Duplex with Flexible Lower
For Sale
$390,000
23 Wadsworth Street, Buffalo, NY 14201
Residential, Buffalo, NY
Property Size1,980 SF
Lot Size0.07 Acres
Price / SF$196.97
Days on Market50
Property Features for 23 Wadsworth Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential Multi Use
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Patio and Porch features
Patio
Exterior features
Balcony, Patio
Fireplace
1
Appliances
GasWaterHeater
Lot features
Historic District, Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Allen St to Wadsworth St
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-100-690-0002-002-210
Size
1,980 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
3086
Utilities
Heating system
Natural Gas, Radiant
Water source
Public
Building Details
Year built
1900
Floors in Building
3
Number of units
2
Flooring type
Tile, Varies, Hardwood
Building materials
WoodSiding, CopperPlumbing
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Gurney Becker & Bourne
(716) 849-1234
Listed By:
Jeffrey Moyer · License #10401225154
(716) 818-9042
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 20 at 10:06AM
MLS# B1693326
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 1,980-square-foot duplex was built in 1900 on a 0.07-acre lot and contains two residential units. Both apartments have been recently painted and include radiant floor heating, front-loading in-unit laundry, replacement windows, updated bathrooms, and renovated kitchens with dishwashers and built-in microwaves. The upper apartment adds engineered hardwood flooring, recessed lighting, two floodlight security cameras, and a rear deck. The lower unit has an open layout, high ceilings, and wheelchair-friendly features; it previously operated as a storefront and is currently configured as living space. The property is zoned residential.
Located in Buffalo’s Allentown Historic District, the duplex is within walking distance of the Medical Corridor and sits between Kleinhans and Pausa Art House. Off-street parking accommodates two cars, with potential to expand to four. A fenced and gated shared driveway serves a private area used by four homes.
Located in Buffalo’s Allentown Historic District, the duplex is within walking distance of the Medical Corridor and sits between Kleinhans and Pausa Art House. Off-street parking accommodates two cars, with potential to expand to four. A fenced and gated shared driveway serves a private area used by four homes.
Key Highlights
- 1,980‑square‑foot duplex on a 0.07‑acre lot
- Two recently painted apartments with renovated kitchens and updated baths
- Radiant floor heating and front‑loading in‑unit laundry in both units
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
$19,647
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
5.04%
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%
$392,940
$392.9K
Cap Rate 7%
$280,671
$280.7K
Cap Rate 9%
$218,300
$218.3K
Market Conditions
NOI Build-Up for 1,980 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
$29.7K $15.00/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$28.1K $14.17/SF
− OpEx
−$8.4K −$4.25/SF
NOI
$19.6K $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%
$392,940
Cap Rate 7%
$280,671
Cap Rate 9%
$218,300
Alternative Uses
Best Use
Multifamily LT 5
$280.7K
$245.6K – $327.5K
NOI $19,647 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$258.5K
$226.2K – $301.6K
NOI $18,096 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$476.2K
$416.6K – $555.5K
NOI $33,331 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,735
Businesses Nearby
Explore this area
Business Placement
Demographics for 14201, NY
12,364
Population
7,172
Households
1.7
Avg Household Size
33
Median Age
39%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
11,240
Density / Sq Mi
$34,204
Median Household Income
$34,081
Median Earnings
$953
Median Rent
$327,900
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 apartments feature renovated kitchens, updated baths, and move-in condition.
Where is this duplex located?
The property is located at 23 Wadsworth Street Buffalo, NY.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: 1,980‑square‑foot duplex on a 0.07‑acre lot; Two recently painted apartments with renovated kitchens and updated baths; Radiant floor heating and front‑loading in‑unit laundry in both units
