Two-Unit
For Sale
$159,000
40 Condon Avenue, Buffalo, NY 14207
Residential, Buffalo, NY
Property Size1,397 SF
Lot Size0.07 Acres
Price / SF$113.82
Days on Market75
Property Features for 40 Condon Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Basement, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Patio and Porch features
Porch
Exterior features
Fence
Fencing
Fenced
Appliances
GasWaterHeater
Subdivision
The Jones
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Tonawanda St to Condon Ave
Standard status
Active
APN
140200-077-480-0002-013-000
Size
1,397 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
1258
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1920
Floors in Building
1
Number of units
2
Flooring type
Varies, Vinyl
Building materials
VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 875-2211
Listed By:
Emmanuel Williams · License #10301217766
(716) 430-2091
Added: Jul 1
Changed: Sep 12
Last Checked: Sep 13 at 4:06AM
MLS# B1687761
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.
Built in 1920, this 1,397-square-foot duplex contains two residential units, with each unit configured with two bedrooms and one full bathroom. The property includes a full basement for storage, a fenced backyard, and a porch. Vinyl siding, an asphalt roof, natural-gas forced-air heat, and a gas water heater provide established building systems and exterior materials.
The 0.0723-acre property is located at 40 Condon Avenue in Buffalo, NY 14207. Public water serves the property, while flooring includes vinyl and varied materials. Its two-unit layout provides a straightforward residential income configuration within the Buffalo market.
The 0.0723-acre property is located at 40 Condon Avenue in Buffalo, NY 14207. Public water serves the property, while flooring includes vinyl and varied materials. Its two-unit layout provides a straightforward residential income configuration within the Buffalo market.
Key Highlights
- Two residential units, each with 2 bedrooms and 1 full bathroom
- 1,397 square feet on a 0.0723‑acre lot
- Full basement provides additional storage area
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
$13,862
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
8.72%
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%
$277,240
$277.2K
Cap Rate 7%
$198,029
$198.0K
Cap Rate 9%
$154,022
$154.0K
Market Conditions
NOI Build-Up for 1,397 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
$21.0K $15.00/SF
− Vacancy
−$1.2K −$0.83/SF
EGI
$19.8K $14.17/SF
− OpEx
−$5.9K −$4.25/SF
NOI
$13.9K $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%
$277,240
Cap Rate 7%
$198,029
Cap Rate 9%
$154,022
Alternative Uses
Best Use
Multifamily LT 5
$198.0K
$173.3K – $231.0K
NOI $13,862 @ 7.0% cap · market cap 8.72%
Second Best
Apartment 5plus
$182.4K
$159.6K – $212.8K
NOI $12,768 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$336.0K
$294.0K – $392.0K
NOI $23,517 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
468
Businesses Nearby
Explore this area
Business Placement
Demographics for 14207, NY
26,006
Population
11,317
Households
2.3
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
3.9 sq mi
ZIP Area
6,668
Density / Sq Mi
$38,951
Median Household Income
$33,851
Median Earnings
$943
Median Rent
$111,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Each residence includes two bedrooms and one full bathroom, supporting separate household living arrangements.
Where is this duplex located?
The property is located at 40 Condon Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: Two residential units, each with 2 bedrooms and 1 full bathroom; 1,397 square feet on a 0.0723‑acre lot; Full basement provides additional storage area
