Two-Story Duplex with
For Sale
$250,000
21 Elgas Street, Buffalo, NY 14207
Residential, Buffalo, NY
Property Size2,360 SF
Lot Size0.08 Acres
Price / SF$105.93
Days on Market99
Property Features for 21 Elgas Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential 2 Unit
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bathroom 1, Bedroom 4, Basement, Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 2, Bedroom 3
Interior features
NaturalWoodwork, AirFiltration
Exterior features
Fence
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Vulcan St to Elgas St
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-077-330-0004-030-000
Size
2,360 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
2839
Utilities
Heating system
Natural Gas
Water source
Public
Amenities
large front porch
upper balcony
full basement
full attic
concrete driveway
partially fenced yard
natural woodwork
Building Details
Year built
1927
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Varies
Building materials
CompositeSiding, Stone, CopperPlumbing, PexPlumbing
Roof type
Membrane, Asphalt, Rubber
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 646-6400
Listed By:
Ramon A Cruz Sr. · License #40CR1157578
(716) 208-6896
Added: May 27
Changed: Sep 2
Last Checked: Sep 2 at 6:06PM
MLS# B1685203
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 two-story duplex at 21 Elgas Street in Buffalo provides 2,360 square feet across two residential units. Each unit includes 3 bedrooms and 1 bathroom, with separate utilities supporting independent occupancy. The property also offers natural woodwork, hardwood flooring in portions of the interior, a full basement, and a full attic. A large front porch and upper balcony add exterior seating areas, while the concrete driveway and partially fenced yard provide additional site improvements.
Built in 1927, the property uses natural-gas heat and has a public water supply. Composite siding, copper and PEX plumbing, a membrane and rubber roof, and a gas water heater are among the documented building components. Both units are currently rented, and the existing long-term tenants have expressed interest in remaining with a new owner’s approval.
Built in 1927, the property uses natural-gas heat and has a public water supply. Composite siding, copper and PEX plumbing, a membrane and rubber roof, and a gas water heater are among the documented building components. Both units are currently rented, and the existing long-term tenants have expressed interest in remaining with a new owner’s approval.
Key Highlights
- 2,360‑square‑foot duplex with 2 residential units
- Each unit includes 3 bedrooms and 1 bathroom
- Separate utilities for the two units
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
$21,569
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
8.63%
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%
$431,380
$431.4K
Cap Rate 7%
$308,129
$308.1K
Cap Rate 9%
$239,656
$239.7K
Market Conditions
NOI Build-Up for 2,360 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
$41.1K $17.40/SF
− Vacancy
−$1.8K −$0.78/SF
EGI
$39.2K $16.62/SF
− OpEx
−$17.6K −$7.48/SF
NOI
$21.6K $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%
$431,380
Cap Rate 7%
$308,129
Cap Rate 9%
$239,656
Alternative Uses
Best Use
Multifamily LT 5
$334.5K
$292.7K – $390.3K
NOI $23,417 @ 7.0% cap · market cap 9.37%
Second Best
Apartment 5plus
$308.1K
$269.6K – $359.5K
NOI $21,569 @ 7.0% cap · market cap 8.63%
Theoretical Best
Office A
$567.5K
$496.6K – $662.1K
NOI $39,727 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
477
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully leased two-unit property with separate utilities, basement storage, and a partially enclosed yard.
Where is this duplex located?
The property is located at 21 Elgas Street Buffalo, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,360‑square‑foot duplex with 2 residential units; Each unit includes 3 bedrooms and 1 bathroom; Separate utilities for the two units
