Updated Duplex with Private
For Sale
$380,000
Pending
270 Lexington Avenue, Buffalo, NY 14222
Two residential units feature renovated kitchens and bathrooms, separate mechanical systems, storage areas, and a fenced rear yard.
Property Size1,960 SF
Days on Market13
Property Features for 270 Lexington Avenue
General Information
Standard status
Pending
Size
1,960 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$3,081
Amenities
covered front porch
hardwood floors
fireplace
updated kitchens
renovated bathrooms
private balcony
basement storage
walk-up attic
deck
fully fenced yard
Building Details
Building Size
1,960 SF
Year Built
1900
Tenancy
Multi
Listing Agency:
Keller Williams Realty WNY
Listed By:
Jennifer R Goetz · License #10301223110
(716) 316-6664
Source:
Highfallssir
Added: Sep 14
Changed: Sep 25
Last Checked: Sep 26 at 2:09PM
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.
This two-unit residential property, built in 1900, combines traditional interior details with substantial recent improvements. The lower apartment includes hardwood flooring, a formal dining room, an updated kitchen with white shaker cabinets and stainless steel appliances, two bedrooms, and a renovated full bathroom. The upper unit offers hardwood floors, a dining room, bay window, flexible bonus room, private balcony, updated kitchen with quartz countertops, two bedrooms, and a refreshed full bathroom.
Each unit has separate basement storage, a dedicated furnace, and an individual water heater. The walk-up attic adds storage capacity, while the fenced rear yard includes a deck. Improvements include a 2021 roof, 2025 porch work with an enlarged upper porch, 2026 stairs, 2022 landscaping, updated plumbing in 2021, and kitchen and bathroom renovations completed between 2021 and 2024. The property is located at 270 Lexington Avenue in Buffalo’s Elmwood Village.
Each unit has separate basement storage, a dedicated furnace, and an individual water heater. The walk-up attic adds storage capacity, while the fenced rear yard includes a deck. Improvements include a 2021 roof, 2025 porch work with an enlarged upper porch, 2026 stairs, 2022 landscaping, updated plumbing in 2021, and kitchen and bathroom renovations completed between 2021 and 2024. The property is located at 270 Lexington Avenue in Buffalo’s Elmwood Village.
Key Highlights
- Duplex with two two‑bedroom units
- Separate furnaces and water heaters for each unit
- 2021 roof and updated plumbing
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
$19,448
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
5.12%
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%
$388,960
$389.0K
Cap Rate 7%
$277,829
$277.8K
Cap Rate 9%
$216,089
$216.1K
Market Conditions
NOI Build-Up for 1,960 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
$29.4K $15.00/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$27.8K $14.17/SF
− OpEx
−$8.3K −$4.25/SF
NOI
$19.4K $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%
$388,960
Cap Rate 7%
$277,829
Cap Rate 9%
$216,089
Alternative Uses
Best Use
Multifamily LT 5
$277.8K
$243.1K – $324.1K
NOI $19,448 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$255.9K
$223.9K – $298.6K
NOI $17,913 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$471.3K
$412.4K – $549.9K
NOI $32,994 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,818
Businesses Nearby
Explore this area
Business Placement
Demographics for 14222, NY
13,629
Population
7,355
Households
1.9
Avg Household Size
32
Median Age
63%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
11,358
Density / Sq Mi
$83,692
Median Household Income
$50,045
Median Earnings
$1,168
Median Rent
$408,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature renovated kitchens and bathrooms, separate mechanical systems, storage areas, and a fenced rear yard.
Where is this duplex located?
The property is located at 270 Lexington Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Duplex with two two‑bedroom units; Separate furnaces and water heaters for each unit; 2021 roof and updated plumbing
