Duplex With Finished Third
For Sale
$199,000
132 Royal Avenue, Buffalo, NY 14207
Two residential units share updated systems and an included adjacent lot.
Property Size1,840 SF
Days on Market18
Property Features for 132 Royal Avenue
General Information
Standard status
Active
Size
1,840 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,773
Building Details
Building Size
1,840 SF
Year Built
1900
Buildings
1
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 861-7171
Listed By:
Nicholas M Lunetta · License #10401366040
(716) 861-7171
Source:
Highfallssir
Added: Aug 7
Changed: Aug 23
Last Checked: Aug 24 at 1:40PM
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 MJ Peterson Real Estate Inc.
Investment Insights
Based on property information with market context.
This 1900-built duplex includes two residential units, an adjacent lot, and direct access from the second floor to a finished third-floor area. The lower apartment can accommodate either one or two bedrooms and includes a kitchen, living/dining room, family room, bedroom, and full bathroom. The upper unit has two bedrooms, an eat-in kitchen, a large living room, and a separate dining area. The finished third floor adds flexible space for an owner's suite, office, or recreation area.
Recent property improvements include a roof installed in 25', two 100-amp electrical panels, hot water tanks from 19' and 22', forced air furnaces, LVP flooring, fresh interior paint, updated bathrooms, newer vinyl replacement windows, and a screened front porch. The property is located on Royal Avenue in Buffalo's Riverside neighborhood.
Recent property improvements include a roof installed in 25', two 100-amp electrical panels, hot water tanks from 19' and 22', forced air furnaces, LVP flooring, fresh interior paint, updated bathrooms, newer vinyl replacement windows, and a screened front porch. The property is located on Royal Avenue in Buffalo's Riverside neighborhood.
Key Highlights
- Two‑family duplex with flexible lower‑unit one- or two‑bedroom layout
- Finished third floor with direct access from the second‑floor unit
- Adjacent lot included with the property
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
$18,257
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
9.17%
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%
$365,140
$365.1K
Cap Rate 7%
$260,814
$260.8K
Cap Rate 9%
$202,856
$202.9K
Market Conditions
NOI Build-Up for 1,840 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
$27.6K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$26.1K $14.17/SF
− OpEx
−$7.8K −$4.25/SF
NOI
$18.3K $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%
$365,140
Cap Rate 7%
$260,814
Cap Rate 9%
$202,856
Alternative Uses
Best Use
Multifamily LT 5
$260.8K
$228.2K – $304.3K
NOI $18,257 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$240.2K
$210.2K – $280.3K
NOI $16,816 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$442.5K
$387.2K – $516.2K
NOI $30,974 @ 7.0% cap · market cap 15.56%
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
510
Businesses Nearby
Explore this area
Business Placement
Demographics for 14207, NY
26,006
Population
11,317
Households
2.3
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
3.9 sq mi
ZIP Area
6,668
Density / Sq Mi
$38,951
Median Household Income
$33,851
Median Earnings
$943
Median Rent
$111,200
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 residential units share updated systems and an included adjacent lot.
Where is this duplex located?
The property is located at 132 Royal Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Two‑family duplex with flexible lower‑unit one- or two‑bedroom layout; Finished third floor with direct access from the second‑floor unit; Adjacent lot included with the property
