338 Auburn Ave · Buffalo, NY 14213

$749,000

64 bd · None ba · 6,319 sqft · MultiFamily public records · 59 Days on market

Built 1892 3,920 sqft lot $119/sqft · at area comps Est $785k · at est.

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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
• DSCR +10.0/10.0
• ARV discount +9.6/15.0
• Appreciation +8.8/10.0
• 1% rule +7.8/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

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

338 Auburn Ave presents a rare chance to acquire an 8-unit apartment building on Buffalo's dynamic West Side. All units offer 1 bedroom and 1 bathroom, perfectly suited for reliable rental demand. Rents include all utilities, streamlining operations and attracting tenants. Common areas are fully sprinklered. Boasting a proven rental track record and an unbeatable location near Elmwood Village, Five Points, and public transit—with average in-place rents at $985—this property delivers immediate cash flow, stable returns, and strong long-term appreciation potential. A standout addition to any investor portfolio. (Note: Listing agent is part owner. )

Key facts

• Near public transit
• 3,920 sq ft lot
• 3 parking spots

Tags

• 8 UNIT APARTMENT BUILDING
• FULLY SPRINKLERED COMMON AREAS
• PROVEN RENTAL TRACK RECORD
• NEAR PUBLIC TRANSIT

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1-bath units multifamily listed at $749k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $403/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $749k).
• Recommended offer: $727k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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 soft (-0.5%/yr); 137 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $9,615/mo this rent would consume 214% of the median local household income ($54k/yr) (locally 1501% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $61k of equity ($5k loan paydown + $56k appreciation (7.5% local appreciation)).
• At projected returns (7.5% appreciation + 0.0% rent growth), your $210k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$98k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($727k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $550k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $726,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1892 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.28% ✓
• Cap rate: 11.46%
• Cash-on-cash: 18.44%
• DSCR: 1.82
• GRM: 6.5

CMA / ARV

• ARV (median comp): $785,004
• List price: $749,000
• Delta: -4.59%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

7.51% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 32.0%
• Equity multiple: 3.20×
• Total profit: $462,110
• Equity at exit: $544,353

10-year hold

• IRR: 27.7%
• Equity multiple: 6.42×
• Total profit: $1,135,738
• Equity at exit: $1,057,808

Cash invested: $209,720 (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 14213

• Home prices YoY: 1.7%
• Rents YoY: -0.5%
• Active inventory: 137
• Price-to-rent: 51.9×

Monthly cashflow live

• Estimated rent: $9,615 high
• Mortgage (P&I): −$3,928
• Tax from tax record: −$133 /mo · $1,592/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,019
• Net cashflow: $3,223

Break-even live

Break-even rent $5,535

Max offer price $749,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$9,616
Total (8 units)			$9,615

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: $187,250
• Closing costs: $22,470
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $749,000 Active 59 DOM
2. 2026-06-17
   days on market $749,000 Active 58 DOM
3. 2026-06-16
   days on market $749,000 Active 57 DOM
4. 2026-06-15
   days on market $749,000 Active 56 DOM
5. 2026-06-13
   days on market $749,000 Active 54 DOM
6. 2026-06-13
   days on market $749,000 Active 53 DOM
7. 2026-06-10
   days on market $749,000 Active 51 DOM
8. 2026-06-09
   days on market $749,000 Active 50 DOM
9. 2026-06-08
   days on market $749,000 Active 49 DOM
10. 2026-06-07
    days on market $749,000 Active 48 DOM
11. 2026-06-03
    days on market $749,000 Active 44 DOM
12. 2026-06-02
    days on market $749,000 Active 43 DOM
13. 2026-06-01
    days on market $749,000 Active 42 DOM
14. 2026-05-31
    days on market $749,000 Active 41 DOM
15. 2026-04-20
    listed $749,000 Active 666-char remark

    Show marketing remark (666 chars)

    338 Auburn Ave presents a rare chance to acquire an 8-unit apartment building on Buffalo's dynamic West Side. All units offer 1 bedroom and 1 bathroom, perfectly suited for reliable rental demand. Rents include all utilities, streamlining operations and attracting tenants. Common areas are fully sprinklered. Boasting a proven rental track record and an unbeatable location near Elmwood Village, Five Points, and public transit—with average in-place rents at $985—this property delivers immediate cash flow, stable returns, and strong long-term appreciation potential. A standout addition to any investor portfolio. (Note: Listing agent is part owner. )

16. 2025-10-15
    historical
17. 2025-07-25
    price $799,000
18. 2025-07-15
    listed $849,999 Active
19. 2023-01-13
    soldstatus $550,000 Closed Sale or Rented
20. 2023-01-13
    soldstatus $550,000
21. 2022-10-11
    status Pending Sale
22. 2022-09-12
    status Under Contract- Do Not Show
23. 2022-08-04
    price $575,000
24. 2022-07-15
    status Active
25. 2022-05-19
    status Pending Sale
26. 2022-04-30
    status Under Contract- Do Not Show
27. 2022-04-28
    listed $599,900 Active
28. 2021-02-23
    soldstatus $400,000

ⓘ 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: $1,592 · $133/mo
• Projected year-2 tax: $7,125 · $594/mo
• Expected delta: +$5,533/yr (+$461/mo · 347.6%)

ⓘ 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: $115,380
• − Mortgage interest: −$41,956
• − Property taxes: −$1,592
• − Insurance: −$3,745
• − Repairs & maintenance: −$9,230
• − Management: −$9,230
• − Depreciation: −$21,789
• Taxable income: $27,838
• Est. tax owed @ 24.0%: −$6,681
• After-tax cash flow: $31,998/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): 24,107
• Household income: $53,870
• Rent vs Own: 60.5% rent · 39.5% own
• Severe rent burden: 1501.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Black 18% Asian 12% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 16% Dominican 1%
• Common ancestry: Romanian 6% Slovak 3% Lithuanian 3%
• Foreign-born: 16% · Philippines, Canada, India
• Languages at home: 68% English-only · Spanish 12% Other Asian/Pacific 7% Arabic 3%

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: ▲ 7.51%
• Current HPI: 448.4879
• Rent YoY: ▼ -0.49%
• 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

+87.2% since first listed

14 events — show timeline

• 2026-04-20 Listed $749,000 WNYREIS
• 2025-10-15 Listing Removed — WNYREIS
• 2025-07-25 Price Changed $799,000 WNYREIS
• 2025-07-15 Listed $849,999 WNYREIS
• 2023-01-13 Sold (Public Records) $550,000 Public Records
• 2023-01-13 Sold (MLS) $550,000 WNYREIS
• 2022-10-11 Pending — WNYREIS
• 2022-09-12 Pending — WNYREIS
• 2022-08-04 Price Changed $575,000 WNYREIS
• 2022-07-15 Relisted — WNYREIS
• 2022-05-19 Pending — WNYREIS
• 2022-04-30 Pending — WNYREIS
• 2022-04-28 Listed $599,900 WNYREIS
• 2021-02-23 Sold (Public Records) $400,000 Public Records

Property tax history

+11.0%/yr

Latest (2025): $1,592 · +0.0% YoY. Source: county tax records.