Updated Duplex with
For Sale
$349,000
244 Evans Street, Buffalo, NY 14221
Residential, Buffalo, NY
Property Size2,038 SF
Lot Size0.20 Acres
Price / SF$171.25
Days on Market48
Property Features for 244 Evans Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bathroom 2
Parking features
Garage
Patio and Porch features
Porch
Interior features
CeilingFans, EntranceFoyer, Storage, NaturalWoodwork
Exterior features
Awnings, FullyFenced
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Williamsville
Middle school district
Williamsville
High school district
Williamsville
Directions
Maine to Evans or Sheridan to a Evans sign on the lawn
Subdivision
Williamsville Village-Amherst-142201
Standard status
Active
APN
142201-069-130-0002-034-000
Size
2,038 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
7600
Utilities
Heating system
Baseboard, Natural Gas
Water source
Public
Amenities
laundry
storage
Building Details
Year built
1955
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Varies, Hardwood, Tile, Laminate
Building materials
AluminumSiding, Cedar
Roof type
Asphalt, Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
WNY Metro Roberts Realty
(716) 559-9972
Listed By:
Gina R DuBois · License #10401203791
(716) 578-4386
Added: Jul 14
Changed: Aug 26
Last Checked: Aug 30 at 1:06PM
MLS# B1688585
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 2,038-square-foot duplex, built in 1955, contains two residential units with separate bathrooms and bedrooms. The lower unit is expected to become vacant, providing flexibility for owner occupancy or continued rental use. Interior features include laminate, tile, vinyl, and hardwood flooring, natural woodwork, ceiling fans, an entrance foyer, and basement laundry and storage. Natural gas baseboard heat, a gas water heater, public water, and an asphalt shingle roof are also in place.
The property occupies 0.1983 acres and includes a garage, porch, awnings, and fully fenced grounds. Exterior improvements include fresh paint to the house and garage, an updated driveway surface, and painted steps. The address is in Buffalo’s 14221 postal area, with shopping, supermarkets, restaurants, and the village nearby.
The property occupies 0.1983 acres and includes a garage, porch, awnings, and fully fenced grounds. Exterior improvements include fresh paint to the house and garage, an updated driveway surface, and painted steps. The address is in Buffalo’s 14221 postal area, with shopping, supermarkets, restaurants, and the village nearby.
Key Highlights
- Two‑unit duplex measuring 2,038 square feet
- Lower unit expected to be vacant for owner occupancy or continued rental use
- 0.1983‑acre parcel with garage and fully fenced grounds
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
$20,222
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
5.79%
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%
$404,440
$404.4K
Cap Rate 7%
$288,886
$288.9K
Cap Rate 9%
$224,689
$224.7K
Market Conditions
NOI Build-Up for 2,038 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
$30.6K $15.00/SF
− Vacancy
−$1.7K −$0.83/SF
EGI
$28.9K $14.17/SF
− OpEx
−$8.7K −$4.25/SF
NOI
$20.2K $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%
$404,440
Cap Rate 7%
$288,886
Cap Rate 9%
$224,689
Alternative Uses
Best Use
Multifamily LT 5
$288.9K
$252.8K – $337.0K
NOI $20,222 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$266.1K
$232.8K – $310.4K
NOI $18,626 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$490.1K
$428.8K – $571.8K
NOI $34,307 @ 7.0% cap · market cap 9.83%
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
2,081
Businesses Nearby
Explore this area
Business Placement
Demographics for 14221, NY
55,275
Population
25,281
Households
2.2
Avg Household Size
48
Median Age
57%
College-Educated
96%
High-School Grad
23.4 sq mi
ZIP Area
2,362
Density / Sq Mi
$101,275
Median Household Income
$58,665
Median Earnings
$1,560
Median Rent
$298,500
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-unit residential property with basement laundry, storage, fenced grounds, and garage parking.
Where is this duplex located?
The property is located at 244 Evans Street Buffalo, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two‑unit duplex measuring 2,038 square feet; Lower unit expected to be vacant for owner occupancy or continued rental use; 0.1983‑acre parcel with garage and fully fenced grounds
