Two-Unit Duplex With Separate
For Sale
$200,000
2328 PARK AVE, Buffalo, NY 14220
Upper/lower duplex offers two 2-bedroom, 1-bath units with separate utilities and solid mechanicals.
Property Size1,890 SF
Price / SF$105.82
Days on Market179
Property Features for 2328 PARK AVE
General Information
Standard status
Active
Size
1,890 SF
Property subtype
Other
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,436
Amenities
Gas
Full
3
Other
Parking. Fenced Yard.
Shared Driveway, Other Parking.
Rectangular
30X110
Other, Other Road Type, Rectangular.
Building Details
Year Built
1918
Stories
2
Listing Agency:
Howard Hanna WNY Inc.
(716) 714-4054
Listed By:
Thomas Mason
(716) 714-4054
Source:
Xome
Added: Feb 22
Changed: Aug 15
Last Checked: Aug 19 at 5:35AM
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 Howard Hanna WNY Inc.
Investment Insights
Based on property information with market context.
This upper/lower two-unit duplex includes two separate apartments, each offering 2 bedrooms and 1 bathroom. The units are supported by separate utilities, and the property is described as having solid mechanicals. Exterior improvements include low-maintenance vinyl siding, and the home is reported to have been well maintained over the years.
Located in a South Buffalo area address at 2328 S Park Ave, the property is positioned for buyers seeking a versatile residence/income asset.
From a configuration standpoint, the duplex layout provides two distinct living spaces within one building, with separate utilities designed to simplify tenant billing and unit operations.
Located in a South Buffalo area address at 2328 S Park Ave, the property is positioned for buyers seeking a versatile residence/income asset.
From a configuration standpoint, the duplex layout provides two distinct living spaces within one building, with separate utilities designed to simplify tenant billing and unit operations.
Key Highlights
- Upper/lower 2‑unit duplex with two 2‑bedroom, 1‑bath apartments
- Separate utilities for each unit
- Hardwood and vinyl flooring
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
$17,273
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
8.64%
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%
$345,460
$345.5K
Cap Rate 7%
$246,757
$246.8K
Cap Rate 9%
$191,922
$191.9K
Market Conditions
NOI Build-Up for 1,890 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
$32.9K $17.40/SF
− Vacancy
−$1.5K −$0.78/SF
EGI
$31.4K $16.62/SF
− OpEx
−$14.1K −$7.48/SF
NOI
$17.3K $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%
$345,460
Cap Rate 7%
$246,757
Cap Rate 9%
$191,922
Alternative Uses
Best Use
Multifamily LT 5
$267.9K
$234.4K – $312.6K
NOI $18,754 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$246.8K
$215.9K – $287.9K
NOI $17,273 @ 7.0% cap · market cap 8.64%
Theoretical Best
Office A
$454.5K
$397.7K – $530.3K
NOI $31,816 @ 7.0% cap · market cap 15.91%
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
326
Businesses Nearby
Explore this area
Business Placement
Demographics for 14220, NY
23,959
Population
11,286
Households
2.1
Avg Household Size
38
Median Age
28%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
6,305
Density / Sq Mi
$68,337
Median Household Income
$42,112
Median Earnings
$974
Median Rent
$180,200
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/lower duplex offers two 2-bedroom, 1-bath units with separate utilities and solid mechanicals.
Where is this duplex located?
The property is located at 2328 PARK AVE Buffalo, NY.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Upper/lower 2‑unit duplex with two 2‑bedroom, 1‑bath apartments; Separate utilities for each unit; Hardwood and vinyl flooring
