Duplex with Multi-Car
New
For Sale
$495,000
278 South Forest Road, Amherst, NY 14221
The residences have separate utilities, and the lower unit is equipped with central air conditioning.
Property Size3,073 SF
Days on Market4
Property Features for 278 South Forest Road
General Information
Standard status
Active
Size
3,073 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$10,169
Building Details
Building Size
3,073 SF
Year Built
1880
Listing Agency:
Keller Williams Realty
Listed By:
Carol Mollach · License #10401250066
(716) 725-9912
Source:
Highfallssir
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 1 at 1:59PM
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
Investment Insights
Based on property information with market context.
This 1880-built duplex contains more than 3,000 square feet across two residences, each with a private entrance. The lower unit offers four bedrooms, two full bathrooms, two fireplaces, a formal dining room, and a bar room. A separated area with a bedroom, living room, full bathroom, and small kitchenette connects through a lockable door. Upstairs, the second unit has an open living, dining, and kitchen area, plus a bedroom and full bathroom. Utilities are separate. The property also includes a 4+ car garage, a large driveway, a deck, a pool, and a spacious yard.
Set on a dead-end road between Main St and Wehrle Dr, the property is near the Village of Williamsville’s events, as well as the airport, thruway access ramps, parks, shops, and restaurants. It is described as being outside the village tax area.
Set on a dead-end road between Main St and Wehrle Dr, the property is near the Village of Williamsville’s events, as well as the airport, thruway access ramps, parks, shops, and restaurants. It is described as being outside the village tax area.
Key Highlights
- Two residences, each with a private entrance, in more than 3,000 square feet
- Lower unit has 4 bedrooms, 2 full bathrooms, and 2 fireplaces
- Upper residence includes an open living, dining, and kitchen area, plus 1 bedroom and 1 full bathroom
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
$40,368
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
8.16%
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%
$807,360
$807.4K
Cap Rate 7%
$576,686
$576.7K
Cap Rate 9%
$448,533
$448.5K
Market Conditions
NOI Build-Up for 3,073 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
$60.8K $19.80/SF
− Vacancy
−$3.2K −$1.03/SF
EGI
$57.7K $18.77/SF
− OpEx
−$17.3K −$5.63/SF
NOI
$40.4K $13.14/SF
Area
Amherst, NY
Vacancy
5.22%
Lease Rate
$19.80 /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%
$807,360
Cap Rate 7%
$576,686
Cap Rate 9%
$448,533
Alternative Uses
Best Use
Multifamily LT 5
$576.7K
$504.6K – $672.8K
NOI $40,368 @ 7.0% cap · market cap 8.16%
Second Best
Apartment 5plus
$531.2K
$464.8K – $619.7K
NOI $37,183 @ 7.0% cap · market cap 7.51%
Theoretical Best
Office A
$792.0K
$693.0K – $924.0K
NOI $55,437 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
672
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 - The residences have separate utilities, and the lower unit is equipped with central air conditioning.
Where is this duplex located?
The property is located at 278 South Forest Road Amherst, NY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Two residences, each with a private entrance, in more than 3,000 square feet; Lower unit has 4 bedrooms, 2 full bathrooms, and 2 fireplaces; Upper residence includes an open living, dining, and kitchen area, plus 1 bedroom and 1 full bathroom
