Two-Unit Duplex with Updated
For Sale
$399,900
112 Carmel Road, Buffalo, NY 14214
1920 duplex with two distinct apartments, modern systems, and appliance packages included in both units.
Property Size2,969 SF
Price / SF$134.69
Days on Market46
Property Features for 112 Carmel Road
General Information
Standard status
Active
Size
2,969 SF
Property subtype
Multi Family Home
Zoning
Residential 2 Unit
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,334
Amenities
backyard deck
Building Details
Building Size
2,969 SF
Year Built
1920
Stories
2
Units
2
Listing Agency:
WNY Metro Roberts Realty
(716) 239-9001
Listed By:
Alicia Wittman · License #10301218734
(716) 239-9001
Source:
Northstarwny
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 30 at 5:30PM
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 WNY Metro Roberts Realty
Investment Insights
Based on property information with market context.
Located at 112 Carmel Road in Buffalo, this 1920 duplex contains 2,969 square feet across two apartments and 14 total rooms. The unit mix includes a three-bedroom, two-bath apartment and a two-bedroom, one-bath apartment. Both residences have forced-air heating, modern furnaces, stainless steel appliances, and updated electrical boxes. The lower apartment adds central air, an in-unit laundry room with washer and dryer, granite kitchen countertops, luxury plank flooring, and a bathroom with a tiled shower and jacuzzi tub. The upper apartment features refinished hardwood floors, newer cabinets, granite countertops, and kitchen updates completed in 2022.
Exterior and capital improvements include vinyl siding, a large backyard deck, a complete tear-off roof installed in 2017, and basement waterproofing completed in 2022. The property is zoned Residential 2 Unit and carries a 92/100 Walk Score, with dining, shopping, parks, and community hubs nearby.
Exterior and capital improvements include vinyl siding, a large backyard deck, a complete tear-off roof installed in 2017, and basement waterproofing completed in 2022. The property is zoned Residential 2 Unit and carries a 92/100 Walk Score, with dining, shopping, parks, and community hubs nearby.
Key Highlights
- 2,969 square feet of living space across two apartments
- Unit mix includes one 3‑bedroom, 2‑bath apartment and one 2‑bedroom, 1‑bath apartment
- 92/100 Walk Score at 112 Carmel Road, Buffalo, NY 14214
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
$29,460
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
7.37%
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%
$589,200
$589.2K
Cap Rate 7%
$420,857
$420.9K
Cap Rate 9%
$327,333
$327.3K
Market Conditions
NOI Build-Up for 2,969 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
$44.5K $15.00/SF
− Vacancy
−$2.4K −$0.83/SF
EGI
$42.1K $14.17/SF
− OpEx
−$12.6K −$4.25/SF
NOI
$29.5K $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%
$589,200
Cap Rate 7%
$420,857
Cap Rate 9%
$327,333
Alternative Uses
Best Use
Multifamily LT 5
$420.9K
$368.3K – $491.0K
NOI $29,460 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$387.6K
$339.2K – $452.3K
NOI $27,135 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$714.0K
$624.7K – $833.0K
NOI $49,979 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
718
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
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 - 1920 duplex with two distinct apartments, modern systems, and appliance packages included in both units.
Where is this duplex located?
The property is located at 112 Carmel Road Buffalo, NY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,969 square feet of living space across two apartments; Unit mix includes one 3‑bedroom, 2‑bath apartment and one 2‑bedroom, 1‑bath apartment; 92/100 Walk Score at 112 Carmel Road, Buffalo, NY 14214
