Brick Duplex with
New
For Sale
$250,000
11 Covington Drive, West Seneca, NY 14220
Updated kitchens and bathrooms complement separate utilities and off-street parking.
Property Size1,848 SF
Days on Market6
Property Features for 11 Covington Drive
General Information
Standard status
Active
Size
1,848 SF
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,935
Building Details
Building Size
1,848 SF
Year Built
1958
Buildings
1
Construction
brick
Listing Agency:
HUNT Real Estate ERA
(716) 308-1177
Listed By:
Mary Clare Hourihan · License #40SH0775267
(716) 308-1177
Source:
Highfallssir
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 12:19PM
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.
Built in 1958, this all-brick duplex at 11 Covington Drive offers two residential units with refreshed kitchens, bathrooms, and flooring. The lower apartment includes an open kitchen and dining arrangement, a built-in nook, two bedrooms, and an updated bath. The upper apartment also features an updated bathroom, well-sized bedrooms, and full-wall built-in storage in one bedroom. Appliances are included, and separate utilities serve the units. The upper furnace was replaced last year.
Exterior improvements include a detached two-car garage with a patio overhang, a wide driveway, and additional off-street parking. The expansive backyard provides outdoor space for gardening, recreation, or gatherings. The property is in West Seneca near South Buffalo, with shopping, restaurants, schools, parks, and major highways nearby.
Exterior improvements include a detached two-car garage with a patio overhang, a wide driveway, and additional off-street parking. The expansive backyard provides outdoor space for gardening, recreation, or gatherings. The property is in West Seneca near South Buffalo, with shopping, restaurants, schools, parks, and major highways nearby.
Key Highlights
- All‑brick duplex built in 1958
- Two residential units with updated kitchens, bathrooms, and flooring
- Lower unit has an open kitchen‑dining layout, built‑in nook, and 2 bedrooms
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
$18,337
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
7.33%
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%
$366,740
$366.7K
Cap Rate 7%
$261,957
$262.0K
Cap Rate 9%
$203,744
$203.7K
Market Conditions
NOI Build-Up for 1,848 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
$27.7K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$26.2K $14.17/SF
− OpEx
−$7.9K −$4.25/SF
NOI
$18.3K $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%
$366,740
Cap Rate 7%
$261,957
Cap Rate 9%
$203,744
Alternative Uses
Best Use
Multifamily LT 5
$262.0K
$229.2K – $305.6K
NOI $18,337 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$241.3K
$211.1K – $281.5K
NOI $16,890 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$444.4K
$388.9K – $518.5K
NOI $31,108 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
Explore this area
Business Placement
Demographics for 14220, NY
23,959
Population
11,286
Households
2.1
Avg Household Size
38
Median Age
28%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
6,305
Density / Sq Mi
$68,337
Median Household Income
$42,112
Median Earnings
$974
Median Rent
$180,200
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 - Updated kitchens and bathrooms complement separate utilities and off-street parking.
Where is this duplex located?
The property is located at 11 Covington Drive West Seneca, 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: All‑brick duplex built in 1958; Two residential units with updated kitchens, bathrooms, and flooring; Lower unit has an open kitchen‑dining layout, built‑in nook, and 2 bedrooms
