Two-Unit Duplex with Private
For Sale
$129,900
Pending
229 Hagen Street, Buffalo, NY 14215
MULTI_FAMILY - Buffalo, NY
Property Size1,291 SF
Lot Size0.07 Acres
Days on Market64
Property Features for 229 Hagen Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Basement, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3
Patio and Porch features
Porch
Exterior features
EnclosedPorch, Porch
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Lang to Hagen
Subdivision
Buffalo City-140200
Standard status
Pending
APN
140200-090-820-0001-036-000
Size
1,291 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
1559
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1917
Floors in Building
1
Number of units
2
Flooring type
Carpet, Varies
Building materials
AluminumSiding
Listing Agency:
Keller Williams Realty Greater Rochester
(585) 362-8900
Listed By:
Laura E. Swogger · License #30SW1092952
(585) 440-8840
Added: Jun 22
Changed: Aug 14
Last Checked: Aug 24 at 8:06PM
MLS# R1692889
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-unit duplex offers an upper unit and a lower unit, each laid out with two bedrooms, a full bathroom, and separate living, dining, and kitchen spaces. The property includes porch features, including an enclosed porch, and has aluminum siding exterior construction. Heating is provided by natural gas forced air, and a gas water heater is included. The home was built in 1917.
The duplex sits on a 0.0702-acre lot and is listed with a total size of 1,291 square feet. It has its own driveway and a generous backyard, providing tenant-use outdoor space and added day-to-day practicality.
Utilities include public water. The roof is described as being in decent condition, helping reduce near-term exterior maintenance priorities.
The duplex sits on a 0.0702-acre lot and is listed with a total size of 1,291 square feet. It has its own driveway and a generous backyard, providing tenant-use outdoor space and added day-to-day practicality.
Utilities include public water. The roof is described as being in decent condition, helping reduce near-term exterior maintenance priorities.
Key Highlights
- 0.0702‑acre lot with 1,291 SF total building size
- Upper and lower units with two bedrooms and a full bathroom in each unit
- Natural gas forced‑air heating plus gas water heater
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
Multi-tenant
Tenancy
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 - Upper and lower two-bedroom units with full bathrooms, natural gas forced-air heat, and a private driveway with backyard space.
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: 0.0702‑acre lot with 1,291 SF total building size; Upper and lower units with two bedrooms and a full bathroom in each unit; Natural gas forced‑air heating plus gas water heater
