Two-Unit Duplex with
For Sale
$129,900
229 Hagen Street, Buffalo, NY 14215
Vacant duplex with separate living, dining, and kitchen areas in each unit.
Property Size1,291 SF
Days on Market72
Property Features for 229 Hagen Street
General Information
Standard status
Active
Size
1,291 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,559
Building Details
Building Size
1,291 SF
Year Built
1917
Buildings
1
Stories
1
Units
2
Listing Agency:
Keller Williams Realty Greater Rochester
(585) 440-8840
Listed By:
Laura E. Swogger · License #30SW1092952
(585) 440-8840
Source:
Dealrealtyonline
Added: Jun 22
Changed: Aug 30
Last Checked: Aug 31 at 5:09PM
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 Keller Williams Realty Greater Rochester
Investment Insights
Based on property information with market context.
Built in 1917, this duplex contains two residential units arranged on upper and lower levels. Each unit includes 2 bedrooms, a full bathroom, and distinct living, dining, and kitchen areas. The property also has a private driveway and backyard, adding useful outdoor and parking space for occupants.
Both units are currently vacant, allowing the next owner to place tenants without existing leases or tenant turnover. The home is located at 229 Hagen Street in Buffalo’s East Side, within the 14215 ZIP code.
Both units are currently vacant, allowing the next owner to place tenants without existing leases or tenant turnover. The home is located at 229 Hagen Street in Buffalo’s East Side, within the 14215 ZIP code.
Key Highlights
- Two residential units with an upper/lower layout
- Each unit offers 2 bedrooms and 1 full bathroom
- Separate living, dining, and kitchen spaces in both 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
$11,799
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
9.08%
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%
$235,980
$236.0K
Cap Rate 7%
$168,557
$168.6K
Cap Rate 9%
$131,100
$131.1K
Market Conditions
NOI Build-Up for 1,291 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
$22.5K $17.40/SF
− Vacancy
−$1.0K −$0.78/SF
EGI
$21.5K $16.62/SF
− OpEx
−$9.7K −$7.48/SF
NOI
$11.8K $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%
$235,980
Cap Rate 7%
$168,557
Cap Rate 9%
$131,100
Alternative Uses
Best Use
Multifamily LT 5
$183.0K
$160.1K – $213.5K
NOI $12,810 @ 7.0% cap · market cap 9.86%
Second Best
Apartment 5plus
$168.6K
$147.5K – $196.7K
NOI $11,799 @ 7.0% cap · market cap 9.08%
Theoretical Best
Office A
$310.5K
$271.7K – $362.2K
NOI $21,732 @ 7.0% cap · market cap 16.73%
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
622
Businesses Nearby
Explore this area
Business Placement
Demographics for 14215, NY
42,447
Population
19,203
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
87%
High-School Grad
4.8 sq mi
ZIP Area
8,843
Density / Sq Mi
$43,326
Median Household Income
$29,204
Median Earnings
$993
Median Rent
$102,800
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 - Vacant duplex with separate living, dining, and kitchen areas in each unit.
Where is this duplex located?
The property is located at 229 Hagen Street Buffalo, NY.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: Two residential units with an upper/lower layout; Each unit offers 2 bedrooms and 1 full bathroom; Separate living, dining, and kitchen spaces in both units
