Updated Two-Unit
New
For Sale
$265,000
140 Shepard Avenue, Kenmore, NY 14217
Residential, Kenmore, NY
Property Size1,808 SF
Lot Size0.08 Acres
Price / SF$146.57
Days on Market6
Property Features for 140 Shepard Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 2
Patio and Porch features
Porch
Interior features
CeilingFans
Exterior features
FullyFenced
Fencing
Fenced
Fireplace
1
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
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
Delaware Avenue to Shepard Avenue
Subdivision
Kenmore-Village-146401
Standard status
Active
APN
146401-066-700-0001-003-000
Size
1,808 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
5692
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1931
Floors in Building
2
Number of units
2
Flooring type
Carpet, Tile, Laminate, Varies, Vinyl
Building materials
VinylSiding, CopperPlumbing
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 689-7800
Listed By:
James J Conley · License #10301223914
(716) 587-2903
Added: Sep 30
Last Checked: Oct 5 at 10:06AM
MLS# B1718824
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.
Located at 140 Shepard Avenue in Kenmore, this 1,808-square-foot duplex has an upper and a lower apartment, each with two bedrooms and one full bath. The lower unit includes a built-in dishwasher and a renovated bathroom; the upper apartment has a private porch. Interior details include formal living and dining rooms, replacement windows, vinyl flooring in select areas, and fresh paint. The full basement provides partially finished space, laundry, and storage. The home was built in 1931 and sits on a 0.0795-acre lot.
Vinyl siding, an architectural shingle roof, a fenced yard, a storage shed, and off-street parking are among the exterior features. The property is in the Ken-Ton School District and is near parks, shops, restaurants, and Delaware Avenue, with North Buffalo also noted among nearby destinations.
Vinyl siding, an architectural shingle roof, a fenced yard, a storage shed, and off-street parking are among the exterior features. The property is in the Ken-Ton School District and is near parks, shops, restaurants, and Delaware Avenue, with North Buffalo also noted among nearby destinations.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 full bath
- 1,808 square feet on a 0.0795‑acre lot
- Built in 1931; upper apartment includes a private porch
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
$17,940
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
6.77%
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%
$358,800
$358.8K
Cap Rate 7%
$256,286
$256.3K
Cap Rate 9%
$199,333
$199.3K
Market Conditions
NOI Build-Up for 1,808 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
$27.1K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$25.6K $14.17/SF
− OpEx
−$7.7K −$4.25/SF
NOI
$17.9K $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%
$358,800
Cap Rate 7%
$256,286
Cap Rate 9%
$199,333
Alternative Uses
Best Use
Multifamily LT 5
$256.3K
$224.3K – $299.0K
NOI $17,940 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$236.1K
$206.6K – $275.4K
NOI $16,524 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$434.8K
$380.4K – $507.3K
NOI $30,435 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,043
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
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 - Both apartments offer two bedrooms and one full bath, with laundry and storage space in the basement.
Where is this duplex located?
The property is located at 140 Shepard Avenue Kenmore, NY.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 full bath; 1,808 square feet on a 0.0795‑acre lot; Built in 1931; upper apartment includes a private porch
