1416 Main St · Buffalo, NY 14209

$1,250,000

90 bd · None ba · 15,832 sqft · MultiFamily public records · 145 Days on market

Built 1884 Good condition 0.28 ac lot $79/sqft · 59% below area

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Why this score? — see what drove the A- 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
• Schools +7.2/10.0
• Appreciation +5.9/10.0
• Rent growth +4.6/5.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0

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. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $8k ($101k/yr) — positive. Per door: $843/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 14.4% vs local median 7.0% 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.
• Zoned schools: International School (math 8% / reading 17%, grade F, #2,048 of 2,108 statewide, top 97%, 981 students, 92% FRL); Hutchinson Central Technical High School (math 96% / reading 32%, grade B-, #807 of 1,100 statewide, top 73%, 1,175 students, 78% FRL).
• Market conditions: Rents rising fast (+8.5%/yr); 64 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 73d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $2,007/mo per unit this rent would consume 48% of the median local household income ($50k/yr) — 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 145 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 145 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: 1.61% ✓
• Cap rate: 14.38%
• Cash-on-cash: 28.90%
• DSCR: 2.29
• GRM: 5.2

CMA / ARV

• ARV (median comp): $3,054,078
• List price: $1,250,000
• Delta: -59.07%
• 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: 36.7%
• Equity multiple: 3.06×
• Total profit: $719,463
• Equity at exit: $483,765

10-year hold

• IRR: 40.4%
• Equity multiple: 7.01×
• Total profit: $2,101,918
• 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: 64
• Price-to-rent: 51.9×

Monthly cashflow live

• Estimated rent: $20,070 medium
• Mortgage (P&I): −$6,555
• Tax from tax record: −$350 /mo · $4,203/yr
• Insurance: −$521
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,215
• Net cashflow: $8,429

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

Units	Beds	Baths	Est. rent
▸ 10× units	9	—	$20,070
Total (10 units)			$20,070

Break-even live

Break-even rent $9,400

Max offer price $1,250,000

Occupancy floor 53%

Sensitivity live

Price	-10% $9,137	-5% $8,783	+0% $8,429	+5% $8,075	+10% $7,721
Rent	-10% $6,844	-5% $7,636	+0% $8,429	+5% $9,222	+10% $10,015
Rate	-1.0pp $9,059	-0.5pp $8,747	base $8,429	+0.5pp $8,105	+1.0pp $7,776

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
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1377 Main St Unit 3 Buffalo, NY	1.0	1.0	647	$882	$1.36	39d	1	0.07mi
19 E Utica St Unit 203 Buffalo, NY	2.0	1.0	850	$1,350	$1.59	41d	1	0.07mi
50 E Utica St Unit 3C Buffalo, NY	1.0	1.0	—	$1,200	—	32d	1	0.10mi
50 E Utica St Unit 1A Buffalo, NY	1.0	1.0	—	$1,400	—	32d	1	0.10mi
50 E Utica St Unit 2C Buffalo, NY	1.0	1.0	950	$1,300	$1.37	93d	1	0.10mi
50 E Utica St Unit 3D Buffalo, NY	1.0	1.0	—	$1,200	—	20d	1	0.10mi
50 E Utica St Unit 3D Buffalo, NY	1.0	1.0	900	$1,200	$1.33	93d	1	0.10mi
315 Linwood Ave Buffalo, NY	—	1.0	—	$950	—	17d	1	0.11mi
315 Linwood Ave Buffalo, NY	—	1.0	—	$950	—	73d	1	0.11mi
22 Laurel St Buffalo, NY	1.0	1.0	—	$925	—	25d	1	0.12mi
433 Linwood Ave Apt 1 Buffalo, NY	2.0	1.0	—	$1,300	—	93d	1	0.14mi
433 Linwood Ave Unit 433 Linwood 4 Buffalo, NY	2.0	1.0	—	$1,700	—	93d	1	0.14mi
1165 Delaware Ave Buffalo, NY	1.0–2.0	1.0	658	$1,045	$1.59	93d	1	0.28mi
530 Linwood Ave Buffalo, NY	1.0	1.0	3443	$1,200	$0.35	93d	1	0.36mi
24 Coe Pl Buffalo, NY	1.0	1.0	—	$950	—	93d	1	0.37mi
871 Delaware Ave Apt 15 Buffalo, NY	1.0	1.0	650	$1,325	$2.04	64d	1	0.37mi
888 Delaware Ave Buffalo, NY	2.0	1.0–2.0	899	$2,045	$2.27	73d	1	0.42mi
123 Highland Ave Unit Upper Buffalo, NY	2.0	1.0	2595	$1,400	$0.54	20d	1	0.45mi
1155 Main St Buffalo, NY	2.0	1.0–2.0	592	$1,770	$2.99	93d	1	0.46mi
1661 Main St Buffalo, NY	1.0–2.0	1.0	1130	$1,599	$1.41	11d	5	0.47mi
130 Linwood Ave Buffalo, NY	2.0	1.0	900	$1,700	$1.89	20d	1	0.47mi
126 Oxford Ave Apt 2 Buffalo, NY	1.0	1.0	750	$1,225	$1.63	64d	1	0.48mi
140 Hodge Ave Buffalo, NY	1.0–2.0	1.0	845	$1,426	$1.69	16d	3	0.53mi
245 Bryant St Buffalo, NY	1.0–2.0	1.0	1062	$1,750	$1.65	17d	4	0.54mi
569 Elmwood Ave Buffalo, NY	2.0	1.0	1500	$1,650	$1.10	35d	1	0.55mi
1310 Delaware Ave Buffalo, NY	2.0	1.0	684	$1,138	$1.66	93d	1	0.55mi
1145 Michigan Ave Buffalo, NY	2.0	1.0–2.0	655	$1,719	$2.62	93d	1	0.56mi
246 Bryant St Unit 5A Buffalo, NY	1.0	1.0	800	$1,100	$1.38	73d	1	0.56mi
619 Elmwood Ave Buffalo, NY	2.0	1.0	4395	$1,300	$0.30	93d	1	0.56mi
193 Southampton St Buffalo, NY	1.0	1.0	625	$1,400	$2.24	93d	1	0.56mi
201 Southampton St Buffalo, NY	1.0	1.0	600	$1,300	$2.17	93d	1	0.57mi
451 Elmwood Ave Buffalo, NY	2.0	1.0	1633	$3,305	$2.02	93d	1	0.57mi
504 Elmwood Ave Unit 202 Buffalo, NY	1.0	1.0	602	$1,250	$2.08	93d	1	0.58mi
415 Elmwood Ave Buffalo, NY	1.0	1.0	772	$1,620	$2.10	20d	2	0.60mi
305 W Utica St Unit B302 Buffalo, NY	2.0	2.0	1180	$2,060	$1.75	64d	1	0.61mi
50 Gates Cir Buffalo, NY	1.0	1.0	—	$1,400	—	52d	1	0.63mi
217 Ashland Ave Unit 2 Buffalo, NY	2.0	1.0	—	$1,650	—	52d	1	0.64mi
373 Elmwood Ave Apt 6 Buffalo, NY	1.0	1.0	800	$1,250	$1.56	20d	1	0.64mi
715-721 Elmwood Ave Unit 717-4 Buffalo, NY	1.0	1.0	700	$1,425	$2.04	20d	1	0.64mi
367 Elmwood Ave Unit 21 Buffalo, NY	—	1.0	—	$700	—	93d	1	0.64mi

Listing history 25 events

1. 2026-06-29
   days on market $1,250,000 Active 145 DOM
2. 2026-06-28
   days on market $1,250,000 Active 144 DOM
3. 2026-06-27
   days on market $1,250,000 Active 143 DOM
4. 2026-06-27
   days on market $1,250,000 Active 142 DOM
5. 2026-06-25
   days on market $1,250,000 Active 140 DOM
6. 2026-06-22
   days on market $1,250,000 Active 138 DOM
7. 2026-06-21
   days on market $1,250,000 Active 137 DOM
8. 2026-06-18
   days on market $1,250,000 Active 134 DOM
9. 2026-06-17
   days on market $1,250,000 Active 133 DOM
10. 2026-06-16
    days on market $1,250,000 Active 132 DOM
11. 2026-06-15
    days on market $1,250,000 Active 131 DOM
12. 2026-06-13
    days on market $1,250,000 Active 129 DOM
13. 2026-06-13
    days on market $1,250,000 Active 128 DOM
14. 2026-06-10
    days on market $1,250,000 Active 126 DOM
15. 2026-06-09
    days on market $1,250,000 Active 125 DOM
16. 2026-06-08
    days on market $1,250,000 Active 124 DOM
17. 2026-06-07
    days on market $1,250,000 Active 123 DOM
18. 2026-06-03
    days on market $1,250,000 Active 119 DOM
19. 2026-06-02
    days on market $1,250,000 Active 118 DOM
20. 2026-06-01
    days on market $1,250,000 Active 117 DOM
21. 2026-05-31
    days on market $1,250,000 Active 116 DOM
22. 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.

23. 2025-10-16
    historical
24. 2025-07-17
    listed $1,250,000 Active
25. 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: $240,840
• − Mortgage interest: −$70,019
• − Property taxes: −$4,203
• − Insurance: −$6,250
• − Repairs & maintenance: −$19,267
• − Management: −$19,267
• − Depreciation: −$36,364
• Taxable income: $85,469
• Est. tax owed @ 24.0%: −$20,513
• After-tax cash flow: $80,636/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.

Condition & rehab AI · 3 photos

Good 80/100 Cosmetic rehab Est. rehab $79,160–$237,480 screening

The property is in good condition with a cosmetic level of renovation. The roof requires major repairs, and the landscaping and fencing could use some maintenance. Updating the interior would increase its resale value, while maintaining the exterior would improve its rental value.

Deferred maintenance Est. $30,000–$90,000 screening

• Major Roof (roof) — The roof appears to be in poor condition with visible damage and wear.
• Major Windows (windows) — The windows appear to be old and may need replacement.
• Major Exterior (exterior) — The exterior of the building shows significant wear and tear, indicating a need for major repairs.

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible wear and tear.
• Minor landscaping — The landscaping appears to be well-maintained, with no visible overgrowth or damage.
• Minor fencing — The fencing appears to be in good condition, with no visible damage or wear.

Value-add opportunities

• Both roof repair — Repairing the roof would improve the overall condition of the property and increase its value. ↑
• Rental landscaping and fencing maintenance — Maintaining the landscaping and fencing would improve the curb appeal and attract tenants. ↑
• Resale interior updates — Updating the interior would make the property more attractive to potential buyers and increase its resale value. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

B Composite school gradezoned avg 72/100

Zoned Schools

Elementary Ps 64 Frederick Law Olmsted A- NY #447/2,108 Nat'l #3,487/41,679 High Buffalo Academy For The Visual & Performing Arts B+ NY #634/1,100 Nat'l #1,629/17,239

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

B Composite livability gradescore 77/100

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 · 933,037 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: 5% of renters

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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%

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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%

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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

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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.