Updated 2-Unit Duplex with
New
For Sale
$349,000
244 Evans St, Buffalo, NY 14221
Two-unit residential income property with a detached garage, basement laundry, storage, and off-street parking.
Property Size2,038 SF
Price / SF$171.25
Days on Market2
Property Features for 244 Evans St
General Information
Standard status
Active
Size
2,038 SF
Property subtype
Multi-Family
Amenities
basement laundry
basement storage
Building Details
Year Built
1955
Tenancy
Multi
Listing Agency:
WNY Metro Roberts Realty
Listed By:
Gina R DuBois · License #10401203791
(716) 891-1710
Source:
Thejoshjamesteam
Added: Sep 14
Changed: Sep 15
Last Checked: Sep 14 at 2:32PM
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 WNY Metro Roberts Realty
Investment Insights
Based on property information with market context.
This 2,038-square-foot duplex, built in 1955, offers two residential units with a detached garage and ample off-street parking. The property includes basement laundry and storage, while documented improvements include updated flooring and bathroom work, exterior painting, resurfaced driveway pavement, and refreshed steps.
The lower unit is expected to be vacant, creating flexibility for an owner occupant or continued rental use. Both units have been occupied for extended periods, and the property includes additional basement space for storage and laundry functions.
The lower unit is expected to be vacant, creating flexibility for an owner occupant or continued rental use. Both units have been occupied for extended periods, and the property includes additional basement space for storage and laundry functions.
Key Highlights
- 2,038 SF duplex with two residential units
- Lower unit expected to be vacant for owner occupancy or rental use
- Detached garage and ample off‑street parking
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
$20,222
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
5.79%
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%
$404,440
$404.4K
Cap Rate 7%
$288,886
$288.9K
Cap Rate 9%
$224,689
$224.7K
Market Conditions
NOI Build-Up for 2,038 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
$30.6K $15.00/SF
− Vacancy
−$1.7K −$0.83/SF
EGI
$28.9K $14.17/SF
− OpEx
−$8.7K −$4.25/SF
NOI
$20.2K $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%
$404,440
Cap Rate 7%
$288,886
Cap Rate 9%
$224,689
Alternative Uses
Best Use
Multifamily LT 5
$288.9K
$252.8K – $337.0K
NOI $20,222 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$266.1K
$232.8K – $310.4K
NOI $18,626 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$490.1K
$428.8K – $571.8K
NOI $34,307 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,081
Businesses Nearby
Explore this area
Business Placement
Demographics for 14221, NY
55,275
Population
25,281
Households
2.2
Avg Household Size
48
Median Age
57%
College-Educated
96%
High-School Grad
23.4 sq mi
ZIP Area
2,362
Density / Sq Mi
$101,275
Median Household Income
$58,665
Median Earnings
$1,560
Median Rent
$298,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential income property with a detached garage, basement laundry, storage, and off-street parking.
Where is this duplex located?
The property is located at 244 Evans St Buffalo, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 2,038 SF duplex with two residential units; Lower unit expected to be vacant for owner occupancy or rental use; Detached garage and ample off‑street parking
