Updated Two-Unit
For Sale
$169,900
15 Andrews Avenue, Buffalo, NY 14225
Separate utilities and basement access serve both residential units.
Property Size1,360 SF
Days on Market79
Property Features for 15 Andrews Avenue
General Information
Standard status
Active
Size
1,360 SF
Property subtype
Multi Family Home
Zoning
Residential 2 Unit
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,512
Building Details
Building Size
1,360 SF
Year Built
1917
Stories
2
Units
2
Listing Agency:
WNY Metro Roberts Realty
(518) 866-4266
Listed By:
Carolyn Gibbins · License #10401378970
(518) 866-4266
Source:
Northstarwny
Added: Jun 8
Changed: Aug 22
Last Checked: Aug 24 at 1:48PM
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 WNY Metro Roberts Realty
Investment Insights
Based on property information with market context.
Built in 1917, this duplex contains a one-bedroom, one-bath lower residence and a two-bedroom, one-bath upper residence. The lower unit includes living and dining areas, new carpet added this year, and a furnace and hot water tank installed in 2024. The upper residence has a remodeled kitchen with new countertops, cabinetry, recessed lighting, and LVT flooring.
Both units have separate utilities and basement access. Additional improvements include PEX plumbing updated in 2019, a high-efficiency furnace and hot water tank serving the upper unit, a new porch completed in 2024, and replacement windows and exterior doors installed in 2023. The property is zoned Residential 2 Unit.
Both units have separate utilities and basement access. Additional improvements include PEX plumbing updated in 2019, a high-efficiency furnace and hot water tank serving the upper unit, a new porch completed in 2024, and replacement windows and exterior doors installed in 2023. The property is zoned Residential 2 Unit.
Key Highlights
- Two‑unit duplex with a 1 bed/1 bath lower unit and 2 bed/1 bath upper unit
- Separate utilities and basement access for both units
- Upper unit kitchen updated with new countertops, cabinets, recessed lighting, and LVT flooring
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
$13,495
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
7.94%
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%
$269,900
$269.9K
Cap Rate 7%
$192,786
$192.8K
Cap Rate 9%
$149,944
$149.9K
Market Conditions
NOI Build-Up for 1,360 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
$20.4K $15.00/SF
− Vacancy
−$1.1K −$0.83/SF
EGI
$19.3K $14.17/SF
− OpEx
−$5.8K −$4.25/SF
NOI
$13.5K $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%
$269,900
Cap Rate 7%
$192,786
Cap Rate 9%
$149,944
Alternative Uses
Best Use
Multifamily LT 5
$192.8K
$168.7K – $224.9K
NOI $13,495 @ 7.0% cap · market cap 7.94%
Second Best
Apartment 5plus
$177.6K
$155.4K – $207.2K
NOI $12,430 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$327.1K
$286.2K – $381.6K
NOI $22,894 @ 7.0% cap · market cap 13.47%
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
391
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 - Separate utilities and basement access serve both residential units.
Where is this duplex located?
The property is located at 15 Andrews Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two‑unit duplex with a 1 bed/1 bath lower unit and 2 bed/1 bath upper unit; Separate utilities and basement access for both units; Upper unit kitchen updated with new countertops, cabinets, recessed lighting, and LVT flooring
