Renovated Two-Unit
For Sale
$204,900
161 Norman Avenue, Buffalo, NY 14210
Residential, Buffalo, NY
Property Size1,622 SF
Lot Size0.11 Acres
Price / SF$126.33
Days on Market49
Property Features for 161 Norman Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 1, Basement, Bathroom 1
Appliances
GasWaterHeater
Subdivision
Buffalo Crk Reservation
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Standard status
Active
APN
140200-123-820-0003-041-000
Size
1,622 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
2171
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
basement with laundry connections
in-unit laundry
Building Details
Year built
1955
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Hardwood, Varies
Building materials
Frame, VinylSiding
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
John M Capriotto · License #10401375313
(716) 603-7072
Added: Jul 12
Changed: Aug 22
Last Checked: Aug 29 at 12:06AM
MLS# B1697898
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Renovated duplex at 161 Norman Avenue with 1,622 square feet across two residential units. The lower residence includes two bedrooms and access to a full basement with laundry connections; the upper residence has one bedroom and in-unit laundry. The lower unit is vacant, while the upper unit is leased month-to-month with water included.
Built in 1955 on a 0.1088-acre lot, the property features frame construction with vinyl siding, vinyl and hardwood flooring, natural-gas forced-air heat, a gas water heater, and public water service. The home is within walking distance of stores, restaurants, and Cazenovia Park.
Built in 1955 on a 0.1088-acre lot, the property features frame construction with vinyl siding, vinyl and hardwood flooring, natural-gas forced-air heat, a gas water heater, and public water service. The home is within walking distance of stores, restaurants, and Cazenovia Park.
Key Highlights
- Renovated two‑unit duplex with 1,622 square feet
- Lower 2 bed unit is vacant and includes full basement access
- Upper 1 bed unit has in‑unit laundry and month‑to‑month occupancy
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer separate layouts, including a two-bedroom lower unit and one-bedroom upper unit.
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 two‑unit duplex with 1,622 square feet; Lower 2 bed unit is vacant and includes full basement access; Upper 1 bed unit has in‑unit laundry and month‑to‑month occupancy
