Updated Two-Unit
For Sale
$215,000
188 Goulding Avenue, Buffalo, NY 14208
Residential, Buffalo, NY
Property Size2,080 SF
Lot Size0.08 Acres
Price / SF$103.37
Days on Market22
Property Features for 188 Goulding Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 6, Basement, Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 1, Bedroom 4
Appliances
GasWaterHeater
Subdivision
Holland Land Companys
Lot features
Agricultural, Rectangular, Rectangular Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Standard status
Active
APN
140200-100-350-0002-037-000
Size
2,080 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
2110
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Varies, Vinyl, Hardwood
Building materials
VinylSiding
Listing Agency:
WNY Metro Roberts Realty
(716) 875-2211
Listed By:
Abdul Ahmed · License #10401291489
(716) 445-4955
Added: Sep 10
Changed: Sep 18
Last Checked: Oct 1 at 7:06PM
MLS# B1713787
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 2,080-square-foot duplex was built in 1920 and includes two residential apartments. The lower unit has been substantially improved with new drywall on walls and ceilings, fresh paint, refinished floors, new electrical wiring throughout, and a fully renovated bathroom with new plumbing. Flooring includes hardwood and vinyl, while the property has vinyl siding, forced-air natural-gas heat, and a gas water heater.
The upper apartment is currently rented, creating an existing income stream within the two-unit layout. Exterior updates include a new tear-off roof installed in 2022 and a new upstairs balcony. The property occupies 0.0844 acres and is served by public water.
The upper apartment is currently rented, creating an existing income stream within the two-unit layout. Exterior updates include a new tear-off roof installed in 2022 and a new upstairs balcony. The property occupies 0.0844 acres and is served by public water.
Key Highlights
- 2,080‑square‑foot duplex on a 0.0844‑acre lot
- New tear‑off roof installed in 2022
- Upper apartment is currently rented
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
$19,010
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
8.84%
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%
$380,200
$380.2K
Cap Rate 7%
$271,571
$271.6K
Cap Rate 9%
$211,222
$211.2K
Market Conditions
NOI Build-Up for 2,080 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
$36.2K $17.40/SF
− Vacancy
−$1.6K −$0.78/SF
EGI
$34.6K $16.62/SF
− OpEx
−$15.6K −$7.48/SF
NOI
$19.0K $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%
$380,200
Cap Rate 7%
$271,571
Cap Rate 9%
$211,222
Alternative Uses
Best Use
Multifamily LT 5
$294.8K
$258.0K – $344.0K
NOI $20,639 @ 7.0% cap · market cap 9.60%
Second Best
Apartment 5plus
$271.6K
$237.6K – $316.8K
NOI $19,010 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$500.2K
$437.7K – $583.6K
NOI $35,014 @ 7.0% cap · market cap 16.29%
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
701
Businesses Nearby
Explore this area
Business Placement
Demographics for 14208, NY
12,088
Population
5,884
Households
2.1
Avg Household Size
33
Median Age
23%
College-Educated
85%
High-School Grad
1.2 sq mi
ZIP Area
10,073
Density / Sq Mi
$46,940
Median Household Income
$23,804
Median Earnings
$932
Median Rent
$118,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - The leased upper apartment complements a substantially renovated lower unit with updated finishes, wiring, plumbing, and bath improvements.
Where is this duplex located?
The property is located at 188 Goulding Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 2,080‑square‑foot duplex on a 0.0844‑acre lot; New tear‑off roof installed in 2022; Upper apartment is currently rented
