Updated Duplex with Two-Car
For Sale
$297,500
Pending
46 Blum Ave, Buffalo, NY 14216
Owner-occupied two-family property with off-street parking, central air conditioning, and recent mechanical updates.
Property Size2,016 SF
Days on Market653
Property Features for 46 Blum Ave
General Information
Standard status
Pending
Size
2,016 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,173
Amenities
Gas, Ceiling Fan(s)
Full
3
Ceramic Tile, Vinyl, Laminate, Carpet
Internet Connection, Storage, Washer Hook Ups
Asphalt
Full, Brick Wall
Storage Area. Corner Lot. Fenced Yard.
2 Garage Spaces. Concrete Driveway.
Brick, Vinyl
Rectangular
35X103
Trash Collection, Extra Storage. Corner, City Road, Rectangular.
Building Details
Year Built
1950
Buildings
1
Listing Agency:
Century 21 North East
(716) 652-0232
Listed By:
Renee Volpe
(716) 560-7778
Source:
Xome
Added: Nov 17, 2024
Changed: Aug 30
Last Checked: Aug 31 at 1:25PM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This 2,016-square-foot duplex, built in 1950, includes two residential units with spacious rooms and varied interior finishes, including ceramic tile, vinyl, laminate, and carpet. The property has two boilers installed in January 2024, two hot water tanks added in May 2024, and two air-conditioning units installed in June 2024. Washer hookups, storage areas, and internet connection are also provided.
Set on a 35-by-103-foot corner lot at 46 Blum Ave in Buffalo, the property features a fenced yard, concrete driveway, off-street parking, and a two-car garage. Exterior construction combines brick and vinyl, while the site includes additional storage and access to city road services. Sophia’s Restaurant is identified as being within a short walk.
Set on a 35-by-103-foot corner lot at 46 Blum Ave in Buffalo, the property features a fenced yard, concrete driveway, off-street parking, and a two-car garage. Exterior construction combines brick and vinyl, while the site includes additional storage and access to city road services. Sophia’s Restaurant is identified as being within a short walk.
Key Highlights
- 2,016 SF duplex on a 35‑by‑103‑foot corner lot
- Two boilers installed January 2024
- Two hot water tanks added May 2024
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
$20,004
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
6.72%
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%
$400,080
$400.1K
Cap Rate 7%
$285,771
$285.8K
Cap Rate 9%
$222,267
$222.3K
Market Conditions
NOI Build-Up for 2,016 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
$30.2K $15.00/SF
− Vacancy
−$1.7K −$0.83/SF
EGI
$28.6K $14.17/SF
− OpEx
−$8.6K −$4.25/SF
NOI
$20.0K $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%
$400,080
Cap Rate 7%
$285,771
Cap Rate 9%
$222,267
Alternative Uses
Best Use
Multifamily LT 5
$285.8K
$250.1K – $333.4K
NOI $20,004 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$263.2K
$230.3K – $307.1K
NOI $18,425 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$484.8K
$424.2K – $565.6K
NOI $33,937 @ 7.0% cap · market cap 11.41%
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
856
Businesses Nearby
Explore this area
Business Placement
Demographics for 14216, NY
22,979
Population
12,773
Households
1.8
Avg Household Size
37
Median Age
54%
College-Educated
94%
High-School Grad
2.8 sq mi
ZIP Area
8,207
Density / Sq Mi
$70,260
Median Household Income
$47,823
Median Earnings
$1,152
Median Rent
$260,700
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 - Owner-occupied two-family property with off-street parking, central air conditioning, and recent mechanical updates.
Where is this duplex located?
The property is located at 46 Blum Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $297,500.
What are key features of this property?
This property features: 2,016 SF duplex on a 35‑by‑103‑foot corner lot; Two boilers installed January 2024; Two hot water tanks added May 2024
