Renovated Duplex with Off-Street
For Sale
$224,900
Pending
235 POTOMAC Avenue, Buffalo, NY 14213
Residential, Buffalo, NY
Property Size2,155 SF
Lot Size0.10 Acres
Days on Market23
Property Features for 235 POTOMAC Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential 2 Unit
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 1
Patio and Porch features
Porch
Fireplace
1
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
On POTOMAC AVE between HERKIMER ST & GRANT ST.
Subdivision
Buffalo City-140200
Standard status
Pending
APN
140200-088-750-0006-003-000
Size
2,155 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
1823
Utilities
Heating system
Baseboard, Natural Gas
Water source
Public
Amenities
shared off-street parking
covered front porch
laundry hook-ups
attic storage
Building Details
Year built
1875
Floors in Building
2
Number of units
2
Flooring type
Varies, Vinyl, Tile, Laminate
Building materials
AluminumSiding, CompositeSiding, PexPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Danielle Buchbinder · License #10301224300
(716) 771-2891
Added: Jul 29
Changed: Aug 20
Last Checked: Aug 20 at 2:06PM
MLS# B1702407
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 two-unit residential property contains 2,155 square feet on a 0.1-acre lot. The upper 1,039-square-foot apartment is vacant and has a renovated kitchen, refreshed full bathroom, new flooring, fresh paint, and multiple replacement windows. Its attic provides additional storage or recreational space. The lower 1,116-square-foot unit includes two bedrooms, one bathroom, a living and dining area, an eat-in kitchen, and an oversized pantry; it was updated in 2024 and is currently leased.
Both units share off-street parking and a covered front porch. Separate laundry hookups are located in the basement, while updated electrical service includes newer panels and breakers. The property has natural-gas baseboard heat, public water, asphalt roofing, and a combination of aluminum and composite siding. Built in 1875, the duplex also includes PEX plumbing and varied flooring finishes, including vinyl, tile, and laminate.
Both units share off-street parking and a covered front porch. Separate laundry hookups are located in the basement, while updated electrical service includes newer panels and breakers. The property has natural-gas baseboard heat, public water, asphalt roofing, and a combination of aluminum and composite siding. Built in 1875, the duplex also includes PEX plumbing and varied flooring finishes, including vinyl, tile, and laminate.
Key Highlights
- Duplex totaling 2,155 square feet on a 0.1‑acre lot
- Upper 1,039‑square‑foot unit is vacant and renovated
- Lower 1,116‑square‑foot unit was updated in 2024 and is leased
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
$19,695
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
8.76%
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%
$393,900
$393.9K
Cap Rate 7%
$281,357
$281.4K
Cap Rate 9%
$218,833
$218.8K
Market Conditions
NOI Build-Up for 2,155 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
$37.5K $17.40/SF
− Vacancy
−$1.7K −$0.78/SF
EGI
$35.8K $16.62/SF
− OpEx
−$16.1K −$7.48/SF
NOI
$19.7K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$393,900
Cap Rate 7%
$281,357
Cap Rate 9%
$218,833
Alternative Uses
Best Use
Multifamily LT 5
$305.5K
$267.3K – $356.4K
NOI $21,383 @ 7.0% cap · market cap 9.51%
Second Best
Apartment 5plus
$281.4K
$246.2K – $328.3K
NOI $19,695 @ 7.0% cap · market cap 8.76%
Theoretical Best
Office A
$518.2K
$453.5K – $604.6K
NOI $36,276 @ 7.0% cap · market cap 16.13%
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
836
Businesses Nearby
Explore this area
Business Placement
Demographics for 14213, NY
25,834
Population
11,397
Households
2.3
Avg Household Size
30
Median Age
36%
College-Educated
81%
High-School Grad
1.9 sq mi
ZIP Area
13,597
Density / Sq Mi
$52,597
Median Household Income
$36,084
Median Earnings
$1,059
Median Rent
$192,300
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 residential units offer updated interiors, shared parking, and separate basement laundry hookups.
Where is this duplex located?
The property is located at 235 POTOMAC Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Duplex totaling 2,155 square feet on a 0.1‑acre lot; Upper 1,039‑square‑foot unit is vacant and renovated; Lower 1,116‑square‑foot unit was updated in 2024 and is leased
