Classic Duplex with Two-Car
For Sale
$450,000
Pending
83 Lancaster Avenue, Buffalo, NY 14222
Residential, Buffalo, NY
Property Size2,714 SF
Lot Size0.10 Acres
Days on Market48
Property Features for 83 Lancaster Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 2
Interior features
NaturalWoodwork
Exterior features
Fence, PrivateYard
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
Subdivision
Buffalo City-140200
Standard status
Pending
APN
140200-100-220-0001-005-000
Size
2,714 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
5586
Utilities
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
front porch
private fully fenced backyard
common entry
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Varies, Hardwood, Tile, Vinyl
Building materials
WoodSiding, CopperPlumbing
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 819-4200
Listed By:
Susan D Lenahan · License #30LE1129135
(716) 864-6757
Added: Jul 28
Changed: Sep 12
Last Checked: Sep 13 at 8:06AM
MLS# B1702348
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 2,714-square-foot duplex was built in 1900 and includes two three-bedroom apartments with distinct floor plans. The lower unit features hardwood flooring, a formal dining room with built-ins, an eat-in kitchen, enclosed porch, decorative fireplace, and vintage tile bath. Upstairs, the residence includes bay windows, a front sunroom, upper porch access, a dining room, an equipped kitchen, pantry, and clawfoot-tub bath. Natural woodwork, stained-glass details, hardwood, tile, vinyl, and wood siding contribute to the property's period character.
The property occupies 0.0979 acres at 83 Lancaster Avenue in Buffalo's Elmwood Village. Exterior improvements include a fully fenced yard, front porch, private outdoor space, and detached two-car garage. Public water, natural-gas hot-water heating, asphalt shingle roofing, copper plumbing, and a basement are also included.
The property occupies 0.0979 acres at 83 Lancaster Avenue in Buffalo's Elmwood Village. Exterior improvements include a fully fenced yard, front porch, private outdoor space, and detached two-car garage. Public water, natural-gas hot-water heating, asphalt shingle roofing, copper plumbing, and a basement are also included.
Key Highlights
- 2,714‑square‑foot duplex on a 0.0979‑acre lot
- Built in 1900 with two three‑bedroom apartments
- Detached two‑car garage and fully fenced private yard
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
$26,930
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
5.98%
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%
$538,600
$538.6K
Cap Rate 7%
$384,714
$384.7K
Cap Rate 9%
$299,222
$299.2K
Market Conditions
NOI Build-Up for 2,714 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
$40.7K $15.00/SF
− Vacancy
−$2.2K −$0.83/SF
EGI
$38.5K $14.17/SF
− OpEx
−$11.5K −$4.25/SF
NOI
$26.9K $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%
$538,600
Cap Rate 7%
$384,714
Cap Rate 9%
$299,222
Alternative Uses
Best Use
Multifamily LT 5
$384.7K
$336.6K – $448.8K
NOI $26,930 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$354.3K
$310.1K – $413.4K
NOI $24,804 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$652.7K
$571.1K – $761.4K
NOI $45,686 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,432
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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two apartments offer three-bedroom layouts, enclosed porches, original details, and separate living spaces.
Where is this duplex located?
The property is located at 83 Lancaster Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,714‑square‑foot duplex on a 0.0979‑acre lot; Built in 1900 with two three‑bedroom apartments; Detached two‑car garage and fully fenced private yard
