Two-Unit Duplex with
For Sale
$299,000
233 MINNESOTA AVE, Buffalo, NY 14215
Two spacious apartments offer hardwood floors, updated features, and distinct outdoor areas for each residence.
Property Size2,784 SF
Price / SF$107.40
Days on Market170
Property Features for 233 MINNESOTA AVE
General Information
Standard status
Active
Size
2,784 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,858
Amenities
balcony/porch
3 season room
hardwood floors
Gas
Full
3
Hardwood, Ceramic Tile
Natural Woodwork
Asphalt
Brick Wall
Balcony
2 Garage Spaces. Paved Driveway, Garage.
Brick
Rectangular
40X150
Rectangular.
Building Details
Year Built
1920
Listing Agency:
Chubb-Aubrey Leonard Real Estate
(716) 652-5758
Listed By:
Daniel Kieffer · License #30KI0830797
(716) 652-5758
Source:
Xome
Added: Mar 15
Changed: Aug 30
Last Checked: Aug 30 at 1:41PM
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 Chubb-Aubrey Leonard Real Estate
Investment Insights
Based on property information with market context.
Built in 1920, this 2,784-square-foot duplex contains two three-bedroom apartments with hardwood flooring, ceramic tile, gas service, full bathrooms, and natural woodwork. The upper residence includes a balcony or porch, while the lower unit has a three-season room. A paved driveway leads to the detached two-car garage. Recent property updates include a garage roof completed 3 years ago, while the house roof was updated in stages, with one side completed 7 years ago and the other 15 years ago. Hot water tanks are 3 and 6 years old.
Located at 233 Minnesota Ave in Buffalo, NY, the property is offered in as-is condition. Its two-unit layout supports rental use or an owner-occupied arrangement with income from the second apartment, as stated in the property information.
Located at 233 Minnesota Ave in Buffalo, NY, the property is offered in as-is condition. Its two-unit layout supports rental use or an owner-occupied arrangement with income from the second apartment, as stated in the property information.
Key Highlights
- 2,784‑square‑foot duplex with two three‑bedroom apartments
- Two‑car garage with paved driveway
- Upper unit includes a balcony or porch
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
$25,444
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
8.51%
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%
$508,880
$508.9K
Cap Rate 7%
$363,486
$363.5K
Cap Rate 9%
$282,711
$282.7K
Market Conditions
NOI Build-Up for 2,784 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
$48.4K $17.40/SF
− Vacancy
−$2.2K −$0.78/SF
EGI
$46.3K $16.62/SF
− OpEx
−$20.8K −$7.48/SF
NOI
$25.4K $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%
$508,880
Cap Rate 7%
$363,486
Cap Rate 9%
$282,711
Alternative Uses
Best Use
Multifamily LT 5
$394.6K
$345.3K – $460.4K
NOI $27,624 @ 7.0% cap · market cap 9.24%
Second Best
Apartment 5plus
$363.5K
$318.1K – $424.1K
NOI $25,444 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$669.5K
$585.8K – $781.1K
NOI $46,865 @ 7.0% cap · market cap 15.67%
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
1,159
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 - Two spacious apartments offer hardwood floors, updated features, and distinct outdoor areas for each residence.
Where is this duplex located?
The property is located at 233 MINNESOTA AVE Buffalo, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 2,784‑square‑foot duplex with two three‑bedroom apartments; Two‑car garage with paved driveway; Upper unit includes a balcony or porch
