Two-Unit Property with Detached
For Sale
$399,900
206 N Park Avenue, Buffalo, NY 14216
Residential, Buffalo, NY
Property Size2,428 SF
Lot Size0.20 Acres
Price / SF$164.70
Days on Market47
Property Features for 206 N Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential 2 Unit
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 3, Bedroom 4, Basement, Bathroom 2
Patio and Porch features
Porch
Exterior features
Balcony, Fence, PrivateYard
Fencing
Fenced
Appliances
GasWaterHeater
Subdivision
North Park
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Standard status
Active
APN
140200-078-570-0006-014-000
Size
2,428 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
4007
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
front porch
attic storage
backyard
detached garage
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Laminate, Vinyl, Hardwood, Tile, Varies
Building materials
AtticCrawlHatchwaysInsulated, Frame
Roof type
Shingle
Listing Agency:
WNY Metro Roberts Realty
(716) 662-0449
Listed By:
Alicia Wittman · License #10301219240
(716) 239-9001
Added: Jul 17
Changed: Aug 20
Last Checked: Sep 1 at 5:06AM
MLS# B1694344
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.
Built in 1920, this frame duplex contains two distinct residences totaling 2,428 square feet. The first-floor apartment offers 1,322 square feet with three bedrooms, two bathrooms, a kitchen, and a front porch. The second-floor apartment provides 1,106 square feet with two bedrooms, one bathroom, and its own kitchen, along with access to the full attic for storage. Flooring varies among hardwood, laminate, vinyl, and tile, while forced-air natural-gas heat and public water serve the property.
The parcel encompasses 0.2009 acres, with a fenced private yard and a 50 x 175 lot. A private driveway leads to a 480-square-foot detached garage constructed in 1973. The property is tenant occupied, and 24-hour notice is required for showings. Hertel Avenue’s shopping, dining, and entertainment corridor is nearby.
The parcel encompasses 0.2009 acres, with a fenced private yard and a 50 x 175 lot. A private driveway leads to a 480-square-foot detached garage constructed in 1973. The property is tenant occupied, and 24-hour notice is required for showings. Hertel Avenue’s shopping, dining, and entertainment corridor is nearby.
Key Highlights
- Two‑unit duplex totaling 2,428 square feet
- First‑floor unit: 1,322 square feet, 3 bedrooms, and 2 bathrooms
- Second‑floor unit: 1,106 square feet, 2 bedrooms, and 1 bathroom
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
$24,092
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
6.02%
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%
$481,840
$481.8K
Cap Rate 7%
$344,171
$344.2K
Cap Rate 9%
$267,689
$267.7K
Market Conditions
NOI Build-Up for 2,428 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
$36.4K $15.00/SF
− Vacancy
−$2.0K −$0.83/SF
EGI
$34.4K $14.17/SF
− OpEx
−$10.3K −$4.25/SF
NOI
$24.1K $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%
$481,840
Cap Rate 7%
$344,171
Cap Rate 9%
$267,689
Alternative Uses
Best Use
Multifamily LT 5
$344.2K
$301.2K – $401.5K
NOI $24,092 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$317.0K
$277.4K – $369.8K
NOI $22,190 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$583.9K
$510.9K – $681.2K
NOI $40,872 @ 7.0% cap · market cap 10.22%
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
920
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 - Tenant-occupied duplex with separate kitchens, porches, and a fenced private yard.
Where is this duplex located?
The property is located at 206 N Park Avenue 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 duplex totaling 2,428 square feet; First‑floor unit: 1,322 square feet, 3 bedrooms, and 2 bathrooms; Second‑floor unit: 1,106 square feet, 2 bedrooms, and 1 bathroom
