1416 Main St · Buffalo, NY 14209

$1,250,000

90 bd · None ba · 15,832 sqft · MultiFamily public records · 134 Days on market

Built 1884 0.28 ac lot $79/sqft · 67% 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
• Appreciation +5.9/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 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

1416 Main Street is a fully renovated all brick 10-unit mixed-use property in the heart of Buffalo’s vibrant Midtown corridor. Formerly known as Engine 16, this historic fire hall originally built in 1886 with a complete renovation and addition in 1995, has been revitalized (2024/2025) into a stabilized income-producing asset while preserving its character. It was the city of Buffalo's first completely ADA compliant building that features 9 updated residential units—seven 1-bedroom and two 2-bedroom apartments—plus one ground-floor commercial space. A blend of history and functionality, the property includes an elevator, laundry room with coin op washer and dryer, and 8 off-street parking spaces, 4 of which are covered—a rare amenity in this area. Private green space. Electric and gas are separately metered. With its prime location near the Buffalo Niagara Medical Campus, Canisius College, and the Elmwood Village, this property is perfectly positioned for both immediate cash flow and long-term growth. Listing Agent is part owner.

Key facts

• Fully renovated
• Laundry room
• Elevator

Tags

• FULLY RENOVATED
• HISTORIC FIRE HALL
• ADA COMPLIANT BUILDING
• ELEVATOR
• LAUNDRY ROOM
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 10 × 9-bed/?-bath units multifamily listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $9k ($104k/yr) — positive. Per door: $870/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $1.25M).
• Recommended offer: $1.10M (12.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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 (+8.5%/yr); 56 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $20,416/mo this rent would consume 490% of the median local household income ($50k/yr) (locally 959% 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 $32k of equity ($9k loan paydown + $23k appreciation (1.9% local appreciation)).
• At projected returns (1.9% appreciation + 8.0% rent growth), your $350k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$81k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($1.10M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $740k; list at $1.25M implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1884 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,100,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% 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 1884 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.63% ✓
• Cap rate: 14.65%
• Cash-on-cash: 29.84%
• DSCR: 2.33
• GRM: 5.1

CMA / ARV

• ARV (median comp): $3,758,042
• List price: $1,250,000
• Delta: -66.74%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

1.86% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 37.7%
• Equity multiple: 3.11×
• Total profit: $738,706
• Equity at exit: $483,765

10-year hold

• IRR: 41.3%
• Equity multiple: 7.14×
• Total profit: $2,149,435
• Equity at exit: $689,579

Cash invested: $350,000 (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 14209

• Home prices YoY: 0.4%
• Rents YoY: 8.5%
• Active inventory: 56
• Price-to-rent: 51.0×

Monthly cashflow live

• Estimated rent: $20,416 medium
• Mortgage (P&I): −$6,555
• Tax from tax record: −$350 /mo · $4,203/yr
• Insurance: −$521
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,287
• Net cashflow: $8,702

Break-even live

Break-even rent $9,400

Max offer price $1,250,000

Occupancy floor 52%

Sensitivity live

Price	-10% $9,410	-5% $9,056	+0% $8,702	+5% $8,349	+10% $7,995
Rent	-10% $7,090	-5% $7,896	+0% $8,702	+5% $9,509	+10% $10,315
Rate	-1.0pp $9,332	-0.5pp $9,020	base $8,702	+0.5pp $8,378	+1.0pp $8,049

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

Units	Beds	Baths	Est. rent
▸ 10× units	9	—	$20,420
Total (10 units)			$20,416

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: $312,500
• Closing costs: $37,500
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $1,250,000 Active 134 DOM
2. 2026-06-17
   days on market $1,250,000 Active 133 DOM
3. 2026-06-16
   days on market $1,250,000 Active 132 DOM
4. 2026-06-15
   days on market $1,250,000 Active 131 DOM
5. 2026-06-13
   days on market $1,250,000 Active 129 DOM
6. 2026-06-13
   days on market $1,250,000 Active 128 DOM
7. 2026-06-10
   days on market $1,250,000 Active 126 DOM
8. 2026-06-09
   days on market $1,250,000 Active 125 DOM
9. 2026-06-08
   days on market $1,250,000 Active 124 DOM
10. 2026-06-07
    days on market $1,250,000 Active 123 DOM
11. 2026-06-03
    days on market $1,250,000 Active 119 DOM
12. 2026-06-02
    days on market $1,250,000 Active 118 DOM
13. 2026-06-01
    days on market $1,250,000 Active 117 DOM
14. 2026-05-31
    days on market $1,250,000 Active 116 DOM
15. 2026-02-04
    listed $1,250,000 Active 1070-char remark

    Show marketing remark (1070 chars)

    1416 Main Street is a fully renovated all brick 10-unit mixed-use property in the heart of Buffalo’s vibrant Midtown corridor. Formerly known as Engine 16, this historic fire hall originally built in 1886 with a complete renovation and addition in 1995, has been revitalized (2024/2025) into a stabilized income-producing asset while preserving its character. It was the city of Buffalo's first completely ADA compliant building that features 9 updated residential units—seven 1-bedroom and two 2-bedroom apartments—plus one ground-floor commercial space. A blend of history and functionality, the property includes an elevator, laundry room with coin op washer and dryer, and 8 off-street parking spaces, 4 of which are covered—a rare amenity in this area. Private green space. Electric and gas are separately metered. With its prime location near the Buffalo Niagara Medical Campus, Canisius College, and the Elmwood Village, this property is perfectly positioned for both immediate cash flow and long-term growth. Listing Agent is part owner.

16. 2025-10-16
    historical
17. 2025-07-17
    listed $1,250,000 Active
18. 2023-11-17
    soldstatus $740,000

ⓘ 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: $4,203 · $350/mo
• Projected year-2 tax: $12,664 · $1,055/mo
• Expected delta: +$8,461/yr (+$705/mo · 201.3%)

ⓘ 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: $244,992
• − Mortgage interest: −$70,019
• − Property taxes: −$4,203
• − Insurance: −$6,250
• − Repairs & maintenance: −$19,599
• − Management: −$19,599
• − Depreciation: −$36,364
• Taxable income: $88,957
• Est. tax owed @ 24.0%: −$21,350
• After-tax cash flow: $83,079/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): 8,313
• Household income: $50,046
• Rent vs Own: 66.3% rent · 33.7% own
• Severe rent burden: 959.0

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 0.62)
• Race & ethnicity: White 53% Black 30% Hispanic / Latino 11% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 6% Dominican 1%
• Common ancestry: Romanian 6% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 9% · Canada, Dominican Republic, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 2%

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: ▲ 1.86%
• Current HPI: 443.9414
• Rent YoY: ▲ 8.53%
• 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

+68.9% since first listed

4 events — show timeline

• 2026-02-04 Listed $1,250,000 WNYREIS
• 2025-10-16 Listing Removed — WNYREIS
• 2025-07-17 Listed $1,250,000 WNYREIS
• 2023-11-17 Sold (Public Records) $740,000 Public Records

Property tax history

-10.5%/yr

Latest (2025): $4,203 · +0.0% YoY. Source: county tax records.