Renovated Two-Unit
For Sale
$399,900
Pending
115 College Street, Buffalo, NY 14201
Well-maintained duplex with updated kitchens and bathrooms, separate utilities, and a fenced outdoor area near Arlington Park.
Property Size2,649 SF
Days on Market16
Property Features for 115 College Street
General Information
Standard status
Pending
Size
2,649 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,079
Amenities
in-unit laundry
covered porches
fully fenced backyard
Building Details
Building Size
2,649 SF
Year Built
1870
Listing Agency:
HUNT Real Estate ERA
(716) 208-7007
Listed By:
Deacon Tasker · License #10401259325
(716) 208-7007
Source:
Highfallssir
Added: Aug 10
Changed: Aug 24
Last Checked: Aug 15 at 3:40AM
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 1870, this two-unit duplex combines classic residential character with meaningful updates. The upper apartment includes two bedrooms and in-unit laundry, while the lower apartment provides three bedrooms. Both residences feature renovated kitchens and bathrooms, hardwood flooring, forced-air heating, separate utilities, attractive finishes, and ample natural light. Included appliances support a straightforward transition for a new owner.
The property also offers covered porches, curb appeal, and a fully fenced backyard suited to outdoor use. Its Buffalo setting places the home near Arlington Park, restaurants, coffee shops, nightlife, and public transportation. The configuration supports either an owner-occupied arrangement or an investment-oriented ownership strategy.
The property also offers covered porches, curb appeal, and a fully fenced backyard suited to outdoor use. Its Buffalo setting places the home near Arlington Park, restaurants, coffee shops, nightlife, and public transportation. The configuration supports either an owner-occupied arrangement or an investment-oriented ownership strategy.
Key Highlights
- Two‑unit duplex with upper two‑bedroom and lower three‑bedroom apartments
- Kitchens and bathrooms updated by the current owner
- Separate utilities, forced‑air heating, hardwood flooring, and included appliances
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
$26,285
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
6.57%
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%
$525,700
$525.7K
Cap Rate 7%
$375,500
$375.5K
Cap Rate 9%
$292,056
$292.1K
Market Conditions
NOI Build-Up for 2,649 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
$39.7K $15.00/SF
− Vacancy
−$2.2K −$0.83/SF
EGI
$37.5K $14.17/SF
− OpEx
−$11.3K −$4.25/SF
NOI
$26.3K $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%
$525,700
Cap Rate 7%
$375,500
Cap Rate 9%
$292,056
Alternative Uses
Best Use
Multifamily LT 5
$375.5K
$328.6K – $438.1K
NOI $26,285 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$345.9K
$302.6K – $403.5K
NOI $24,210 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$637.0K
$557.4K – $743.2K
NOI $44,592 @ 7.0% cap · market cap 11.15%
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
3,813
Businesses Nearby
Explore this area
Business Placement
Demographics for 14201, NY
12,364
Population
7,172
Households
1.7
Avg Household Size
33
Median Age
39%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
11,240
Density / Sq Mi
$34,204
Median Household Income
$34,081
Median Earnings
$953
Median Rent
$327,900
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 - Well-maintained duplex with updated kitchens and bathrooms, separate utilities, and a fenced outdoor area near Arlington Park.
Where is this duplex located?
The property is located at 115 College Street 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‑unit duplex with upper two‑bedroom and lower three‑bedroom apartments; Kitchens and bathrooms updated by the current owner; Separate utilities, forced‑air heating, hardwood flooring, and included appliances
