Two-Unit Duplex with
For Sale
$269,900
121 Arden Avenue, Buffalo, NY 14215
Residential, Buffalo, NY
Property Size1,994 SF
Lot Size0.10 Acres
Price / SF$135.36
Days on Market40
Property Features for 121 Arden Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 1, Basement, Bathroom 1
Parking features
Garage
Appliances
GasWaterHeater
Lot features
Irregular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-090-730-0002-009-000
Size
1,994 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
2078
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1930
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Hardwood, Carpet, Tile, Varies
Building materials
Brick, VinylSiding
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Mohammad H Rahman · License #10401292662
(585) 689-1726
Added: Jul 21
Changed: Aug 22
Last Checked: Aug 29 at 7:06PM
MLS# B1700666
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1930, this 1,994-square-foot duplex contains 4 bedrooms and 2 full bathrooms. The home includes a full basement and a detached 2-car garage, with brick and vinyl siding along with a mix of hardwood, vinyl, carpet, and tile flooring. Natural-gas forced-air heat and a gas water heater serve the property.
The house is currently configured with a single furnace after a prior conversion from its two-family setup. Two electric meters and one gas meter remain active, and the property has room for an additional gas meter. Public water serves the residence at 121 Arden Avenue in Buffalo, NY 14215.
The house is currently configured with a single furnace after a prior conversion from its two-family setup. Two electric meters and one gas meter remain active, and the property has room for an additional gas meter. Public water serves the residence at 121 Arden Avenue in Buffalo, NY 14215.
Key Highlights
- 1,994 square feet with 4 bedrooms and 2 full bathrooms
- Detached 2‑car garage and full basement
- Built in 1930 with brick and vinyl siding
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,785
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.33%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$395,700
$395.7K
Cap Rate 7%
$282,643
$282.6K
Cap Rate 9%
$219,833
$219.8K
Market Conditions
NOI Build-Up for 1,994 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.9K $15.00/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$28.3K $14.17/SF
− OpEx
−$8.5K −$4.25/SF
NOI
$19.8K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$395,700
Cap Rate 7%
$282,643
Cap Rate 9%
$219,833
Alternative Uses
Best Use
Multifamily LT 5
$282.6K
$247.3K – $329.8K
NOI $19,785 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$260.3K
$227.8K – $303.7K
NOI $18,224 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$479.5K
$419.6K – $559.4K
NOI $33,566 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
575
Businesses Nearby
Explore this area
Business Placement
Demographics for 14215, NY
42,447
Population
19,203
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
87%
High-School Grad
4.8 sq mi
ZIP Area
8,843
Density / Sq Mi
$43,326
Median Household Income
$29,204
Median Earnings
$993
Median Rent
$102,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Brick two-family home with a full basement and active electric meters serving the property.
Where is this duplex located?
The property is located at 121 Arden Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 1,994 square feet with 4 bedrooms and 2 full bathrooms; Detached 2‑car garage and full basement; Built in 1930 with brick and vinyl siding
