Duplex with Updated Upper
For Sale
$369,000
Pending
16 N Park Avenue, Buffalo, NY 14216
Residential, Buffalo, NY
Property Size2,961 SF
Lot Size0.09 Acres
Days on Market62
Property Features for 16 N Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Exterior features
Awnings
Fireplace
1
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Hertel to North Park
Subdivision
Buffalo City-140200
Standard status
Pending
APN
140200-078-730-0004-024-000
Size
2,961 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
3619
Utilities
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Tile, Varies, Laminate, Hardwood
Building materials
AluminumSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 689-7800
Listed By:
Donald P LeDonne · License #10401304866
(716) 861-7515
Added: Jun 24
Changed: Aug 19
Last Checked: Aug 24 at 10:06PM
MLS# B1692301
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 1920 duplex contains 2,961 square feet on a 0.0895-acre lot, with two residences offering three bedrooms and one full bathroom apiece. The upper apartment has received fresh paint, new carpeting, and a bathroom update, while the lower apartment is occupied by a long-term tenant. Interior finishes include hardwood, laminate, tile, and varied flooring, with natural-gas hot-water and baseboard heating. The property also includes a basement, awnings, aluminum siding, an asphalt roof, public water, and a gas water heater.
Located at 16 N Park Avenue in Buffalo’s North Buffalo area, the property is within a short walk of the shops, restaurants, and entertainment along Hertel Avenue. Additional improvements include an updated full tear-off roof, vinyl windows, and one new boiler.
Located at 16 N Park Avenue in Buffalo’s North Buffalo area, the property is within a short walk of the shops, restaurants, and entertainment along Hertel Avenue. Additional improvements include an updated full tear-off roof, vinyl windows, and one new boiler.
Key Highlights
- 2,961‑square‑foot duplex on a 0.0895‑acre lot
- Two units, each with 3 bedrooms and 1 full bathroom
- Lower unit occupied by a long‑term tenant
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
$29,381
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
7.96%
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%
$587,620
$587.6K
Cap Rate 7%
$419,729
$419.7K
Cap Rate 9%
$326,456
$326.5K
Market Conditions
NOI Build-Up for 2,961 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
$44.4K $15.00/SF
− Vacancy
−$2.4K −$0.83/SF
EGI
$42.0K $14.17/SF
− OpEx
−$12.6K −$4.25/SF
NOI
$29.4K $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%
$587,620
Cap Rate 7%
$419,729
Cap Rate 9%
$326,456
Alternative Uses
Best Use
Multifamily LT 5
$419.7K
$367.3K – $489.7K
NOI $29,381 @ 7.0% cap · market cap 7.96%
Second Best
Apartment 5plus
$386.6K
$338.3K – $451.0K
NOI $27,062 @ 7.0% cap · market cap 7.33%
Theoretical Best
Office A
$712.1K
$623.1K – $830.7K
NOI $49,844 @ 7.0% cap · market cap 13.51%
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
780
Businesses Nearby
Explore this area
Business Placement
Demographics for 14216, NY
22,979
Population
12,773
Households
1.8
Avg Household Size
37
Median Age
54%
College-Educated
94%
High-School Grad
2.8 sq mi
ZIP Area
8,207
Density / Sq Mi
$70,260
Median Household Income
$47,823
Median Earnings
$1,152
Median Rent
$260,700
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 - Two three-bedroom units include one tenant-occupied apartment and one refreshed residence ready for occupancy.
Where is this duplex located?
The property is located at 16 N Park Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: 2,961‑square‑foot duplex on a 0.0895‑acre lot; Two units, each with 3 bedrooms and 1 full bathroom; Lower unit occupied by a long‑term tenant
