Renovated Two-Unit
For Sale
$255,000
20 Garfield Street, Buffalo, NY 14207
Updated kitchens, bathrooms, windows, and flooring support comfortable occupancy in both residences.
Property Size2,120 SF
Days on Market12
Property Features for 20 Garfield Street
General Information
Standard status
Active
Size
2,120 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,571
Amenities
sun porch
Building Details
Building Size
2,120 SF
Year Built
1904
Buildings
1
Listing Agency:
HUNT Real Estate ERA
(716) 277-9461
Listed By:
Brandon Peggues · License #10401342417
(716) 277-9461
Source:
Highfallssir
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 30 at 9:48PM
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 HUNT Real Estate ERA
Investment Insights
Based on property information with market context.
This two-unit duplex at 20 Garfield Street in Buffalo, NY, dates to 1904 and has undergone extensive interior and exterior updates. Each residence includes 3 bedrooms, renovated kitchens and bathrooms, new windows, wall-to-wall carpeting in living areas and bedrooms, and vinyl flooring in high-traffic areas. The improvements are consistent across both units, while the lower residence adds a sun porch.
A full attic provides additional space with potential for future living-area expansion. The property also has a newly installed roof, completing a broad package of recent improvements. The combination of two three-bedroom residences and updated core systems creates a practical duplex configuration for an owner-occupant or rental operator.
A full attic provides additional space with potential for future living-area expansion. The property also has a newly installed roof, completing a broad package of recent improvements. The combination of two three-bedroom residences and updated core systems creates a practical duplex configuration for an owner-occupant or rental operator.
Key Highlights
- Two‑unit duplex with 3 bedrooms in each residence
- Renovated kitchens and bathrooms in both units
- New windows, carpeting, and vinyl flooring throughout the residences
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
$21,036
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
8.25%
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%
$420,720
$420.7K
Cap Rate 7%
$300,514
$300.5K
Cap Rate 9%
$233,733
$233.7K
Market Conditions
NOI Build-Up for 2,120 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
$31.8K $15.00/SF
− Vacancy
−$1.7K −$0.83/SF
EGI
$30.1K $14.17/SF
− OpEx
−$9.0K −$4.25/SF
NOI
$21.0K $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%
$420,720
Cap Rate 7%
$300,514
Cap Rate 9%
$233,733
Alternative Uses
Best Use
Multifamily LT 5
$300.5K
$263.0K – $350.6K
NOI $21,036 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$276.8K
$242.2K – $322.9K
NOI $19,375 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$509.8K
$446.1K – $594.8K
NOI $35,687 @ 7.0% cap · market cap 13.99%
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
454
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
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, bathrooms, windows, and flooring support comfortable occupancy in both residences.
Where is this duplex located?
The property is located at 20 Garfield Street Buffalo, NY.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms in each residence; Renovated kitchens and bathrooms in both units; New windows, carpeting, and vinyl flooring throughout the residences
