Renovated Duplex on Double
For Sale
$329,000
146 David Avenue, Buffalo, NY 14225
Two spacious residences feature generous living and dining areas with flexible bathroom layouts.
Property Size2,867 SF
Days on Market81
Property Features for 146 David Avenue
General Information
Standard status
Active
Size
2,867 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$5,811
Building Details
Building Size
2,867 SF
Year Built
1912
Stories
1
Units
2
Listing Agency:
Keller Williams Realty WNY
(716) 292-8756
Listed By:
Thejan Kodituwakku · License #10401342241
(716) 292-8756
Source:
Homeprocny
Added: Jun 5
Changed: Aug 17
Last Checked: Aug 24 at 2:55PM
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 duplex at 146 David Avenue presents two substantially sized residences within a brick-front property marked by tall entry pillars. Both units include large living and dining areas, while the bathroom configurations provide meaningful separation between the residences: one unit has 1.5 baths and the other has two full bathrooms. The property was completely renovated, offering updated interiors without the need for further renovation work described in the listing.
The building sits on a double lot along David Avenue in Buffalo, New York. Constructed in 1912, it combines established residential character with a two-unit layout and a range of practical features that distinguish it from a more compact multifamily property.
The building sits on a double lot along David Avenue in Buffalo, New York. Constructed in 1912, it combines established residential character with a two-unit layout and a range of practical features that distinguish it from a more compact multifamily property.
Key Highlights
- Duplex positioned on a rare double lot
- Completely renovated property
- One unit includes 1.5 baths; the other has two full bathrooms
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
$28,448
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
8.65%
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%
$568,960
$569.0K
Cap Rate 7%
$406,400
$406.4K
Cap Rate 9%
$316,089
$316.1K
Market Conditions
NOI Build-Up for 2,867 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
$43.0K $15.00/SF
− Vacancy
−$2.4K −$0.83/SF
EGI
$40.6K $14.17/SF
− OpEx
−$12.2K −$4.25/SF
NOI
$28.4K $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%
$568,960
Cap Rate 7%
$406,400
Cap Rate 9%
$316,089
Alternative Uses
Best Use
Multifamily LT 5
$406.4K
$355.6K – $474.1K
NOI $28,448 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$374.3K
$327.5K – $436.7K
NOI $26,203 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$689.5K
$603.3K – $804.4K
NOI $48,262 @ 7.0% cap · market cap 14.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
Explore this area
Business Placement
Demographics for 14225, NY
34,066
Population
16,253
Households
2.1
Avg Household Size
41
Median Age
29%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
2,962
Density / Sq Mi
$65,562
Median Household Income
$44,408
Median Earnings
$937
Median Rent
$154,500
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 - Two spacious residences feature generous living and dining areas with flexible bathroom layouts.
Where is this duplex located?
The property is located at 146 David Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Duplex positioned on a rare double lot; Completely renovated property; One unit includes 1.5 baths; the other has two full bathrooms
