Multifamily Portfolio with Vacant
For Sale
$349,900
54 South Street, Buffalo, NY 14204
MULTI_FAMILY - Buffalo, NY
Property Size3,297 SF
Lot Size0.07 Acres
Price / SF$106.13
Days on Market30
Property Features for 54 South Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 3, Basement, Bedroom 8, Bedroom 6, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 9, Bedroom 5, Bedroom 7
Parking features
Driveway
Appliances
GasWaterHeater
Lot features
Corner Lot, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Louisiana St to South St
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-122-480-0006-015-000
Size
3,297 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
2608
Utilities
Heating system
Space Heater, Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Building materials
VinylSiding
Listing Agency:
Queen City Realty Group LLC
(716) 923-7407
Listed By:
Dominic C Russo · License #30RU0798615
(716) 444-8643
Added: Jul 11
Changed: Aug 1
Last Checked: Aug 9 at 3:06PM
MLS# B1698008
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 sale includes three properties sold together: 54 South Street, 56 South Street, and 1 Tennessee. 54 South is described as a 3/3 double, with $900/month for the upper unit and $850/month for the lower unit. 56 South Street is an empty lot included with the sale of 54 South Street.
Directly behind 54 and 56 South is a single-family home at 1 Tennessee, which rents for $950/month. The information provided also notes that many nearby vacant lots have had new housing built in the neighborhood.
The total lot area provided is 0.0669 acres, and the property size is listed as 3,297 square feet. The SBL number provided is 140200--014-000.
Directly behind 54 and 56 South is a single-family home at 1 Tennessee, which rents for $950/month. The information provided also notes that many nearby vacant lots have had new housing built in the neighborhood.
The total lot area provided is 0.0669 acres, and the property size is listed as 3,297 square feet. The SBL number provided is 140200--014-000.
Key Highlights
- Multiple‑property package: 54 South St and 56 South St are sold together, plus 1 Tennessee with a separate rental unit
- 54 South St is a 3/3 double—$900/month for the upper unit and $850/month for the lower unit
- 1 Tennessee is a single‑family home renting for $950/month
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
$30,132
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
8.61%
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%
$602,640
$602.6K
Cap Rate 7%
$430,457
$430.5K
Cap Rate 9%
$334,800
$334.8K
Market Conditions
NOI Build-Up for 3,297 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
$57.4K $17.40/SF
− Vacancy
−$2.6K −$0.78/SF
EGI
$54.8K $16.62/SF
− OpEx
−$24.7K −$7.48/SF
NOI
$30.1K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$602,640
Cap Rate 7%
$430,457
Cap Rate 9%
$334,800
Alternative Uses
Best Use
Multifamily LT 5
$467.3K
$408.9K – $545.2K
NOI $32,714 @ 7.0% cap · market cap 9.35%
Second Best
Apartment 5plus
$430.5K
$376.7K – $502.2K
NOI $30,132 @ 7.0% cap · market cap 8.61%
Theoretical Best
Office A
$792.9K
$693.8K – $925.0K
NOI $55,500 @ 7.0% cap · market cap 15.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
Explore this area
Business Placement
Demographics for 14204, NY
9,026
Population
5,514
Households
1.6
Avg Household Size
40
Median Age
16%
College-Educated
82%
High-School Grad
1.8 sq mi
ZIP Area
5,014
Density / Sq Mi
$26,000
Median Household Income
$31,707
Median Earnings
$814
Median Rent
$151,700
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 - Sale includes a 3/3 double, a separately rented single-family home, and an additional vacant lot.
Where is this duplex located?
The property is located at 54 South Street Buffalo, NY.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Multiple‑property package: 54 South St and 56 South St are sold together, plus 1 Tennessee with a separate rental unit; 54 South St is a 3/3 double—$900/month for the upper unit and $850/month for the lower unit; 1 Tennessee is a single‑family home renting for $950/month
