Updated Two-Family
For Sale
$249,900
147 Lockwood Avenue, Buffalo, NY 14220
Two residential units combine flexible layouts with refreshed building systems and substantial storage areas.
Property Size2,288 SF
Days on Market36
Property Features for 147 Lockwood Avenue
General Information
Standard status
Active
Size
2,288 SF
Property subtype
Multi Family Home
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,760
Building Details
Building Size
2,288 SF
Year Built
1900
Buildings
1
Stories
2
Units
2
Listing Agency:
HUNT Real Estate ERA
(716) 525-5797
Listed By:
Jason Vranic
(716) 525-5797
Source:
Northstarwny
Added: Jul 28
Changed: Aug 31
Last Checked: Aug 3 at 5:12AM
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 HUNT Real Estate ERA
Investment Insights
Based on property information with market context.
This two-family duplex, built in 1900, contains a lower apartment with 2 bedrooms and 1 full bathroom and an upper apartment with 3 bedrooms and 1 full bathroom. Both units include open kitchen areas with walk-in pantries, while the living spaces feature carpeting and the bedrooms have hardwood flooring.
Recent work includes new windows throughout, updated electrical service, fresh interior paint, and a new front porch. A full basement and full attic add substantial storage and utility space. The property is located near South Buffalo restaurants, parks, shopping, and major commuter routes.
Recent work includes new windows throughout, updated electrical service, fresh interior paint, and a new front porch. A full basement and full attic add substantial storage and utility space. The property is located near South Buffalo restaurants, parks, shopping, and major commuter routes.
Key Highlights
- Two‑family duplex with 2‑bedroom lower unit and 3‑bedroom upper unit
- Each apartment includes 1 full bathroom and an open kitchen with a walk‑in pantry
- New windows throughout, updated electrical service, and fresh interior paint
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
$22,703
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
9.08%
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%
$454,060
$454.1K
Cap Rate 7%
$324,329
$324.3K
Cap Rate 9%
$252,256
$252.3K
Market Conditions
NOI Build-Up for 2,288 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
$34.3K $15.00/SF
− Vacancy
−$1.9K −$0.83/SF
EGI
$32.4K $14.17/SF
− OpEx
−$9.7K −$4.25/SF
NOI
$22.7K $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%
$454,060
Cap Rate 7%
$324,329
Cap Rate 9%
$252,256
Alternative Uses
Best Use
Multifamily LT 5
$324.3K
$283.8K – $378.4K
NOI $22,703 @ 7.0% cap · market cap 9.08%
Second Best
Apartment 5plus
$298.7K
$261.4K – $348.5K
NOI $20,911 @ 7.0% cap · market cap 8.37%
Theoretical Best
Office A
$550.2K
$481.4K – $641.9K
NOI $38,515 @ 7.0% cap · market cap 15.41%
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
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 14220, NY
23,959
Population
11,286
Households
2.1
Avg Household Size
38
Median Age
28%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
6,305
Density / Sq Mi
$68,337
Median Household Income
$42,112
Median Earnings
$974
Median Rent
$180,200
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 - Two residential units combine flexible layouts with refreshed building systems and substantial storage areas.
Where is this duplex located?
The property is located at 147 Lockwood Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑family duplex with 2‑bedroom lower unit and 3‑bedroom upper unit; Each apartment includes 1 full bathroom and an open kitchen with a walk‑in pantry; New windows throughout, updated electrical service, and fresh interior paint
