Updated Duplex with River
For Sale
$295,000
22 Briggs Avenue, Buffalo, NY 14207
Two refreshed units combine modern kitchens and baths with period character, gas hookups, and generous storage.
Property Size2,499 SF
Days on Market49
Property Features for 22 Briggs Avenue
General Information
Standard status
Active
Size
2,499 SF
Total Parking Spaces
2
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
SELLERS WILL REPLACE BOTH FURNACES
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,201
Building Details
Building Size
2,499 SF
Year Built
1924
Buildings
1
Listing Agency:
WNYbyOwner.com
Listed By:
Robyn Sansone · License #10491209960
(716) 523-8508
Source:
Highfallssir
Added: Jul 26
Changed: Sep 6
Last Checked: Sep 11 at 4:32PM
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 WNYbyOwner.com
Investment Insights
Based on property information with market context.
Built in 1924, this duplex offers two residential units with updated kitchens, new baths, and refreshed interiors. The first floor has new flooring, while fresh paint extends throughout the home. Original character remains in details such as the French-style upstairs door, tiled downstairs foyer, and front porch. Each unit includes gas hookups, and the property has updated electrical service with GFCI protection at water sources.
Recent improvements include a total tear-off roof completed about a year ago and two newer hot water tanks installed approximately 1.5 years ago. The property also features a two-car garage with a newer door, substantial storage, and views of the river. Both furnaces are scheduled to be replaced by the sellers prior to closing.
Recent improvements include a total tear-off roof completed about a year ago and two newer hot water tanks installed approximately 1.5 years ago. The property also features a two-car garage with a newer door, substantial storage, and views of the river. Both furnaces are scheduled to be replaced by the sellers prior to closing.
Key Highlights
- Duplex with two updated residential units
- New kitchens and baths in both units
- Total tear‑off roof completed about a year ago
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
$24,796
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
8.41%
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%
$495,920
$495.9K
Cap Rate 7%
$354,229
$354.2K
Cap Rate 9%
$275,511
$275.5K
Market Conditions
NOI Build-Up for 2,499 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
$37.5K $15.00/SF
− Vacancy
−$2.1K −$0.83/SF
EGI
$35.4K $14.17/SF
− OpEx
−$10.6K −$4.25/SF
NOI
$24.8K $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%
$495,920
Cap Rate 7%
$354,229
Cap Rate 9%
$275,511
Alternative Uses
Best Use
Multifamily LT 5
$354.2K
$310.0K – $413.3K
NOI $24,796 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$326.3K
$285.5K – $380.7K
NOI $22,839 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$601.0K
$525.8K – $701.1K
NOI $42,067 @ 7.0% cap · market cap 14.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two refreshed units combine modern kitchens and baths with period character, gas hookups, and generous storage.
Where is this duplex located?
The property is located at 22 Briggs Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Duplex with two updated residential units; New kitchens and baths in both units; Total tear‑off roof completed about a year ago
