom owner's unit and three bright, easy to manage rentals. Updated electric, separate utilities and great monthly income potential.

32. 2021-07-16
    listed $199,900 Active 363-char remark

    Show marketing remark (363 chars)

    364 West Avenue. Classic West side Victorian made into four distinct apartments. Restored and low maintenance shingle exterior, open porch and a great yard w/ a garage. Great living spaces in four distinct apartments. A big two bedroom owner's unit and three bright, easy to manage rentals. Updated electric, separate utilities and great monthly income potential.

33. 2012-08-10
    soldstatus $72,500
34. 2012-08-10
    soldstatus $72,500
35. 2012-05-11
    listed $79,900
36. 2007-12-21
    soldstatus $50,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $925 · $77/mo
• Projected year-2 tax: $2,574 · $215/mo
• Expected delta: +$1,649/yr (+$137/mo · 178.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $69,780
• − Mortgage interest: −$13,998
• − Property taxes: −$925
• − Insurance: −$1,250
• − Repairs & maintenance: −$5,582
• − Management: −$5,582
• − Depreciation: −$7,270
• Taxable income: $35,173
• Est. tax owed @ 24.0%: −$8,441
• After-tax cash flow: $28,784/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Buffalo City School District
• NCES district ID: 3605850
• Math proficiency: 41% ▲ 11.00%
• Reading proficiency: 40% ▲ 7.00%
• Median HH income: $31,665
• Composite: 33.17/100
• National rank: #5544
• State rank: #535 of 590 in NY

Livability — Buffalo

• Score: 77/100
• State rank: #195
• US rank: #3011

Category grades

Amenities A Commute A+ Cost of living A Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Buffalo, NY
• County: Erie County · 714,559 people
• City population: 440,021
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 12,369
• Household income: $40,512
• Rent vs Own: 76.4% rent · 23.6% own
• Severe rent burden: 1213.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 42% Hispanic / Latino 36% Black 16% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 30% Dominican 1%
• Common ancestry: Romanian 7% Subsaharan African 2% Slovak 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 69% English-only · Spanish 24% Arabic 2% Other Indo-European 1%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.73%
• Current HPI: 290.2643
• Rent YoY: ▲ 4.28%
• Metro: Buffalo-Cheektowaga, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+399.8% since first listed

22 events — show timeline

• 2026-03-18 Price Changed $249,900 WNYREIS
• 2026-03-15 Price Changed $298,900 WNYREIS
• 2026-02-18 Listed $299,900 WNYREIS
• 2025-05-22 Rental Removed $1,100 BUILDIUM
• 2025-04-15 Listed for Rent $1,100 BUILDIUM
• 2025-03-12 Rental Removed $1,100 BUILDIUM
• 2025-02-13 Price Changed $1,100 BUILDIUM
• 2024-12-03 Listed for Rent $1,200 BUILDIUM
• 2024-03-14 Rental Removed $1,100 BUILDIUM
• 2024-03-05 Listed for Rent $1,100 BUILDIUM
• 2023-12-06 Rental Removed $1,100 BUILDIUM
• 2023-11-28 Listed for Rent $1,100 BUILDIUM
• 2023-07-29 Rental Removed $975 BUILDIUM
• 2022-08-21 Price Changed $975 BUILDIUM
• 2021-09-16 Sold (Public Records) $251,000 Public Records
• 2021-09-10 Sold (MLS) $251,000 WNYREIS
• 2021-08-01 Pending — WNYREIS
• 2021-07-16 Listed $199,900 WNYREIS
• 2012-08-10 Sold (Public Records) $72,500 Public Records
• 2012-08-10 Sold (MLS) $72,500 WNYREIS
• 2012-05-11 Listed $79,900 WNYREIS
• 2007-12-21 Sold (Public Records) $50,000 Public Records

Property tax history

+9.7%/yr

Latest (2025): $925 · +0.0% YoY. Source: county tax records.