Duplex With Finished Third
For Sale
$199,000
132 Royal Avenue, Buffalo, NY 14207
Residential, Buffalo, NY
Property Size1,840 SF
Lot Size0.07 Acres
Price / SF$108.15
Days on Market19
Property Features for 132 Royal Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 2
Patio and Porch features
Porch
Interior features
Attic
Exterior features
EnclosedPorch, Porch
Appliances
GasWaterHeater
Subdivision
Jones
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Standard status
Active
APN
140200-077-560-0005-004-000
Size
1,840 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
1773
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
screened-in front porch
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Varies, Vinyl, Hardwood
Building materials
VinylSiding, PexPlumbing
Roof type
Shingle
Architectural style
Other
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 689-7800
Listed By:
Nicholas M Lunetta · License #10401366040
(716) 861-7171
Added: Aug 7
Changed: Aug 19
Last Checked: Aug 25 at 12:06AM
MLS# B1705107
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.
This 1,840-square-foot duplex at 132 Royal Avenue includes two separate residential units and access from the upper apartment to a finished third floor. The lower unit has a kitchen, living/dining room, family room, bedroom, and full bathroom, with flexibility for one or two bedrooms. The second-floor apartment offers two bedrooms, an eat-in kitchen, an expansive living room, and a dedicated dining area. The property also includes an enclosed front porch and an adjacent lot.
Recent improvements include a new roof (25'), two newer 100-amp electrical panels, hot water tanks from 19' and 22', forced-air furnaces, LVP flooring, fresh paint, updated bathrooms, and vinyl replacement windows. Vinyl siding, PEX plumbing, hardwood flooring, a shingle roof, natural-gas heat, and public water are also reported. The finished third floor provides additional interior space, while the 0.0744-acre lot expands the property footprint.
Recent improvements include a new roof (25'), two newer 100-amp electrical panels, hot water tanks from 19' and 22', forced-air furnaces, LVP flooring, fresh paint, updated bathrooms, and vinyl replacement windows. Vinyl siding, PEX plumbing, hardwood flooring, a shingle roof, natural-gas heat, and public water are also reported. The finished third floor provides additional interior space, while the 0.0744-acre lot expands the property footprint.
Key Highlights
- Two‑family duplex with 1,840 square feet
- 0.0744‑acre adjacent lot included
- Finished third floor accessed from the second‑floor unit
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
$18,257
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
9.17%
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%
$365,140
$365.1K
Cap Rate 7%
$260,814
$260.8K
Cap Rate 9%
$202,856
$202.9K
Market Conditions
NOI Build-Up for 1,840 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
$27.6K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$26.1K $14.17/SF
− OpEx
−$7.8K −$4.25/SF
NOI
$18.3K $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%
$365,140
Cap Rate 7%
$260,814
Cap Rate 9%
$202,856
Alternative Uses
Best Use
Multifamily LT 5
$260.8K
$228.2K – $304.3K
NOI $18,257 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$240.2K
$210.2K – $280.3K
NOI $16,816 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$442.5K
$387.2K – $516.2K
NOI $30,974 @ 7.0% cap · market cap 15.56%
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
510
Businesses Nearby
Explore this area
Business Placement
Demographics for 14207, NY
26,006
Population
11,317
Households
2.3
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
3.9 sq mi
ZIP Area
6,668
Density / Sq Mi
$38,951
Median Household Income
$33,851
Median Earnings
$943
Median Rent
$111,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Updated two-family home with flexible apartment layouts, an enclosed porch, and an additional lot included in the sale.
Where is this duplex located?
The property is located at 132 Royal Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Two‑family duplex with 1,840 square feet; 0.0744‑acre adjacent lot included; Finished third floor accessed from the second‑floor unit
