Two-Unit Residential Income
For Sale
$200,999
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 Market160
Property Features for 29 Melrose Street
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,665
Building Details
Building Size
1,872 SF
Year Built
1920
Listing Agency:
HUNT Real Estate Corporation
Listed By:
Brian Hillery · License #10301221944
(716) 512-3425
Source:
Highfallssir
Added: Apr 7
Changed: Sep 11
Last Checked: Sep 13 at 12:08PM
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 Corporation
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 = 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
$17,109
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
8.51%
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%
$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
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
$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 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%
$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 9.24%
Second Best
Apartment 5plus
$244.4K
$213.9K – $285.2K
NOI $17,109 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$450.2K
$393.9K – $525.2K
NOI $31,512 @ 7.0% cap · market cap 15.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,059
Businesses Nearby
Explore this area
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
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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 $200,999.
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
