Renovated Two-Unit
New
For Sale
$224,500
174 Lockwood Avenue, Buffalo, NY 14220
Residential, Buffalo, NY
Property Size2,102 SF
Lot Size0.09 Acres
Price / SF$106.80
Days on Market1
Property Features for 174 Lockwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2, Bedroom 3
Patio and Porch features
Porch
Exterior features
FullyFenced
Fencing
Fenced
Appliances
GasWaterHeater
Subdivision
Buffalo Crk Reservations
Lot features
Near Public Transit, Rectangular, Rectangular Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Use a GPS
Standard status
Active
APN
140200-133-470-0006-025-000
Size
2,102 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
2122
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Tile, Varies, Vinyl
Building materials
AluminumSiding, Frame, VinylSiding, CopperPlumbing, PexPlumbing
Roof type
Metal
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Anthony Dubreville · License #10401347097
(716) 374-2594
Added: Aug 24
Last Checked: Aug 24 at 9:06PM
MLS# B1709618
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 2,102-square-foot duplex, built in 1920, contains two updated residences: a three-bedroom lower unit and a one-bedroom upper unit. Interior improvements include new luxury vinyl flooring, fresh paint, remodeled kitchens and bathrooms, and upgraded plumbing and electrical systems. The property also features a porch, full fencing, natural-gas forced-air heat, central air, a gas water heater, and a metal roof installed in 2021.
The sale includes the additional lot at 170 Lockwood Avenue, expanding the property footprint beyond the residential structure. A replaced sewer line, 2023 water tank, and furnace approximately five years old add to the documented improvements. The property is in South Buffalo near Cazenovia Park, South Park, the Buffalo waterfront, Outer Harbor, shopping, restaurants, major roadways, and access to Downtown Buffalo and surrounding suburbs.
The sale includes the additional lot at 170 Lockwood Avenue, expanding the property footprint beyond the residential structure. A replaced sewer line, 2023 water tank, and furnace approximately five years old add to the documented improvements. The property is in South Buffalo near Cazenovia Park, South Park, the Buffalo waterfront, Outer Harbor, shopping, restaurants, major roadways, and access to Downtown Buffalo and surrounding suburbs.
Key Highlights
- Two‑unit layout with a 3‑bedroom lower residence and 1‑bedroom upper residence
- 2,102 square feet on a 0.0909‑acre parcel
- Additional lot at 170 Lockwood Ave included in the sale
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
$19,211
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
8.56%
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%
$384,220
$384.2K
Cap Rate 7%
$274,443
$274.4K
Cap Rate 9%
$213,456
$213.5K
Market Conditions
NOI Build-Up for 2,102 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
$36.6K $17.40/SF
− Vacancy
−$1.6K −$0.78/SF
EGI
$34.9K $16.62/SF
− OpEx
−$15.7K −$7.48/SF
NOI
$19.2K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$384,220
Cap Rate 7%
$274,443
Cap Rate 9%
$213,456
Alternative Uses
Best Use
Multifamily LT 5
$298.0K
$260.7K – $347.6K
NOI $20,857 @ 7.0% cap · market cap 9.29%
Second Best
Apartment 5plus
$274.4K
$240.1K – $320.2K
NOI $19,211 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$505.5K
$442.3K – $589.7K
NOI $35,384 @ 7.0% cap · market cap 15.76%
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
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 14220, NY
23,959
Population
11,286
Households
2.1
Avg Household Size
38
Median Age
28%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
6,305
Density / Sq Mi
$68,337
Median Household Income
$42,112
Median Earnings
$974
Median Rent
$180,200
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 - Updated kitchens and bathrooms, central air, and a separately included lot support flexible ownership or rental use.
Where is this duplex located?
The property is located at 174 Lockwood Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $224,500.
What are key features of this property?
This property features: Two‑unit layout with a 3‑bedroom lower residence and 1‑bedroom upper residence; 2,102 square feet on a 0.0909‑acre parcel; Additional lot at 170 Lockwood Ave included in the sale
