Duplex with Updated
New
For Sale
$288,000
444 W Delavan Ave N, Buffalo, NY 14213
Two 2-bedroom, 1-bath units include a studio that can provide additional rental income.
Property Size1,992 SF
Price / SF$144.58
Days on Market4
Property Features for 444 W Delavan Ave N
General Information
Standard status
Active
Size
1,992 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Multifamily Units
2
Building Details
Year Built
1910
Listing Agency:
Howard Hanna WNY Inc.
Listed By:
Scott T Carpenter · License #40CA1108599
(716) 662-2000
Source:
Thejoshjamesteam
Added: Sep 28
Last Checked: Oct 1 at 4:44PM
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 Howard Hanna WNY Inc.
Investment Insights
Based on property information with market context.
This 1910 duplex contains two 2-bedroom, 1-bath units within 1,992 square feet. Interior paint is fresh, and the kitchens and bathrooms have been updated. Woodwork remains in place, while updated siding and a front porch add to the exterior features. A full basement and private backyard are also part of the property.
Off-street parking is available, and the home sits half a block from Richmond Ave. The studio offers a separate rental-income option.
Off-street parking is available, and the home sits half a block from Richmond Ave. The studio offers a separate rental-income option.
Key Highlights
- Two 2‑bedroom, 1‑bath units in a 1,992‑square‑foot duplex
- Studio space offers a separate rental‑income option
- Kitchens and bathrooms have been updated; interior recently painted
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
$19,766
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
6.86%
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%
$395,320
$395.3K
Cap Rate 7%
$282,371
$282.4K
Cap Rate 9%
$219,622
$219.6K
Market Conditions
NOI Build-Up for 1,992 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
$29.9K $15.00/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$28.2K $14.17/SF
− OpEx
−$8.5K −$4.25/SF
NOI
$19.8K $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%
$395,320
Cap Rate 7%
$282,371
Cap Rate 9%
$219,622
Alternative Uses
Best Use
Multifamily LT 5
$282.4K
$247.1K – $329.4K
NOI $19,766 @ 7.0% cap · market cap 6.86%
Second Best
Apartment 5plus
$260.1K
$227.6K – $303.4K
NOI $18,206 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$479.0K
$419.2K – $558.9K
NOI $33,533 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,239
Businesses Nearby
Explore this area
Business Placement
Demographics for 14213, NY
25,834
Population
11,397
Households
2.3
Avg Household Size
30
Median Age
36%
College-Educated
81%
High-School Grad
1.9 sq mi
ZIP Area
13,597
Density / Sq Mi
$52,597
Median Household Income
$36,084
Median Earnings
$1,059
Median Rent
$192,300
Median Home Value
Check the figures for this property
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 2-bedroom, 1-bath units include a studio that can provide additional rental income.
Where is this duplex located?
The property is located at 444 W Delavan Ave N Buffalo, NY.
What is the asking price?
The asking price for this property is $288,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units in a 1,992‑square‑foot duplex; Studio space offers a separate rental‑income option; Kitchens and bathrooms have been updated; interior recently painted
