Renovated Two-Unit
For Sale
$364,900
11 15th Street, Buffalo, NY 14213
Two updated apartments feature hardwood floors, refreshed kitchens and baths, and open-concept living areas.
Property Size2,240 SF
Days on Market51
Property Features for 11 15th Street
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$3,308
Building Details
Building Size
2,240 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
HUNT Real Estate ERA
(716) 374-2419
Listed By:
Eric Stone
(716) 374-2419
Source:
Northstarwny
Added: Jul 6
Changed: Aug 21
Last Checked: Aug 24 at 2:29PM
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 HUNT Real Estate ERA
Investment Insights
Based on property information with market context.
This renovated duplex contains two apartments, each arranged with 2 bedrooms and 1 full bath. Hardwood flooring runs through the units, while updated kitchens and bathrooms complement open-concept layouts designed for daily living and entertaining. The property was built in 1900 and has been well maintained.
Located at 11 15th Street in Buffalo’s West Side, the property is within walking distance of restaurants, coffee shops, and boutiques in the Five Points district. Allentown, Elmwood Village, Kleinhans, D’Youville University, and Niagara St. are also identified as nearby destinations. The attic provides additional space that may appeal to an owner-occupant or investor, subject to the buyer’s intended use.
Located at 11 15th Street in Buffalo’s West Side, the property is within walking distance of restaurants, coffee shops, and boutiques in the Five Points district. Allentown, Elmwood Village, Kleinhans, D’Youville University, and Niagara St. are also identified as nearby destinations. The attic provides additional space that may appeal to an owner-occupant or investor, subject to the buyer’s intended use.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bath in each apartment
- Renovated kitchens and bathrooms across both units
- Hardwood flooring and open‑concept layouts
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
$22,226
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
6.09%
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%
$444,520
$444.5K
Cap Rate 7%
$317,514
$317.5K
Cap Rate 9%
$246,956
$247.0K
Market Conditions
NOI Build-Up for 2,240 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
$33.6K $15.00/SF
− Vacancy
−$1.8K −$0.83/SF
EGI
$31.8K $14.17/SF
− OpEx
−$9.5K −$4.25/SF
NOI
$22.2K $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%
$444,520
Cap Rate 7%
$317,514
Cap Rate 9%
$246,956
Alternative Uses
Best Use
Multifamily LT 5
$317.5K
$277.8K – $370.4K
NOI $22,226 @ 7.0% cap · market cap 6.09%
Second Best
Apartment 5plus
$292.5K
$255.9K – $341.2K
NOI $20,472 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$538.7K
$471.3K – $628.5K
NOI $37,707 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,006
Businesses Nearby
Explore this area
Business Placement
Demographics for 14213, NY
25,834
Population
11,397
Households
2.3
Avg Household Size
30
Median Age
36%
College-Educated
81%
High-School Grad
1.9 sq mi
ZIP Area
13,597
Density / Sq Mi
$52,597
Median Household Income
$36,084
Median Earnings
$1,059
Median Rent
$192,300
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 updated apartments feature hardwood floors, refreshed kitchens and baths, and open-concept living areas.
Where is this duplex located?
The property is located at 11 15th Street Buffalo, NY.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bath in each apartment; Renovated kitchens and bathrooms across both units; Hardwood flooring and open‑concept layouts
