Updated Two-Family
New
For Sale
$179,900
163 Royal Avenue, Buffalo, NY 14207
Residential, Buffalo, NY
Property Size1,631 SF
Lot Size0.06 Acres
Price / SF$110.30
Days on Market5
Property Features for 163 Royal Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Basement, Bedroom 1, Bedroom 3, Bedroom 2
Patio and Porch features
Deck
Exterior features
Balcony, Deck
Appliances
GasWaterHeater
Subdivision
Jones
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
TURN RIGHT ONTO ONTARIO ST
Standard status
Active
APN
140200-077-570-0001-021-000
Size
1,631 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
152335
Utilities
Heating system
Natural Gas, Other (Heating)
Water source
Public
Building Details
Year built
1930
Floors in Building
1
Number of units
2
Flooring type
Tile, Hardwood, Varies, Laminate
Building materials
Frame, VinylSiding
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Walaa Kadhum · License #10401363055
(716) 495-5961
Added: Sep 18
Changed: Sep 22
Last Checked: Sep 22 at 7:06PM
MLS# B1715820
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.
This 1,631-square-foot duplex contains two independent residences, each arranged with 2 bedrooms and 1 full bathroom. The property also includes a full basement, a deck, balcony space, frame construction with vinyl siding, and a mix of laminate, tile, and hardwood flooring. Public water service and a natural-gas water heater are in place, and the home dates to 1930.
Major work completed in 2026 includes a new main sewer line, roof replacement, and new windows throughout the property with one exception. The upper unit or upper portion was also updated during 2026. Located at 163 Royal Avenue in Buffalo's 14207 area, the property offers access to shopping, restaurants, major roadways, and downtown Buffalo.
Major work completed in 2026 includes a new main sewer line, roof replacement, and new windows throughout the property with one exception. The upper unit or upper portion was also updated during 2026. Located at 163 Royal Avenue in Buffalo's 14207 area, the property offers access to shopping, restaurants, major roadways, and downtown Buffalo.
Key Highlights
- Two separate units, each with 2 bedrooms and 1 full bathroom
- 1,631 SF duplex on a 0.0589‑acre lot
- 2026 improvements include roof, main sewer line, and window replacements
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
$16,184
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
9.00%
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%
$323,680
$323.7K
Cap Rate 7%
$231,200
$231.2K
Cap Rate 9%
$179,822
$179.8K
Market Conditions
NOI Build-Up for 1,631 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
$24.5K $15.00/SF
− Vacancy
−$1.3K −$0.83/SF
EGI
$23.1K $14.17/SF
− OpEx
−$6.9K −$4.25/SF
NOI
$16.2K $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%
$323,680
Cap Rate 7%
$231,200
Cap Rate 9%
$179,822
Alternative Uses
Best Use
Multifamily LT 5
$231.2K
$202.3K – $269.7K
NOI $16,184 @ 7.0% cap · market cap 9.00%
Second Best
Apartment 5plus
$212.9K
$186.3K – $248.4K
NOI $14,906 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$392.2K
$343.2K – $457.6K
NOI $27,456 @ 7.0% cap · market cap 15.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Explore this area
Business Placement
Demographics for 14207, NY
26,006
Population
11,317
Households
2.3
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
3.9 sq mi
ZIP Area
6,668
Density / Sq Mi
$38,951
Median Household Income
$33,851
Median Earnings
$943
Median Rent
$111,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate living units with full basements, exterior deck space, and recent improvements to major building systems.
Where is this duplex located?
The property is located at 163 Royal Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Two separate units, each with 2 bedrooms and 1 full bathroom; 1,631 SF duplex on a 0.0589‑acre lot; 2026 improvements include roof, main sewer line, and window replacements
