Duplex with Two-Car
For Sale
$234,900
31 Ellen Drive, Buffalo, NY 14225
Two-unit property with a full basement, concrete driveway, and parking supporting separate residential layouts.
Property Size1,924 SF
Days on Market55
Property Features for 31 Ellen Drive
General Information
Standard status
Active
Size
1,924 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$6,137
Amenities
full basement
Building Details
Building Size
1,924 SF
Year Built
1947
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Superlative Real Estate, Inc.
(716) 998-6089
Listed By:
Mark Hanes · License #10401260598
(716) 998-6089
Source:
Dealrealtyonline
Added: Jul 6
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 Superlative Real Estate, Inc.
Investment Insights
Based on property information with market context.
This duplex contains 1,924 square feet and is arranged as two residential units. The larger unit offers 3 bedrooms and 2 full bathrooms, while the second includes 2 bedrooms and 1 full bathroom. A full basement adds supporting space, and some vinyl windows have been replaced.
The property also includes a large 2-car garage, concrete driveway, and additional parking space. A new tear-off roof is identified for fall of 2025. Built in 1947, the home combines two distinct unit configurations with substantial storage and on-site vehicle accommodations.
The property also includes a large 2-car garage, concrete driveway, and additional parking space. A new tear-off roof is identified for fall of 2025. Built in 1947, the home combines two distinct unit configurations with substantial storage and on-site vehicle accommodations.
Key Highlights
- Two‑unit duplex totaling 1,924 square feet
- First unit has 3 bedrooms and 2 full bathrooms
- Second unit includes 2 bedrooms and 1 full 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
$19,091
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
8.13%
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%
$381,820
$381.8K
Cap Rate 7%
$272,729
$272.7K
Cap Rate 9%
$212,122
$212.1K
Market Conditions
NOI Build-Up for 1,924 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
$28.9K $15.00/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$27.3K $14.17/SF
− OpEx
−$8.2K −$4.25/SF
NOI
$19.1K $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%
$381,820
Cap Rate 7%
$272,729
Cap Rate 9%
$212,122
Alternative Uses
Best Use
Multifamily LT 5
$272.7K
$238.6K – $318.2K
NOI $19,091 @ 7.0% cap · market cap 8.13%
Second Best
Apartment 5plus
$251.2K
$219.8K – $293.1K
NOI $17,584 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$462.7K
$404.9K – $539.8K
NOI $32,388 @ 7.0% cap · market cap 13.79%
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
232
Businesses Nearby
Explore this area
Business Placement
Demographics for 14225, NY
34,066
Population
16,253
Households
2.1
Avg Household Size
41
Median Age
29%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
2,962
Density / Sq Mi
$65,562
Median Household Income
$44,408
Median Earnings
$937
Median Rent
$154,500
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-unit property with a full basement, concrete driveway, and parking supporting separate residential layouts.
Where is this duplex located?
The property is located at 31 Ellen Drive Buffalo, NY.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,924 square feet; First unit has 3 bedrooms and 2 full bathrooms; Second unit includes 2 bedrooms and 1 full bathroom
