Updated Two-Unit
For Sale
$250,000
104 Palmer Avenue, Buffalo, NY 14217
Two-bedroom units offer separate living spaces, dedicated parking, and access to a partially fenced yard with patio.
Property Size1,888 SF
Lot Size0.12 Acres
Price / SF$132.42
Days on Market9
Property Features for 104 Palmer Avenue
General Information
Standard status
Active
Size
1,888 SF
Lot size
0.12 Acres
Property subtype
Multi Family Home
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,298
Amenities
concrete patio
partially fenced yard
shed
seasonal landscaping
small pond feature
Building Details
Building Size
1,888 SF
Year Built
1934
Stories
2
Units
2
Listing Agency:
Giambra Realty Corp
(716) 239-6432
Listed By:
Nicholas Giambra · License #10311210668
(716) 239-6432
Source:
Wcirealty
Added: Aug 12
Changed: Aug 18
Last Checked: Aug 19 at 1:48PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Giambra Realty Corp
Investment Insights
Based on property information with market context.
Built in 1934, this 1,888-square-foot duplex contains two bedrooms and one bathroom on each floor. Both units have been owner-occupied, and the property includes a remodeled lower-level kitchen with pantry and dedicated spice cabinets, refreshed interior and hallway finishes, vinyl replacement windows, and a concrete patio. The basement has cinderblock construction, glass block windows, vents, and scuttle attic access. A shed, seasonal landscaping, small pond feature, and partially fenced yard add usable exterior space. Furniture can convey, and the property will be delivered fully vacant.
Major property improvements include a full roof tear-off in 2012, a sewer line replacement completed less than a year ago, exterior paint and gutters updated 2 years ago, and a concrete driveway poured 12 years ago. Building systems include 200-amp electrical service, boiler/radiator heat, a gas hot water tank, copper supply lines, and single electric and gas meters. The duplex occupies a 40' x 130' lot in Kenmore, with nearby parks, playgrounds, golf, tennis facilities, and the Kenmore Farmers Market within a 10-minute walk.
Major property improvements include a full roof tear-off in 2012, a sewer line replacement completed less than a year ago, exterior paint and gutters updated 2 years ago, and a concrete driveway poured 12 years ago. Building systems include 200-amp electrical service, boiler/radiator heat, a gas hot water tank, copper supply lines, and single electric and gas meters. The duplex occupies a 40' x 130' lot in Kenmore, with nearby parks, playgrounds, golf, tennis facilities, and the Kenmore Farmers Market within a 10-minute walk.
Key Highlights
- Two‑unit layout with 2 bedrooms and 1 bathroom on each floor
- 1,888 sq ft duplex on a 40' x 130' lot
- Full roof tear‑off completed in 2012
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
$18,734
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
7.49%
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%
$374,680
$374.7K
Cap Rate 7%
$267,629
$267.6K
Cap Rate 9%
$208,156
$208.2K
Market Conditions
NOI Build-Up for 1,888 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
$28.3K $15.00/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$26.8K $14.17/SF
− OpEx
−$8.0K −$4.25/SF
NOI
$18.7K $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%
$374,680
Cap Rate 7%
$267,629
Cap Rate 9%
$208,156
Alternative Uses
Best Use
Multifamily LT 5
$267.6K
$234.2K – $312.2K
NOI $18,734 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$246.5K
$215.7K – $287.6K
NOI $17,255 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$454.0K
$397.3K – $529.7K
NOI $31,782 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,062
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
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-bedroom units offer separate living spaces, dedicated parking, and access to a partially fenced yard with patio.
Where is this duplex located?
The property is located at 104 Palmer Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two‑unit layout with 2 bedrooms and 1 bathroom on each floor; 1,888 sq ft duplex on a 40' x 130' lot; Full roof tear‑off completed in 2012
