Two-Unit Residential Income
For Sale
$190,000
29 Melrose Street, Buffalo, NY 14220
Two-bedroom, one-bath units feature separate gas and electric meters and in-unit laundry hookups.
Property Size1,872 SF
Days on Market206
Property Features for 29 Melrose Street
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Multi Family
Site & Location
Neighborhood
South Park
Taxes and HOA fees
Annual Taxes
$2,665
Building Details
Building Size
1,872 SF
Year Built
1920
Listing Agency:
HUNT Real Estate ERA
Listed By:
Brian Hillery · License #10301221944
(716) 512-3425
Source:
Highfallssir
Added: Apr 7
Changed: Oct 29
Last Checked: Oct 28 at 4:29PM
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 HUNT Real Estate ERA
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Investment Insights
Based on property information with market context.
This two-unit duplex offers an income-focused residential layout with both the upper and lower units configured as two bedrooms with one full bathroom. The property has two gas and two electric meters, with utilities paid by tenants. Exterior improvements include vinyl siding designed for lower maintenance, along with glass block windows for added security. A blacktop driveway and laundry hookups in the basement are also included. The roof is described as approximately ten years old.
Showings require 24-hour notice and are available daily from 9:30 AM to 6:00 PM. Offers will be reviewed as they are received.
Each unit provides a straightforward two-bedroom, one-bath configuration with metered utilities and access to basement laundry hookups, supporting an efficient tenant setup within the duplex structure.
Showings require 24-hour notice and are available daily from 9:30 AM to 6:00 PM. Offers will be reviewed as they are received.
Each unit provides a straightforward two-bedroom, one-bath configuration with metered utilities and access to basement laundry hookups, supporting an efficient tenant setup within the duplex structure.
Key Highlights
- Duplex with two‑bedroom, one‑bath units on both upper and lower levels
- Two gas and two electric meters, with utilities paid by tenants
- Vinyl exterior with glass block windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,109
Cap Rate
9.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$342,180
$342.2K
Cap Rate 7%
$244,414
$244.4K
Cap Rate 9%
$190,100
$190.1K
Market Conditions
NOI Build-Up for 1,872 SF
Gross rent
$32.6K $17.40/SF
− Vacancy
−$1.5K −$0.78/SF
EGI
$31.1K $16.62/SF
− OpEx
−$14.0K −$7.48/SF
NOI
$17.1K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$342,180
Cap Rate 7%
$244,414
Cap Rate 9%
$190,100
Alternative Uses
Best Use
Multifamily LT 5
$265.4K
$232.2K – $309.6K
NOI $18,575 @ 7.0% cap · market cap 9.78%
Second Best
Apartment 5plus
$244.4K
$213.9K – $285.2K
NOI $17,109 @ 7.0% cap · market cap 9.00%
Theoretical Best
Office A
$450.2K
$393.9K – $525.2K
NOI $31,512 @ 7.0% cap · market cap 16.59%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
1,059
Businesses Nearby
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Business Placement
Demographics for 14220, NY
23,959
Population
11,286
Households
2.1
Avg Household Size
38
Median Age
28%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
6,305
Density / Sq Mi
$68,337
Median Household Income
$42,112
Median Earnings
$974
Median Rent
$180,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom, one-bath units feature separate gas and electric meters and in-unit laundry hookups.
Where is this duplex located?
The property is located at 29 Melrose Street Buffalo, NY.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Duplex with two‑bedroom, one‑bath units on both upper and lower levels; Two gas and two electric meters, with utilities paid by tenants; Vinyl exterior with glass block windows
