Renovated Duplex with Garage
For Sale
$229,500
114 Lombard St, Buffalo, NY 14212
Front and rear units include separate laundry areas, updated systems, and a covered porch.
Property Size1,809 SF
Price / SF$126.87
Days on Market25
Property Features for 114 Lombard St
General Information
Standard status
Active
Size
1,809 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
laundry area
covered porch
Building Details
Year Built
1900
Listing Agency:
WNY Metro Roberts Realty
(716) 870-4915
Listed By:
Ruth Ann Gardner · License #30GA0653668
Source:
Skinnercnyrealty
Added: Aug 7
Changed: Aug 30
Last Checked: Aug 30 at 7:08PM
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 114 Lombard St in Buffalo, this duplex contains 7 bedrooms and 3 bathrooms across front and rear units. The property has undergone extensive renovation, including new furnaces, hot water tanks, windows, doors, siding, electrical components, and lighting. A complete tear-off roof was completed within the past month, and each unit includes a dedicated laundry area. The home was built in 1900 and also features a covered front porch.
The property includes three parcels combined on one survey, creating a large lot with a 16 x 30 cement pad and footer for a potential garage. The rear unit is vacant, while the front unit is occupied by a tenant. An owner may use the existing two-unit layout for residential occupancy or rental operations.
The property includes three parcels combined on one survey, creating a large lot with a 16 x 30 cement pad and footer for a potential garage. The rear unit is vacant, while the front unit is occupied by a tenant. An owner may use the existing two-unit layout for residential occupancy or rental operations.
Key Highlights
- 7‑bedroom, 3‑bathroom duplex with front and rear units
- Renovations include furnaces, hot water tanks, windows, doors, siding, electrical, and lighting
- Complete tear‑off roof completed within the past month
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
$17,950
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
7.82%
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%
$359,000
$359.0K
Cap Rate 7%
$256,429
$256.4K
Cap Rate 9%
$199,444
$199.4K
Market Conditions
NOI Build-Up for 1,809 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
$27.1K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$25.6K $14.17/SF
− OpEx
−$7.7K −$4.25/SF
NOI
$17.9K $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%
$359,000
Cap Rate 7%
$256,429
Cap Rate 9%
$199,444
Alternative Uses
Best Use
Multifamily LT 5
$256.4K
$224.4K – $299.2K
NOI $17,950 @ 7.0% cap · market cap 7.82%
Second Best
Apartment 5plus
$236.2K
$206.7K – $275.6K
NOI $16,533 @ 7.0% cap · market cap 7.20%
Theoretical Best
Office A
$435.0K
$380.7K – $507.5K
NOI $30,452 @ 7.0% cap · market cap 13.27%
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
626
Businesses Nearby
Explore this area
Business Placement
Demographics for 14212, NY
13,533
Population
5,935
Households
2.3
Avg Household Size
32
Median Age
11%
College-Educated
76%
High-School Grad
2.1 sq mi
ZIP Area
6,444
Density / Sq Mi
$35,517
Median Household Income
$26,545
Median Earnings
$829
Median Rent
$89,900
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 - Front and rear units include separate laundry areas, updated systems, and a covered porch.
Where is this duplex located?
The property is located at 114 Lombard St Buffalo, NY.
What is the asking price?
The asking price for this property is $229,500.
What are key features of this property?
This property features: 7‑bedroom, 3‑bathroom duplex with front and rear units; Renovations include furnaces, hot water tanks, windows, doors, siding, electrical, and lighting; Complete tear‑off roof completed within the past month
