Updated Two-Unit
New
For Sale
$399,000
28 California Street, Buffalo, NY 14213
Residential, Buffalo, NY
Property Size2,622 SF
Lot Size0.08 Acres
Price / SF$152.17
Days on Market5
Property Features for 28 California Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 2
Patio and Porch features
Porch
Interior features
CeilingFans
Exterior features
FullyFenced, Pool
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Turn Left Off of Plymouth.
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-099-420-0002-010-000
Size
2,622 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
2109
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
fully fenced yard
shed
above-ground pool
porch
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Laminate, Hardwood, Varies, Vinyl
Building materials
AluminumSiding, AtticCrawlHatchwaysInsulated, WoodSiding
Roof type
Metal
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
David Deynes · License #10401365470
(716) 705-1383
Added: Sep 8
Changed: Sep 12
Last Checked: Sep 12 at 5:06PM
MLS# B1712929
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.
Located at 28 California Street, this two-unit duplex provides 2,622 square feet of residential space. Each apartment includes 3 bedrooms and 1 full bath, offering a consistent layout across both units. Interior improvements include remodeled kitchens and bathrooms, new windows, updated electrical wiring and fixtures, drywall and paint, and a combination of hardwood, vinyl, and laminate flooring. Additional work includes basement wall painting, structural joist reinforcement, support jacks, attic floorboards, and porch updates.
The property includes a fully fenced yard, shed, and above-ground pool. An adjoining parcel at 30 California Street adds outdoor space to the offering. The building dates to 1900 and has a metal roof, natural-gas forced-air heating, public water, and aluminum and wood siding.
The property includes a fully fenced yard, shed, and above-ground pool. An adjoining parcel at 30 California Street adds outdoor space to the offering. The building dates to 1900 and has a metal roof, natural-gas forced-air heating, public water, and aluminum and wood siding.
Key Highlights
- Two‑unit residence with 3 bedrooms and 1 full bath in each unit
- 2,622 square feet of residential space
- Two parcels, including 28 California St. and adjoining 30 California St.
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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Open Analytics
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
Check the figures for this property
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 - Both residences feature renovated kitchens, bathrooms, and refreshed interior finishes.
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 in each unit; 2,622 square feet of residential space; Two parcels, including 28 California St. and adjoining 30 California St.
