Updated Duplex with Detached
For Sale
$320,000
167 Commonwealth Avenue, Buffalo, NY 14216
MULTI_FAMILY - Other - Buffalo, NY
Property Size1,634 SF
Lot Size0.11 Acres
Price / SF$195.84
Days on Market23
Property Features for 167 Commonwealth Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Basement, Bathroom 2
Patio and Porch features
Porch
Interior features
NaturalWoodwork
Fireplace
1
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Commonwealth between Hertel and Tacoma
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-078-640-0003-037-000
Size
1,634 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
2785
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
yard
laundry
storage
Building Details
Year built
1918
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Varies
Building materials
BlownInInsulation
Roof type
Asphalt
Architectural style
Other
Listing Agency:
WNYbyOwner.com
(716) 523-8508
Listed By:
Robyn Sansone · License #10491209960
(716) 523-8508
Added: Jul 23
Changed: Aug 12
Last Checked: Aug 14 at 11:06AM
MLS# B1701102
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 1,634-square-foot duplex, built in 1918, includes two distinct residential units. The upper apartment has two bedrooms and a bonus sunroom, while the lower apartment provides one bedroom with a built-in closet. Both kitchens have granite countertops and newer appliances, and the bathrooms have been updated with new vanities. Vinyl flooring, whole-house electrical work, PEX plumbing, a 2023 hot water tank, and a 2024 exterior repaint are among the improvements. The basement contains laundry equipment and storage, while the property also includes a detached two-car garage, porch, and yard on a 0.1117-acre lot.
The property is located near Hertel Avenue in Buffalo, with restaurants, shops, cafes, and neighborhood businesses nearby. Public water, natural-gas forced-air heat, and an asphalt roof are in place. The two-unit layout supports either an owner-occupant arrangement or continued use as a residential income property.
The property is located near Hertel Avenue in Buffalo, with restaurants, shops, cafes, and neighborhood businesses nearby. Public water, natural-gas forced-air heat, and an asphalt roof are in place. The two-unit layout supports either an owner-occupant arrangement or continued use as a residential income property.
Key Highlights
- Two‑unit duplex with 1,634 square feet of building area
- Upper unit has 2 bedrooms plus a bonus sunroom; lower unit has 1 bedroom
- Detached 2‑car garage and yard on a 0.1117‑acre lot
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
$16,213
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
5.07%
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%
$324,260
$324.3K
Cap Rate 7%
$231,614
$231.6K
Cap Rate 9%
$180,144
$180.1K
Market Conditions
NOI Build-Up for 1,634 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
$23.2K $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%
$324,260
Cap Rate 7%
$231,614
Cap Rate 9%
$180,144
Alternative Uses
Best Use
Multifamily LT 5
$231.6K
$202.7K – $270.2K
NOI $16,213 @ 7.0% cap · market cap 5.07%
Second Best
Apartment 5plus
$213.3K
$186.7K – $248.9K
NOI $14,934 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$392.9K
$343.8K – $458.4K
NOI $27,506 @ 7.0% cap · market cap 8.60%
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
1,033
Businesses Nearby
Explore this area
Business Placement
Demographics for 14216, NY
22,979
Population
12,773
Households
1.8
Avg Household Size
37
Median Age
54%
College-Educated
94%
High-School Grad
2.8 sq mi
ZIP Area
8,207
Density / Sq Mi
$70,260
Median Household Income
$47,823
Median Earnings
$1,152
Median Rent
$260,700
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 offer refreshed kitchens, updated utilities, basement laundry, and separate living areas.
Where is this duplex located?
The property is located at 167 Commonwealth Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,634 square feet of building area; Upper unit has 2 bedrooms plus a bonus sunroom; lower unit has 1 bedroom; Detached 2‑car garage and yard on a 0.1117‑acre lot
