Renovated Duplex with Two
For Sale
$229,500
114 Lombard Street, Buffalo, NY 14212
Residential, Buffalo, NY
Property Size1,809 SF
Lot Size0.23 Acres
Price / SF$126.87
Days on Market93
Property Features for 114 Lombard Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential Multi Use
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 3, Bedroom 2, Bedroom 7
Parking features
On Street
Exterior features
Fence
Fencing
Fenced
Appliances
GasWaterHeater
Subdivision
Holland Land Company's Su
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Standard status
Active
APN
140200-111-520-0005-009-100
Size
1,809 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
657
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
laundry area
covered porch
Building Details
Year built
1900
Floors in Building
1
Number of units
2
Flooring type
Varies, Carpet, Vinyl
Building materials
VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 668-2500
Listed By:
Ruth Ann Gardner · License #30GA0653668
(716) 870-4915
Added: Jun 1
Changed: Aug 19
Last Checked: Sep 1 at 6:06PM
MLS# B1686426
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.
This 1,809-square-foot duplex contains front and rear units with a combined total of 7 bedrooms and 3 bathrooms. Each unit includes a laundry area. Recent property updates include new furnaces, hot water tanks, electrical and lighting improvements, windows, doors, vinyl siding, and an asphalt roof replaced within the past month. The home was built in 1900 and includes a covered front porch, fencing, public water, forced-air natural gas heat, and on-street parking.
The property encompasses 0.2273 acres across 3 parcels combined on one survey. A 16 x 30 cement pad with a footer is located on the lot for a potential garage addition. The rear unit is vacant, while the front unit is tenant occupied; showings for the occupied unit require appointment verification with the owner and tenant.
The property encompasses 0.2273 acres across 3 parcels combined on one survey. A 16 x 30 cement pad with a footer is located on the lot for a potential garage addition. The rear unit is vacant, while the front unit is tenant occupied; showings for the occupied unit require appointment verification with the owner and tenant.
Key Highlights
- 1,809‑square‑foot duplex with front and rear units
- 7 bedrooms and 3 bathrooms across the property
- Each unit includes a laundry area
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
50%
Occupancy
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 each include a laundry area, with separate tenant and vacant occupancy conditions.
Where is this duplex located?
The property is located at 114 Lombard Street 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: 1,809‑square‑foot duplex with front and rear units; 7 bedrooms and 3 bathrooms across the property; Each unit includes a laundry area
