Duplex with Separate
For Sale
$239,900
Pending
51 Delwood Road, Buffalo, NY 14217
Residential, Buffalo, NY
Property Size1,732 SF
Lot Size0.11 Acres
Days on Market51
Property Features for 51 Delwood Road
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
Parking features
Garage
Exterior features
Balcony
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Kenmore-Tonawanda Union Free District
Middle school district
Kenmore-Tonawanda Union Free District
High school district
Kenmore-Tonawanda Union Free District
Directions
Delwood sits between Delaware Rd. and Delaware Ave. North of Kenwood Rd.
Subdivision
Kenmore-Village-146401
Standard status
Pending
APN
146401-066-710-0001-012-000
Size
1,732 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
4435
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
front porch
private back deck
laundry hookups
green space
Building Details
Year built
1940
Floors in Building
1
Number of units
2
Flooring type
Carpet, Laminate, Varies, Hardwood
Building materials
Stucco
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Buffalo Home Sellers LLC
(716) 471-9266
Listed By:
Brandi Bashor · License #10301221794
(732) 757-6288
Added: Jul 25
Changed: Sep 12
Last Checked: Sep 13 at 1:06PM
MLS# B1701322
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 51 Delwood Road in Buffalo, this 1,732-square-foot duplex was built in 1940 and includes separate utilities for each residence. The lower apartment offers a front porch, living room, formal dining room, kitchen with updated appliances and walk-in pantry, 2 or 3 first-floor bedrooms, a full bathroom, and hardwood flooring beneath carpet in the living and dining areas. The upper unit contains 1 bedroom and 1 bathroom, along with a private rear deck.
The basement provides separate laundry hookups and independent mechanical systems. Exterior features include stucco construction, an asphalt shingle roof, a 1.5-car garage, and green space on a 0.1101-acre lot. The property is near Delaware Avenue, local restaurants, shopping, parks, and playgrounds in the Village of Kenmore area. The upper unit is currently tenant-occupied and requires 24-hour notice for showings.
The basement provides separate laundry hookups and independent mechanical systems. Exterior features include stucco construction, an asphalt shingle roof, a 1.5-car garage, and green space on a 0.1101-acre lot. The property is near Delaware Avenue, local restaurants, shopping, parks, and playgrounds in the Village of Kenmore area. The upper unit is currently tenant-occupied and requires 24-hour notice for showings.
Key Highlights
- 1,732‑square‑foot duplex on a 0.1101‑acre lot
- Separate utilities, laundry hookups, and independent mechanical systems
- Lower unit with 2 or 3 first‑floor bedrooms and a walk‑in pantry
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
$17,186
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
7.16%
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%
$343,720
$343.7K
Cap Rate 7%
$245,514
$245.5K
Cap Rate 9%
$190,956
$191.0K
Market Conditions
NOI Build-Up for 1,732 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
$26.0K $15.00/SF
− Vacancy
−$1.4K −$0.83/SF
EGI
$24.6K $14.17/SF
− OpEx
−$7.4K −$4.25/SF
NOI
$17.2K $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%
$343,720
Cap Rate 7%
$245,514
Cap Rate 9%
$190,956
Alternative Uses
Best Use
Multifamily LT 5
$245.5K
$214.8K – $286.4K
NOI $17,186 @ 7.0% cap · market cap 7.16%
Second Best
Apartment 5plus
$226.1K
$197.9K – $263.8K
NOI $15,829 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$416.5K
$364.5K – $485.9K
NOI $29,156 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,042
Businesses Nearby
Explore this area
Business Placement
Demographics for 14217, NY
23,085
Population
11,280
Households
2
Avg Household Size
41
Median Age
41%
College-Educated
95%
High-School Grad
3.2 sq mi
ZIP Area
7,214
Density / Sq Mi
$72,205
Median Household Income
$51,075
Median Earnings
$970
Median Rent
$193,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with a private upper-level deck, garage, and neighborhood access to dining, shopping, and parks.
Where is this duplex located?
The property is located at 51 Delwood Road Buffalo, NY.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: 1,732‑square‑foot duplex on a 0.1101‑acre lot; Separate utilities, laundry hookups, and independent mechanical systems; Lower unit with 2 or 3 first‑floor bedrooms and a walk‑in pantry
