Brick Duplex with Two-Car
For Sale
$409,000
262 Sterling Avenue, Buffalo, NY 14216
Residential, Buffalo, NY
Property Size2,640 SF
Lot Size0.12 Acres
Price / SF$154.92
Days on Market47
Property Features for 262 Sterling Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 6, Basement
Parking features
Open, Garage
Patio and Porch features
Porch
Interior features
CeilingFans
Exterior features
Balcony, Fence
Fencing
Fenced
Appliances
GasWaterHeater
Subdivision
Covin Pk Map #3
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Tacoma to Sterling
Standard status
Active
APN
140200-078-580-0001-006-000
Size
2,640 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
6210
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
central air conditioning
balcony
deck
fenced yard
garden
attic
partially finished basement
Building Details
Year built
1927
Floors in Building
2
Number of units
2
Flooring type
Laminate, Carpet, Vinyl, Varies
Building materials
Brick, VinylSiding, CopperPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Kim Whelan · License #10401312582
(716) 481-5677
Added: Jul 10
Changed: Aug 22
Last Checked: Aug 25 at 12:06AM
MLS# B1697027
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.
Located at 262 Sterling Avenue in Buffalo, this 1927 duplex contains 2,640 square feet on a 0.1249-acre lot. The brick and vinyl-sided property includes six bedrooms, two bathrooms, separate unit entrances, central air conditioning in both units, and a natural-gas forced-air heating system. The lower unit has fresh paint and new carpeting, while the upper unit was renovated 3 years ago.
Exterior features include a front upper balcony measuring 19x8, two rear decks measuring 9x7, white vinyl fencing, a perennial garden, and a two-car garage with attached storage. The partially finished basement offers two rooms, and the full attic provides additional space. The upper unit has a tenant interested in extending the tenancy. The property is near the Hertel strip, Delaware Park, Buffalo Zoo, and area restaurants.
Exterior features include a front upper balcony measuring 19x8, two rear decks measuring 9x7, white vinyl fencing, a perennial garden, and a two-car garage with attached storage. The partially finished basement offers two rooms, and the full attic provides additional space. The upper unit has a tenant interested in extending the tenancy. The property is near the Hertel strip, Delaware Park, Buffalo Zoo, and area restaurants.
Key Highlights
- Duplex with 2,640 square feet on a 0.1249‑acre lot
- Six bedrooms and two bathrooms across two units
- Two‑car garage with attached storage space
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
$26,195
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
6.40%
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%
$523,900
$523.9K
Cap Rate 7%
$374,214
$374.2K
Cap Rate 9%
$291,056
$291.1K
Market Conditions
NOI Build-Up for 2,640 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
$39.6K $15.00/SF
− Vacancy
−$2.2K −$0.83/SF
EGI
$37.4K $14.17/SF
− OpEx
−$11.2K −$4.25/SF
NOI
$26.2K $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%
$523,900
Cap Rate 7%
$374,214
Cap Rate 9%
$291,056
Alternative Uses
Best Use
Multifamily LT 5
$374.2K
$327.4K – $436.6K
NOI $26,195 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$344.7K
$301.6K – $402.1K
NOI $24,128 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$634.9K
$555.5K – $740.7K
NOI $44,441 @ 7.0% cap · market cap 10.87%
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
920
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 separate entrances support independent access to the units, with central air conditioning throughout.
Where is this duplex located?
The property is located at 262 Sterling Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: Duplex with 2,640 square feet on a 0.1249‑acre lot; Six bedrooms and two bathrooms across two units; Two‑car garage with attached storage space
