Renovated Two-Unit
For Sale
$199,900
Pending
462 Berkshire Ave, Buffalo, NY 14215
Two-unit residence with a full basement, concrete driveway, garage parking, and backyard space.
Property Size1,796 SF
Days on Market605
Property Features for 462 Berkshire Ave
General Information
Standard status
Pending
Size
1,796 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$877
Amenities
Gas
Full
3
2 Garage Spaces. Concrete Driveway.
Aluminum
Rectangular
30X110
City Road, Rectangular.
Building Details
Year Built
1925
Listing Agency:
Keller Williams Realty WNY
(716) 946-2700
Listed By:
Syed Rizvi · License #10401279412
(716) 946-2700
Source:
Xome
Added: Jan 4, 2025
Changed: Aug 30
Last Checked: Aug 31 at 3:19PM
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 Keller Williams Realty WNY
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,796 square feet and was built in 1925. The property has been recently renovated and includes a full basement, circuit-breaker electrical service, a solid foundation, and established mechanical systems. Each apartment includes two bedrooms, a living-dining combination, a kitchen, and a full bathroom. The lower unit is vacant, while the upper unit is occupied by a tenant.
The property is located near the University at Buffalo’s South Campus at 462 Berkshire Ave in Buffalo, New York. Exterior features include a concrete driveway, two garage spaces, aluminum siding, and a rectangular 30X110 lot with a backyard. The setting and two-apartment layout provide a clearly defined residential configuration.
The property is located near the University at Buffalo’s South Campus at 462 Berkshire Ave in Buffalo, New York. Exterior features include a concrete driveway, two garage spaces, aluminum siding, and a rectangular 30X110 lot with a backyard. The setting and two-apartment layout provide a clearly defined residential configuration.
Key Highlights
- 1,796 SF duplex with two 2‑bedroom, 1‑bath apartments
- Recently renovated two‑unit property built in 1925
- Lower apartment is vacant; upper apartment is tenant occupied
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
$17,821
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
8.91%
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%
$356,420
$356.4K
Cap Rate 7%
$254,586
$254.6K
Cap Rate 9%
$198,011
$198.0K
Market Conditions
NOI Build-Up for 1,796 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
$26.9K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$25.5K $14.17/SF
− OpEx
−$7.6K −$4.25/SF
NOI
$17.8K $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%
$356,420
Cap Rate 7%
$254,586
Cap Rate 9%
$198,011
Alternative Uses
Best Use
Multifamily LT 5
$254.6K
$222.8K – $297.0K
NOI $17,821 @ 7.0% cap · market cap 8.91%
Second Best
Apartment 5plus
$234.5K
$205.2K – $273.6K
NOI $16,414 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$431.9K
$377.9K – $503.9K
NOI $30,233 @ 7.0% cap · market cap 15.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
817
Businesses Nearby
Explore this area
Business Placement
Demographics for 14215, NY
42,447
Population
19,203
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
87%
High-School Grad
4.8 sq mi
ZIP Area
8,843
Density / Sq Mi
$43,326
Median Household Income
$29,204
Median Earnings
$993
Median Rent
$102,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residence with a full basement, concrete driveway, garage parking, and backyard space.
Where is this duplex located?
The property is located at 462 Berkshire Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,796 SF duplex with two 2‑bedroom, 1‑bath apartments; Recently renovated two‑unit property built in 1925; Lower apartment is vacant; upper apartment is tenant occupied
