Updated Two-Unit
For Sale
$399,900
112 Carmel Road, Buffalo, NY 14214
Residential, Buffalo, NY
Property Size2,969 SF
Lot Size0.12 Acres
Price / SF$134.69
Days on Market47
Property Features for 112 Carmel Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential 2 Unit
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 4, Bedroom 6, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking features
Garage
Patio and Porch features
Porch
Exterior features
Balcony
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Property sits between parkside and tacoma
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-078-600-0005-015-000
Size
2,969 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
4334
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
deck
in-unit laundry
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Tile, Varies, Laminate, Hardwood
Building materials
AluminumSiding, VinylSiding
Roof type
Shingle
Listing Agency:
WNY Metro Roberts Realty
(716) 662-0449
Listed By:
Alicia Wittman · License #10301219240
(716) 239-9001
Added: Jul 17
Changed: Aug 20
Last Checked: Sep 1 at 6:06AM
MLS# B1694334
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.
Built in 1920, this duplex contains 2,969 square feet across two apartments: one with three bedrooms and two bathrooms, and another with two bedrooms and one bathroom. The 14-room layout includes separate living areas, kitchens, basement space, and a garage. Both units have forced-air heating, modern furnaces, and stainless steel appliances. The lower apartment adds central air, an in-unit laundry room, granite kitchen counters, luxury plank flooring, and a bathroom with a tiled shower and jacuzzi tub. The upper apartment features refinished hardwood floors, updated cabinetry, granite counters, and kitchen appliances installed in 2022.
Additional improvements include a 2017 tear-off roof, waterproofed basement completed in 2022, vinyl and aluminum siding, modern electrical boxes, and a large backyard deck. The property has public water service, natural gas heat, a shingle roof, a porch, and a garage. Its 92/100 Walk Score places the home near dining, shopping, parks, and community destinations in Buffalo's North Buffalo area.
Additional improvements include a 2017 tear-off roof, waterproofed basement completed in 2022, vinyl and aluminum siding, modern electrical boxes, and a large backyard deck. The property has public water service, natural gas heat, a shingle roof, a porch, and a garage. Its 92/100 Walk Score places the home near dining, shopping, parks, and community destinations in Buffalo's North Buffalo area.
Key Highlights
- Two apartments totaling 2,969 square feet: 3‑bed/2‑bath and 2‑bed/1‑bath layouts
- 14 total rooms with separate living spaces, kitchens, basement, and garage
- Lower unit includes central air, in‑unit laundry, granite counters, and luxury plank flooring
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 - Two separately configured apartments offer distinct layouts, modernized finishes, and flexible residential income use.
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: Two apartments totaling 2,969 square feet: 3‑bed/2‑bath and 2‑bed/1‑bath layouts; 14 total rooms with separate living spaces, kitchens, basement, and garage; Lower unit includes central air, in‑unit laundry, granite counters, and luxury plank flooring
