Renovated Duplex with
For Sale
$204,900
161 Norman Avenue, Buffalo, NY 14210
Two-unit property with basement access, one vacant unit, and one month-to-month tenancy.
Property Size1,622 SF
Days on Market44
Property Features for 161 Norman Avenue
General Information
Standard status
Active
Size
1,622 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,171
Amenities
laundry connections
in-unit laundry
Building Details
Building Size
1,622 SF
Year Built
1955
Buildings
1
Listing Agency:
Keller Williams Realty WNY
(716) 603-7072
Listed By:
John M Capriotto · License #10401375313
(716) 603-7072
Source:
Highfallssir
Added: Jul 12
Changed: Aug 19
Last Checked: Aug 23 at 8:39AM
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.
Renovated duplex built in 1955 with a two-bedroom lower residence and a one-bedroom upper residence. The lower unit includes access to a full basement with laundry connections, while the upper unit has laundry within the apartment. The lower residence is vacant, and the upper residence is occupied on a month-to-month arrangement. Water is included under the current tenancy.
The property is located on Norman Avenue in Buffalo, within walking distance of stores, restaurants, and Cazenovia Park. Its two-unit layout, varied laundry setup, basement access, and current occupancy configuration provide a clear overview of the existing improvements and operating status.
The property is located on Norman Avenue in Buffalo, within walking distance of stores, restaurants, and Cazenovia Park. Its two-unit layout, varied laundry setup, basement access, and current occupancy configuration provide a clear overview of the existing improvements and operating status.
Key Highlights
- Renovated duplex with 2 residential units
- Lower unit offers 2 bedrooms and access to a full basement
- Upper unit includes 1 bedroom and in‑unit laundry
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
$16,094
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
7.85%
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%
$321,880
$321.9K
Cap Rate 7%
$229,914
$229.9K
Cap Rate 9%
$178,822
$178.8K
Market Conditions
NOI Build-Up for 1,622 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
$24.3K $15.00/SF
− Vacancy
−$1.3K −$0.83/SF
EGI
$23.0K $14.17/SF
− OpEx
−$6.9K −$4.25/SF
NOI
$16.1K $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%
$321,880
Cap Rate 7%
$229,914
Cap Rate 9%
$178,822
Alternative Uses
Best Use
Multifamily LT 5
$229.9K
$201.2K – $268.2K
NOI $16,094 @ 7.0% cap · market cap 7.85%
Second Best
Apartment 5plus
$211.8K
$185.3K – $247.1K
NOI $14,824 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$390.1K
$341.3K – $455.1K
NOI $27,304 @ 7.0% cap · market cap 13.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Explore this area
Business Placement
Demographics for 14210, NY
15,480
Population
7,813
Households
2
Avg Household Size
36
Median Age
19%
College-Educated
85%
High-School Grad
3.1 sq mi
ZIP Area
4,994
Density / Sq Mi
$51,059
Median Household Income
$31,652
Median Earnings
$925
Median Rent
$124,300
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-unit property with basement access, one vacant unit, and one month-to-month tenancy.
Where is this duplex located?
The property is located at 161 Norman Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $204,900.
What are key features of this property?
This property features: Renovated duplex with 2 residential units; Lower unit offers 2 bedrooms and access to a full basement; Upper unit includes 1 bedroom and in‑unit laundry
