Updated Duplex with Solar
For Sale
$415,000
304 Wellington Road, Buffalo, NY 14216
Both apartments offer three bedrooms, central air conditioning, and included kitchen and laundry appliances.
Property Size2,906 SF
Days on Market19
Property Features for 304 Wellington Road
General Information
Standard status
Active
Size
2,906 SF
Total Parking Spaces
2
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,164
Amenities
solar panels
central air conditioning
balcony
gardens
Building Details
Building Size
2,906 SF
Year Built
1925
Buildings
1
Tenancy
Multi
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 866-4564
Listed By:
Gerald M Strobel · License #40ST0834232
(716) 866-4564
Source:
Highfallssir
Added: Jul 27
Changed: Aug 10
Last Checked: Aug 13 at 11:21AM
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 MJ Peterson Real Estate Inc.
Investment Insights
Based on property information with market context.
This 1925 duplex contains two three-bedroom apartments, each with a living room, decorative fireplace, built-in bookcases, dining room, kitchen, and bathroom. Hardwood floors are featured in the living and dining areas. The first-floor residence has an expanded living room, while the upper apartment includes an outdoor balcony. The property also provides a full basement, attic, two-car garage, vinyl siding, updated windows, and central air conditioning in both units.
A system of 30 wholly owned solar panels supplies the electrical needs of both apartments and has also generated owner revenue. Additional efficiency features include an induction stove in the second-floor kitchen, a heat-pump water-heating system, and a heavily insulated attic. Kitchen and laundry appliances for both apartments are included, and the property has landscaped gardens.
A system of 30 wholly owned solar panels supplies the electrical needs of both apartments and has also generated owner revenue. Additional efficiency features include an induction stove in the second-floor kitchen, a heat-pump water-heating system, and a heavily insulated attic. Kitchen and laundry appliances for both apartments are included, and the property has landscaped gardens.
Key Highlights
- 30 wholly owned solar panels serve both apartments and have generated additional owner revenue
- Two three‑bedroom apartments with living rooms, dining rooms, kitchens, and bathrooms
- Two‑car garage, full basement, and attic
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
Multi-tenant
Tenancy
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 - Both apartments offer three bedrooms, central air conditioning, 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: 30 wholly owned solar panels serve both apartments and have generated additional owner revenue; Two three‑bedroom apartments with living rooms, dining rooms, kitchens, and bathrooms; Two‑car garage, full basement, and attic
