Owner-Occupied Two-Family
For Sale
$249,900
Pending
66 Grandview Ave, Buffalo, NY 14223
Residential, Buffalo, NY
Property Size1,968 SF
Lot Size0.10 Acres
Days on Market60
Property Features for 66 Grandview Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 4, Basement, Bathroom 2, Bedroom 2
Window features
Drapes
Interior features
CeilingFans, WindowTreatments
Exterior features
Fence, PrivateYard
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Near Public Transit, 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
Kenmore to Grandview
Subdivision
Tonawanda-Town-146489
Standard status
Pending
APN
146489-079-310-0001-004-000
Size
1,968 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
5452
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
laundry facilities
Building Details
Year built
1926
Floors in Building
2
Number of units
2
Flooring type
Varies, Marble, Tile
Building materials
VinylSiding, CopperPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Empire Realty Group
(585) 347-4900
Listed By:
Linnea F. Muller · License #10401347349
(585) 752-6715
Added: Jun 22
Changed: Aug 19
Last Checked: Aug 20 at 3:06PM
MLS# R1690955
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 owner-occupied two-family duplex offers a practical setup for owner-occupants or investors. Each side includes 2 bedrooms and 1 full bath, with separate utilities and laundry facilities located in the basement. The property has off-street parking supported by a long driveway, along with fencing and a private yard.
Recent improvements include new stainless steel appliances, luxury vinyl plank flooring, updated lighting and ceiling fans, new bathroom faucets, and new front and side entry doors with screen doors. Additional upgrades include a new front deck, new hot water tanks, a new sump pump, glass block basement windows, and a bubbler drainage system connected to municipal storm infrastructure.
The lower unit is currently occupied by a long-term tenant who will be vacating on 8/15/2026, while the upper unit is owner-occupied and well maintained. The home is located one block from Metro Rail access and NFTA bus routes, with proximity to the University at Buffalo South Campus and major hospitals, supporting convenient commuting and everyday access.
Recent improvements include new stainless steel appliances, luxury vinyl plank flooring, updated lighting and ceiling fans, new bathroom faucets, and new front and side entry doors with screen doors. Additional upgrades include a new front deck, new hot water tanks, a new sump pump, glass block basement windows, and a bubbler drainage system connected to municipal storm infrastructure.
The lower unit is currently occupied by a long-term tenant who will be vacating on 8/15/2026, while the upper unit is owner-occupied and well maintained. The home is located one block from Metro Rail access and NFTA bus routes, with proximity to the University at Buffalo South Campus and major hospitals, supporting convenient commuting and everyday access.
Key Highlights
- Two‑family setup with 2 bedrooms and 1 full bath per unit
- Separate utilities plus basement laundry facilities
- Off‑street parking with a long driveway
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
$19,527
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
7.81%
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%
$390,540
$390.5K
Cap Rate 7%
$278,957
$279.0K
Cap Rate 9%
$216,967
$217.0K
Market Conditions
NOI Build-Up for 1,968 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
$29.5K $15.00/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$27.9K $14.17/SF
− OpEx
−$8.4K −$4.25/SF
NOI
$19.5K $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%
$390,540
Cap Rate 7%
$278,957
Cap Rate 9%
$216,967
Alternative Uses
Best Use
Multifamily LT 5
$279.0K
$244.1K – $325.5K
NOI $19,527 @ 7.0% cap · market cap 7.81%
Second Best
Apartment 5plus
$256.9K
$224.8K – $299.8K
NOI $17,986 @ 7.0% cap · market cap 7.20%
Theoretical Best
Office A
$473.3K
$414.1K – $552.2K
NOI $33,129 @ 7.0% cap · market cap 13.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
813
Businesses Nearby
Explore this area
Business Placement
Demographics for 14223, NY
22,658
Population
10,586
Households
2.1
Avg Household Size
41
Median Age
44%
College-Educated
97%
High-School Grad
3.5 sq mi
ZIP Area
6,474
Density / Sq Mi
$83,528
Median Household Income
$49,835
Median Earnings
$976
Median Rent
$202,200
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-family duplex with separate utilities, basement laundry, and off-street parking, plus recent updates throughout.
Where is this duplex located?
The property is located at 66 Grandview Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑family setup with 2 bedrooms and 1 full bath per unit; Separate utilities plus basement laundry facilities; Off‑street parking with a long driveway
