Two-Unit Duplex with
For Sale
$409,000
262 Sterling Avenue, Buffalo, NY 14216
Separate entrances, central A/C, and updated finishes support flexible occupancy across both residences.
Property Size2,640 SF
Days on Market47
Property Features for 262 Sterling Avenue
General Information
Standard status
Active
Size
2,640 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,210
Amenities
front upper balcony
rear decks
central A/C
white vinyl fencing
perennial garden
Building Details
Building Size
2,640 SF
Year Built
1927
Buildings
1
Stories
2
Units
2
Construction
brick and vinyl
Listing Agency:
Keller Williams Realty WNY
(716) 481-5677
Listed By:
Kim Whelan · License #10401312582
(716) 481-5677
Source:
Homeprocny
Added: Jul 10
Changed: Aug 20
Last Checked: Aug 24 at 1:58PM
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 WNY
Investment Insights
Based on property information with market context.
Built in 1927, this duplex contains two separately entered residences with a 3/3 configuration. Both units have central A/C. The lower residence has fresh paint and new carpeting, while the upper unit was renovated 3 years ago and is currently occupied by a tenant. Exterior features include brick and vinyl siding, a 19x8 front balcony, and two rear decks measuring 9x7 each.
The property also includes a two-car garage with attached storage, white vinyl fencing, and a perennial garden. Inside, the front foyer retains original woodwork. A full attic offers additional space, and the partially finished basement contains two rooms. The property is near the Hertel strip, Delaware Park, Buffalo Zoo, and multiple restaurants.
The property also includes a two-car garage with attached storage, white vinyl fencing, and a perennial garden. Inside, the front foyer retains original woodwork. A full attic offers additional space, and the partially finished basement contains two rooms. The property is near the Hertel strip, Delaware Park, Buffalo Zoo, and multiple restaurants.
Key Highlights
- Two‑unit 3/3 duplex with separate entrances
- Upper unit renovated 3 years ago; tenant currently in place
- Lower unit has fresh paint and new carpeting
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
$26,195
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
6.40%
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%
$523,900
$523.9K
Cap Rate 7%
$374,214
$374.2K
Cap Rate 9%
$291,056
$291.1K
Market Conditions
NOI Build-Up for 2,640 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
$39.6K $15.00/SF
− Vacancy
−$2.2K −$0.83/SF
EGI
$37.4K $14.17/SF
− OpEx
−$11.2K −$4.25/SF
NOI
$26.2K $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%
$523,900
Cap Rate 7%
$374,214
Cap Rate 9%
$291,056
Alternative Uses
Best Use
Multifamily LT 5
$374.2K
$327.4K – $436.6K
NOI $26,195 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$344.7K
$301.6K – $402.1K
NOI $24,128 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$634.9K
$555.5K – $740.7K
NOI $44,441 @ 7.0% cap · market cap 10.87%
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
920
Businesses Nearby
Explore this area
Business Placement
Demographics for 14216, NY
22,979
Population
12,773
Households
1.8
Avg Household Size
37
Median Age
54%
College-Educated
94%
High-School Grad
2.8 sq mi
ZIP Area
8,207
Density / Sq Mi
$70,260
Median Household Income
$47,823
Median Earnings
$1,152
Median Rent
$260,700
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 - Separate entrances, central A/C, and updated finishes support flexible occupancy across both residences.
Where is this duplex located?
The property is located at 262 Sterling Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: Two‑unit 3/3 duplex with separate entrances; Upper unit renovated 3 years ago; tenant currently in place; Lower unit has fresh paint and new carpeting
