Updated Two-Unit Residential
371 Potomac Avenue Buffalo, NY 14213
For Sale
$299,900
Pending
MULTI_FAMILY - Other - Buffalo, NY
Property Size2,266 SF
Lot Size0.07 Acres
Days on Market199
Property Features for 371 Potomac Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Basement, Bedroom 4, Bedroom 1, Bedroom 3
Parking features
Driveway
Patio and Porch features
Patio
Interior features
NaturalWoodwork
Exterior features
FullyFenced, Patio
Fencing
Fenced
Appliances
GasWaterHeater
Standard status
Pending
APN
140200-088-760-0006-004-000
Size
2,266 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
3479
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1902
Floors in Building
2
Number of units
2
Flooring type
Tile, Vinyl, Hardwood, Varies
Building materials
Frame, CopperPlumbing
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 819-4200
Listed By:
Susan D Lenahan · License #30LE1129135
(716) 864-6757
Added: Jan 12
Changed: Jul 28
Last Checked: Jul 30 at 1:06AM
MLS# B1657150
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 updated two-unit residential income property features a shared entry leading to two separate living spaces. The lower unit offers a generous foyer with coat closet, hardwood floors, and a decorative vintage light fixture. It includes a sun-filled living room with large windows and a decorative fireplace, a formal dining room with bay window and classic chandelier, and a fully applianced kitchen with luxury vinyl flooring and ample storage. Two bedrooms and an updated full bath complete the lower layout.
The upper unit includes a spacious kitchen with vinyl flooring and ample storage, a formal dining room, and a bright living room with views and arched doorway detailing. Two bedrooms and a full bath round out the upper space. A third-floor walk-up with a fire escape provides space that may support future expansion.
Additional improvements called out include new electrical service, newer windows, and a newer roof installed in 2019. Outside, the property includes a private yard with a large concrete patio and a six-foot privacy fence, creating a defined outdoor area. The property is located on the West Side of Buffalo near Five Points and Elmwood Village, with access to downtown and other nearby destinations.
The upper unit includes a spacious kitchen with vinyl flooring and ample storage, a formal dining room, and a bright living room with views and arched doorway detailing. Two bedrooms and a full bath round out the upper space. A third-floor walk-up with a fire escape provides space that may support future expansion.
Additional improvements called out include new electrical service, newer windows, and a newer roof installed in 2019. Outside, the property includes a private yard with a large concrete patio and a six-foot privacy fence, creating a defined outdoor area. The property is located on the West Side of Buffalo near Five Points and Elmwood Village, with access to downtown and other nearby destinations.
Key Highlights
- West Side double with two units plus a 3rd‑floor walk‑up with fire escape and potential for future expansion
- Notable updates include newer roof (2019), newer windows, and new electrical service
- Private, fully fenced yard with a large concrete patio for outdoor entertaining
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $34.0k | $15.00 |
| − Vacancy | −$1.9k | −$0.83 |
| EGI | $32.1k | $14.17 |
| − OpEx | −$9.6k | −$4.25 |
| NOI | $22.5k | $9.92 |
2,266 SF · lease $15.00/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$321.2K
$281.1K – $374.7K
NOI $22,484 @ 7.0% cap · market cap 7.50%
Second Best
Apartment 5plus
$295.9K
$258.9K – $345.2K
NOI $20,710 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$544.9K
$476.8K – $635.8K
NOI $38,145 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Updated duplex with two full units, off-street outdoor space, and recent roof and electrical improvements.
Where is this duplex located?
The property is located at 371 Potomac Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: West Side double with two units plus a 3rd‑floor walk‑up with fire escape and potential for future expansion; Notable updates include newer roof (2019), newer windows, and new electrical service; Private, fully fenced yard with a large concrete patio for outdoor entertaining
