Character-Filled Upper-Lower
For Sale
$399,000
105 Wallace Avenue, Buffalo, NY 14214
Residential, Buffalo, NY
Property Size2,547 SF
Lot Size0.08 Acres
Price / SF$156.65
Days on Market8
Property Features for 105 Wallace Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Basement, Bedroom 4, Bedroom 6, Bathroom 2, Bedroom 5, Bathroom 1, Bedroom 2
Parking features
Garage
Patio and Porch features
Porch, Deck
Interior features
Storage
Exterior features
Balcony, Deck, 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
Between Woodbridge and Huntington
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-078-750-0005-036-000
Size
2,547 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
2524
Utilities
Heating system
Forced Air, Baseboard, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1910
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Tile, Varies
Building materials
Frame, WoodSiding
Roof type
Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Gurney Becker & Bourne
(716) 849-1234
Listed By:
Louise O'Brien Adams · License #30AD0534077
(716) 603-7276
Added: Sep 15
Last Checked: Sep 22 at 4:06PM
MLS# B1713683
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 upper-and-lower duplex contains 2,547 square feet with two three-bedroom apartments, each arranged with a living room, dining room, open kitchen, one full bathroom, and a private porch. Original woodwork and coffered dining-room ceilings add period detail, while hardwood and tile flooring contribute to the interior character. A fenced yard, garage, deck, balcony, storage, and unfinished attic are also included.
The lower apartment uses baseboard heat, while the upper apartment has forced-air heat and central air conditioning. Both units use natural gas, and the property is served by public water. Built in 1910 with frame construction and wood siding, the home is located at 105 Wallace Avenue in Buffalo, NY 14214. The unfinished attic offers additional space for future planning, subject to applicable approvals and requirements.
The lower apartment uses baseboard heat, while the upper apartment has forced-air heat and central air conditioning. Both units use natural gas, and the property is served by public water. Built in 1910 with frame construction and wood siding, the home is located at 105 Wallace Avenue in Buffalo, NY 14214. The unfinished attic offers additional space for future planning, subject to applicable approvals and requirements.
Key Highlights
- Two‑family duplex with 2,547 square feet
- Both apartments offer 3 bedrooms and 1 full bath
- Upper and lower layouts include living rooms, dining rooms, and open kitchens
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
$25,273
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
6.33%
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%
$505,460
$505.5K
Cap Rate 7%
$361,043
$361.0K
Cap Rate 9%
$280,811
$280.8K
Market Conditions
NOI Build-Up for 2,547 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
$38.2K $15.00/SF
− Vacancy
−$2.1K −$0.83/SF
EGI
$36.1K $14.17/SF
− OpEx
−$10.8K −$4.25/SF
NOI
$25.3K $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%
$505,460
Cap Rate 7%
$361,043
Cap Rate 9%
$280,811
Alternative Uses
Best Use
Multifamily LT 5
$361.0K
$315.9K – $421.2K
NOI $25,273 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$332.5K
$291.0K – $388.0K
NOI $23,278 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$612.5K
$535.9K – $714.6K
NOI $42,875 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Explore this area
Business Placement
Demographics for 14214, NY
20,732
Population
9,280
Households
2.2
Avg Household Size
32
Median Age
46%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
6,282
Density / Sq Mi
$56,573
Median Household Income
$29,928
Median Earnings
$1,072
Median Rent
$234,600
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 spacious apartments feature private porches, original woodwork, and separate heating and cooling systems.
Where is this duplex located?
The property is located at 105 Wallace Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑family duplex with 2,547 square feet; Both apartments offer 3 bedrooms and 1 full bath; Upper and lower layouts include living rooms, dining rooms, and open kitchens
