Updated Duplex
New
For Sale
$399,000
28 California Street, Buffalo, NY 14213
Two-unit property with remodeled kitchens, updated baths, and fenced outdoor areas.
Property Size2,622 SF
Lot Size0.19 Acres
Days on Market7
Property Features for 28 California Street
General Information
Standard status
Active
Size
2,622 SF
Lot size
0.19 Acres
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,109
Amenities
fenced yard
shed
above-ground pool
Building Details
Building Size
2,622 SF
Year Built
1900
Buildings
1
Listing Agency:
Keller Williams Realty WNY
Listed By:
David Deynes · License #10401365470
(716) 705-1383
Source:
Highfallssir
Added: Sep 8
Changed: Sep 13
Last Checked: Sep 13 at 11:24AM
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 1900, this duplex includes two residential units, each with 3 bedrooms and 1 full bath. Interior improvements include renovated kitchens and bathrooms, replacement windows, updated electrical wiring and fixtures, new drywall and paint, and laminate flooring. Additional work extends to the basement, structure, second-floor pantry, attic, and porches.
The property combines two parcels with approximately 8,140 square feet of total lot area. Outdoor features include a fully enclosed yard, shed, above-ground pool, and additional open space from the adjoining parcel. A metal roof and refreshed exterior areas complete the improvements.
The property combines two parcels with approximately 8,140 square feet of total lot area. Outdoor features include a fully enclosed yard, shed, above-ground pool, and additional open space from the adjoining parcel. A metal roof and refreshed exterior areas complete the improvements.
Key Highlights
- Two‑unit residence with 3 bedrooms and 1 full bath per unit
- Approximately 8,140 sq. ft. of combined lot area across two parcels
- Remodeled kitchens and bathrooms with updated electrical fixtures
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
$26,017
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
6.52%
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%
$520,340
$520.3K
Cap Rate 7%
$371,671
$371.7K
Cap Rate 9%
$289,078
$289.1K
Market Conditions
NOI Build-Up for 2,622 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
$39.3K $15.00/SF
− Vacancy
−$2.2K −$0.83/SF
EGI
$37.2K $14.17/SF
− OpEx
−$11.2K −$4.25/SF
NOI
$26.0K $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%
$520,340
Cap Rate 7%
$371,671
Cap Rate 9%
$289,078
Alternative Uses
Best Use
Multifamily LT 5
$371.7K
$325.2K – $433.6K
NOI $26,017 @ 7.0% cap · market cap 6.52%
Second Best
Apartment 5plus
$342.3K
$299.5K – $399.4K
NOI $23,963 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$630.5K
$551.7K – $735.6K
NOI $44,138 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
932
Businesses Nearby
Explore this area
Business Placement
Demographics for 14213, NY
25,834
Population
11,397
Households
2.3
Avg Household Size
30
Median Age
36%
College-Educated
81%
High-School Grad
1.9 sq mi
ZIP Area
13,597
Density / Sq Mi
$52,597
Median Household Income
$36,084
Median Earnings
$1,059
Median Rent
$192,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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-unit property with remodeled kitchens, updated baths, and fenced outdoor areas.
Where is this duplex located?
The property is located at 28 California Street Buffalo, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑unit residence with 3 bedrooms and 1 full bath per unit; Approximately 8,140 sq. ft. of combined lot area across two parcels; Remodeled kitchens and bathrooms with updated electrical fixtures
