Updated Duplex with Solar
For Sale
$415,000
Pending
304 Wellington Road, Buffalo, NY 14216
Residential, Buffalo, NY
Property Size2,906 SF
Lot Size0.11 Acres
Days on Market29
Property Features for 304 Wellington Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 6, Basement, Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 4, Bathroom 1, Bedroom 1
Parking features
Open, Garage
Exterior features
Balcony
Fireplace
1
Appliances
WaterHeater
Subdivision
Colvin Park Map#3
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Hertel or North Street to Wellington
Standard status
Pending
APN
140200-078-500-0005-008-000
Size
2,906 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
4164
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
solar panels
central air conditioning
balcony
gardens
full basement
attic
decorative fireplace
built in bookcases
hardwood floors
updated windows
induction stove
heat pump hot water heating
insulated attic
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Flooring type
Tile, Varies, Hardwood
Building materials
AtticCrawlHatchwaysInsulated, VinylSiding, CopperPlumbing
Roof type
Shingle
Architectural style
Other
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 689-7800
Listed By:
Gerald M Strobel · License #40ST0834232
(716) 866-4564
Added: Jul 27
Changed: Aug 19
Last Checked: Aug 24 at 8:06PM
MLS# B1701836
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.
This 1925 duplex contains two three-bedroom, one-bath apartments within 2,906 square feet. Both residences offer spacious living rooms with decorative fireplaces and built-in bookcases, separate dining rooms, hardwood flooring, and kitchens with substantial cabinet and counter space. The first-floor unit includes enlarged living area, while the upper apartment has a balcony. Central air serves both units, and appliances remain in each kitchen and laundry area.
The property occupies 0.1083 acres at 304 Wellington Road in Buffalo’s 14216 ZIP code, near the conveniences of Hertel Avenue. A two-car garage, full basement, attic, gardens, vinyl siding, updated windows, natural-gas forced-air heat, public water, and shingle roofing add to the property’s physical features. Thirty wholly owned solar panels support the electrical needs of both apartments, complemented by an insulated attic, heat-pump water heating, and an induction range in the upper kitchen.
The property occupies 0.1083 acres at 304 Wellington Road in Buffalo’s 14216 ZIP code, near the conveniences of Hertel Avenue. A two-car garage, full basement, attic, gardens, vinyl siding, updated windows, natural-gas forced-air heat, public water, and shingle roofing add to the property’s physical features. Thirty wholly owned solar panels support the electrical needs of both apartments, complemented by an insulated attic, heat-pump water heating, and an induction range in the upper kitchen.
Key Highlights
- Two three‑bedroom, one‑bath apartments in a 2,906‑square‑foot duplex
- 30 wholly owned solar panels serve both apartments
- Two‑car garage, full basement, attic, and landscaped gardens
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
$28,835
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
6.95%
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%
$576,700
$576.7K
Cap Rate 7%
$411,929
$411.9K
Cap Rate 9%
$320,389
$320.4K
Market Conditions
NOI Build-Up for 2,906 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
$43.6K $15.00/SF
− Vacancy
−$2.4K −$0.83/SF
EGI
$41.2K $14.17/SF
− OpEx
−$12.4K −$4.25/SF
NOI
$28.8K $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%
$576,700
Cap Rate 7%
$411,929
Cap Rate 9%
$320,389
Alternative Uses
Best Use
Multifamily LT 5
$411.9K
$360.4K – $480.6K
NOI $28,835 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$379.4K
$332.0K – $442.7K
NOI $26,559 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$698.8K
$611.5K – $815.3K
NOI $48,918 @ 7.0% cap · market cap 11.79%
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
835
Businesses Nearby
Explore this area
Business Placement
Demographics for 14216, NY
22,979
Population
12,773
Households
1.8
Avg Household Size
37
Median Age
54%
College-Educated
94%
High-School Grad
2.8 sq mi
ZIP Area
8,207
Density / Sq Mi
$70,260
Median Household Income
$47,823
Median Earnings
$1,152
Median Rent
$260,700
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 three-bedroom apartments feature hardwood floors, central air, private outdoor space, and included kitchen and laundry appliances.
Where is this duplex located?
The property is located at 304 Wellington Road Buffalo, NY.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Two three‑bedroom, one‑bath apartments in a 2,906‑square‑foot duplex; 30 wholly owned solar panels serve both apartments; Two‑car garage, full basement, attic, and landscaped gardens
