Updated Duplex with Separate
For Sale
$174,900
15 Andrews Ave, Buffalo, NY 14225
Two residential units provide distinct layouts, updated interiors, independent utilities, and basement access for flexible occupancy.
Property Size1,360 SF
Price / SF$128.60
Days on Market35
Property Features for 15 Andrews Ave
General Information
Standard status
Active
Size
1,360 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
basement access
Building Details
Year Built
1917
Listing Agency:
WNY Metro Roberts Realty
(518) 866-4266
Listed By:
Carolyn Gibbins · License #10401378970
Source:
Thejoshjamesteam
Added: Jul 28
Changed: Aug 30
Last Checked: Aug 30 at 7:59PM
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.
This two-unit residential property combines a one-bedroom, one-bath lower unit with a two-bedroom, one-bath upper unit. The lower apartment includes a spacious living and dining area, new carpet added this year, and a furnace/HWT installed in 2024. The upper unit has a remodeled kitchen with new countertops, cabinets, recessed lighting, and LVT flooring. Both apartments have separate utilities and basement access.
Property improvements include PEX plumbing updated in 2019, a high-efficiency furnace/HWT serving the upper unit, a new porch completed in 2024, and replacement windows and exterior doors installed in 2023. The property is situated near bus routes, shopping centers, and the Walden Galleria.
Property improvements include PEX plumbing updated in 2019, a high-efficiency furnace/HWT serving the upper unit, a new porch completed in 2024, and replacement windows and exterior doors installed in 2023. The property is situated near bus routes, shopping centers, and the Walden Galleria.
Key Highlights
- Two‑unit layout with a 1 bed/1 bath lower unit and a 2 bed/1 bath upper unit
- Separate utilities and basement access for both units
- Upper kitchen remodeled 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
7.72%
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 7.72%
Second Best
Apartment 5plus
$177.6K
$155.4K – $207.2K
NOI $12,430 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$327.1K
$286.2K – $381.6K
NOI $22,894 @ 7.0% cap · market cap 13.09%
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 - Two residential units provide distinct layouts, updated interiors, independent utilities, and basement access for flexible occupancy.
Where is this duplex located?
The property is located at 15 Andrews Ave Buffalo, NY.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Two‑unit layout with a 1 bed/1 bath lower unit and a 2 bed/1 bath upper unit; Separate utilities and basement access for both units; Upper kitchen remodeled with new countertops, cabinets, recessed lighting, and LVT flooring
