Classic Two-Unit
For Sale
$269,900
Pending
136 Lincoln Boulevard, Buffalo, NY 14217
Residential, Buffalo, NY
Property Size2,504 SF
Lot Size0.10 Acres
Days on Market49
Property Features for 136 Lincoln Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential 2 Unit
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 4, Bedroom 6, Bedroom 2
Parking features
Garage
Patio and Porch features
Porch
Interior features
NaturalWoodwork, ProgrammableThermostat
Exterior features
Balcony, Fence
Fencing
Fenced
Fireplace
1
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Charles A Lindbergh Elementary
Middle school
Herbert Hoover Middle
High school
Kenmore West Senior High
Elementary school district
Kenmore-Tonawanda Union Free District
Middle school district
Kenmore-Tonawanda Union Free District
High school district
Kenmore-Tonawanda Union Free District
Directions
Take Elmwood Ave to Lincoln Blvd.
Subdivision
Kenmore-Village-146401
Standard status
Pending
APN
146401-078-220-0006-009-000
Size
2,504 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
7656
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1929
Floors in Building
2
Number of units
2
Flooring type
Tile, Hardwood, Laminate, Varies
Building materials
Brick, VinylSiding, CopperPlumbing
Roof type
Shingle
Architectural style
Other
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 689-7800
Listed By:
Laura J Nightingale · License #10301216970
(716) 310-9445
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 24 at 9:06PM
MLS# B1679763
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex at 136 Lincoln Boulevard contains 2504 square feet and dates to 1929. Each residence has a kitchen, formal dining room, living room, three bedrooms, and a full bathroom. Hardwood flooring, natural woodwork, built-in cabinetry, decorative brick fireplaces, and vintage tile contribute to the interior character. The lower residence includes a front sunroom, while the upper residence has updated kitchen cabinetry, pantry storage, and front and rear porches.
A shared foyer, full walk-up attic, and basement with laundry hookups provide additional functional space. The property also includes a rebuilt two-story rear balcony, vinyl siding with a brick front facade, a concrete driveway, fencing, and a detached two-bay garage. Mechanical features include updated 100-amp electrical service installed in 2000, a new upper furnace from 2025, a maintained lower furnace, natural-gas forced-air heat, and central air conditioning. Public water serves the property.
A shared foyer, full walk-up attic, and basement with laundry hookups provide additional functional space. The property also includes a rebuilt two-story rear balcony, vinyl siding with a brick front facade, a concrete driveway, fencing, and a detached two-bay garage. Mechanical features include updated 100-amp electrical service installed in 2000, a new upper furnace from 2025, a maintained lower furnace, natural-gas forced-air heat, and central air conditioning. Public water serves the property.
Key Highlights
- Two‑unit duplex with 2504 square feet and an upper/lower layout
- Each unit includes three bedrooms, a kitchen, formal dining room, living room, and full bathroom
- Built in 1929 with hardwood floors, natural woodwork, fireplaces, and vintage tile
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
$22,885
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
8.48%
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%
$457,700
$457.7K
Cap Rate 7%
$326,929
$326.9K
Cap Rate 9%
$254,278
$254.3K
Market Conditions
NOI Build-Up for 2,504 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
$43.6K $17.40/SF
− Vacancy
−$2.0K −$0.78/SF
EGI
$41.6K $16.62/SF
− OpEx
−$18.7K −$7.48/SF
NOI
$22.9K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$457,700
Cap Rate 7%
$326,929
Cap Rate 9%
$254,278
Alternative Uses
Best Use
Multifamily LT 5
$354.9K
$310.6K – $414.1K
NOI $24,846 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$326.9K
$286.1K – $381.4K
NOI $22,885 @ 7.0% cap · market cap 8.48%
Theoretical Best
Office A
$602.2K
$526.9K – $702.5K
NOI $42,151 @ 7.0% cap · market cap 15.62%
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
1,204
Businesses Nearby
Explore this area
Business Placement
Demographics for 14217, NY
23,085
Population
11,280
Households
2
Avg Household Size
41
Median Age
41%
College-Educated
95%
High-School Grad
3.2 sq mi
ZIP Area
7,214
Density / Sq Mi
$72,205
Median Household Income
$51,075
Median Earnings
$970
Median Rent
$193,200
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 - Upper and lower residences retain original architectural details alongside updated mechanical components.
Where is this duplex located?
The property is located at 136 Lincoln Boulevard Buffalo, NY.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Two‑unit duplex with 2504 square feet and an upper/lower layout; Each unit includes three bedrooms, a kitchen, formal dining room, living room, and full bathroom; Built in 1929 with hardwood floors, natural woodwork, fireplaces, and vintage tile
