Victorian Duplex With Period
For Sale
$419,900
524 Norwood Avenue, Buffalo, NY 14222
Residential, Buffalo, NY
Property Size2,908 SF
Lot Size0.14 Acres
Price / SF$144.39
Days on Market23
Property Features for 524 Norwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Basement, Bedroom 1
Patio and Porch features
Porch
Interior features
CeilingFans, NaturalWoodwork
Exterior features
Fence
Fencing
Fenced
Fireplace
1
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Head west on Lafayette Avenue from Delaware Avenue, turn left on Norwood Avenue, the home will be on your right.
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-100-210-0001-015-000
Size
2,908 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
5607
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Varies, Vinyl, Carpet, Tile, Hardwood
Building materials
Cedar, WoodSiding, CopperPlumbing
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Joshua James · License #10301210944
(716) 697-3280
Added: Aug 7
Changed: Aug 22
Last Checked: Aug 29 at 5:06PM
MLS# B1704909
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 1890, this cedar-clad duplex contains 2,908 square feet on a 0.1377-acre lot. The lower residence includes two bedrooms and a bath on the main level, plus a third bedroom and second bath upstairs. Its layout also includes a family room, eat-in kitchen, hardwood floors, stained and leaded glass accents, and a wood-burning fireplace. The upper residence offers two bedrooms, one bath, living and dining rooms, hardwood flooring, and a fireplace with turquoise tile detailing.
The property has a private driveway, fenced exterior, front porch, public water, natural-gas forced-air heat, and two furnaces. A high-efficiency Tempstat furnace, second rear furnace, and 2021 hot water tank are among the listed updates. Located in Buffalo’s Elmwood Village neighborhood near Colonial Circle, local shops, entertainment, schools, and downtown, the building may remain a duplex or be converted to a single-family residence.
The property has a private driveway, fenced exterior, front porch, public water, natural-gas forced-air heat, and two furnaces. A high-efficiency Tempstat furnace, second rear furnace, and 2021 hot water tank are among the listed updates. Located in Buffalo’s Elmwood Village neighborhood near Colonial Circle, local shops, entertainment, schools, and downtown, the building may remain a duplex or be converted to a single-family residence.
Key Highlights
- 2,908 SF duplex on a 0.1377‑acre lot
- Built in 1890 with cedar exterior and period architectural details
- Lower unit includes 3 bedrooms and 2 bathrooms across two levels
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
$28,855
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
6.87%
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%
$577,100
$577.1K
Cap Rate 7%
$412,214
$412.2K
Cap Rate 9%
$320,611
$320.6K
Market Conditions
NOI Build-Up for 2,908 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
$43.6K $15.00/SF
− Vacancy
−$2.4K −$0.83/SF
EGI
$41.2K $14.17/SF
− OpEx
−$12.4K −$4.25/SF
NOI
$28.9K $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%
$577,100
Cap Rate 7%
$412,214
Cap Rate 9%
$320,611
Alternative Uses
Best Use
Multifamily LT 5
$412.2K
$360.7K – $480.9K
NOI $28,855 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$379.7K
$332.2K – $443.0K
NOI $26,577 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$699.3K
$611.9K – $815.9K
NOI $48,952 @ 7.0% cap · market cap 11.66%
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
1,294
Businesses Nearby
Explore this area
Business Placement
Demographics for 14222, NY
13,629
Population
7,355
Households
1.9
Avg Household Size
32
Median Age
63%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
11,358
Density / Sq Mi
$83,692
Median Household Income
$50,045
Median Earnings
$1,168
Median Rent
$408,100
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 feature original woodwork, fireplaces, and private off-street parking.
Where is this duplex located?
The property is located at 524 Norwood Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: 2,908 SF duplex on a 0.1377‑acre lot; Built in 1890 with cedar exterior and period architectural details; Lower unit includes 3 bedrooms and 2 bathrooms across two levels
