Remodeled Three-Bedroom
For Sale
$399,900
199 Tonawanda Creek Road, Buffalo, NY 14228
Two spacious apartments offer updated interiors, private living areas, and shared outdoor and parking amenities.
Property Size2,400 SF
Days on Market15
Property Features for 199 Tonawanda Creek Road
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$5,219
Building Details
Building Size
2,400 SF
Year Built
1966
Stories
2
Units
2
Listing Agency:
Parlato Real Estate
(716) 578-0325
Listed By:
James V Parlato · License #37PA1027588
(716) 578-0325
Source:
Wcirealty
Added: Aug 17
Changed: Aug 30
Last Checked: Aug 30 at 5:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Parlato Real Estate
Investment Insights
Based on property information with market context.
This 1966 duplex contains approximately 2,400 square feet, with each apartment providing approximately 1,200 square feet. Both units include a large living room, formal dining room, eat-in kitchen, updated bathroom, three bedrooms, and substantial closet space. Recent improvements include a new architectural roof, replacement windows throughout, remodeled kitchens and bathrooms, fresh paint, and new flooring. The property also features a full basement, fenced yard, deck, oversized 2.5-car garage, and a driveway accommodating 5+ additional vehicles.
Located at 199 Tonawanda Creek Road in Buffalo, the home sits near Niagara Falls Boulevard and is within a 10-minute walk of Wegmans, Tops, Starbucks, restaurants, and shopping. Its position on a large lot, set back from the street, adds outdoor space and off-street parking to the two-unit layout.
Located at 199 Tonawanda Creek Road in Buffalo, the home sits near Niagara Falls Boulevard and is within a 10-minute walk of Wegmans, Tops, Starbucks, restaurants, and shopping. Its position on a large lot, set back from the street, adds outdoor space and off-street parking to the two-unit layout.
Key Highlights
- Two‑unit 3/3 duplex with approximately 2,400 sq. ft. total
- Each apartment measures approximately 1,200 sq. ft.
- Extensively remodeled with new roof, windows, kitchens, baths, paint, and flooring
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
$23,814
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
5.95%
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%
$476,280
$476.3K
Cap Rate 7%
$340,200
$340.2K
Cap Rate 9%
$264,600
$264.6K
Market Conditions
NOI Build-Up for 2,400 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
$36.0K $15.00/SF
− Vacancy
−$2.0K −$0.83/SF
EGI
$34.0K $14.17/SF
− OpEx
−$10.2K −$4.25/SF
NOI
$23.8K $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%
$476,280
Cap Rate 7%
$340,200
Cap Rate 9%
$264,600
Alternative Uses
Best Use
Multifamily LT 5
$340.2K
$297.7K – $396.9K
NOI $23,814 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$313.3K
$274.2K – $365.6K
NOI $21,934 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$577.2K
$505.0K – $673.4K
NOI $40,401 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 14228, NY
23,945
Population
10,601
Households
2.3
Avg Household Size
32
Median Age
49%
College-Educated
92%
High-School Grad
15.9 sq mi
ZIP Area
1,506
Density / Sq Mi
$72,426
Median Household Income
$40,958
Median Earnings
$1,264
Median Rent
$246,100
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 spacious apartments offer updated interiors, private living areas, and shared outdoor and parking amenities.
Where is this duplex located?
The property is located at 199 Tonawanda Creek Road Buffalo, NY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two‑unit 3/3 duplex with approximately 2,400 sq. ft. total; Each apartment measures approximately 1,200 sq. ft.; Extensively remodeled with new roof, windows, kitchens, baths, paint, and flooring
