Duplex with Detached
For Sale
$320,000
299 Minnesota Avenue, Buffalo, NY 14215
Two-level income property with porches, basement space, attic storage, and a private backyard.
Property Size2,514 SF
Days on Market13
Property Features for 299 Minnesota Avenue
General Information
Standard status
Active
Size
2,514 SF
Total Parking Spaces
2
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,881
Building Details
Building Size
2,514 SF
Year Built
1930
Buildings
1
Listing Agency:
Scott Realty Group LLC
(716) 912-9404
Listed By:
Cardinale Greene · License #10401360508
(716) 912-9404
Source:
Highfallssir
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 24 at 3:25PM
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 Scott Realty Group LLC
Investment Insights
Based on property information with market context.
Built in 1930, this duplex offers separate upper and lower living spaces with eat-in kitchens, living rooms, and bathrooms. The lower unit includes a dining area, primary bedroom, additional bedrooms, a gas fireplace, house fans, and a front porch. The upper unit adds a dining room, three bedrooms, and its own front porch. A full attic provides additional storage, while the full partially finished basement includes a third bathroom.
The property also includes a detached two-car garage and a full backyard. The roof is approximately 8 years old, adding a notable recent improvement to the building’s existing features.
The property also includes a detached two-car garage and a full backyard. The roof is approximately 8 years old, adding a notable recent improvement to the building’s existing features.
Key Highlights
- Duplex configuration with separate upper and lower living spaces
- Detached two‑car garage and full backyard
- Partially finished full basement with third 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
$24,945
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
7.80%
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%
$498,900
$498.9K
Cap Rate 7%
$356,357
$356.4K
Cap Rate 9%
$277,167
$277.2K
Market Conditions
NOI Build-Up for 2,514 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
$37.7K $15.00/SF
− Vacancy
−$2.1K −$0.83/SF
EGI
$35.6K $14.17/SF
− OpEx
−$10.7K −$4.25/SF
NOI
$24.9K $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%
$498,900
Cap Rate 7%
$356,357
Cap Rate 9%
$277,167
Alternative Uses
Best Use
Multifamily LT 5
$356.4K
$311.8K – $415.8K
NOI $24,945 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$328.2K
$287.2K – $382.9K
NOI $22,976 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$604.6K
$529.0K – $705.3K
NOI $42,320 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,154
Businesses Nearby
Explore this area
Business Placement
Demographics for 14215, NY
42,447
Population
19,203
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
87%
High-School Grad
4.8 sq mi
ZIP Area
8,843
Density / Sq Mi
$43,326
Median Household Income
$29,204
Median Earnings
$993
Median Rent
$102,800
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 - Two-level income property with porches, basement space, attic storage, and a private backyard.
Where is this duplex located?
The property is located at 299 Minnesota Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Duplex configuration with separate upper and lower living spaces; Detached two‑car garage and full backyard; Partially finished full basement with third bathroom
