Two-Unit Duplex with
For Sale
$234,900
31 Ellen Drive, Buffalo, NY 14225
MULTI_FAMILY - Buffalo, NY
Property Size1,924 SF
Lot Size0.15 Acres
Price / SF$122.09
Days on Market50
Property Features for 31 Ellen Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 1, Bathroom 3, Bedroom 4, Bedroom 2, Bathroom 1, Basement, Bedroom 3, Bathroom 2
Parking features
Garage
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot
Middle school
Maryvale Middle
High school
Maryvale High
Elementary school district
Maryvale
Middle school district
Maryvale
High school district
Maryvale
Subdivision
Cheektowaga-143089
Standard status
Active
APN
143089-080-200-0003-025-000
Size
1,924 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
6137
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1947
Floors in Building
2
Number of units
2
Flooring type
Varies, Hardwood
Building materials
VinylSiding
Listing Agency:
Superlative Real Estate, Inc.
(716) 553-3558
Listed By:
Mark Hanes · License #10401260598
(716) 998-6089
Added: Jul 6
Changed: Aug 15
Last Checked: Aug 24 at 3:06PM
MLS# B1695770
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 1947 duplex contains 1924 square feet across two residential units. The larger unit provides 3 bedrooms and 2 full bathrooms, while the second offers 2 bedrooms and 1 full bathroom. Interior finishes include hardwood and varied flooring, with vinyl siding, forced-air heating, and a natural gas system. Public water serves the property.
A full basement supports storage and utility functions, while the large 2-car garage is paired with a concrete driveway and additional parking area. Some vinyl windows have been updated. A new tear-off roof is identified for fall of 2025. The property is located in Buffalo, NY, within Erie County, on a 0.15-acre lot.
A full basement supports storage and utility functions, while the large 2-car garage is paired with a concrete driveway and additional parking area. Some vinyl windows have been updated. A new tear-off roof is identified for fall of 2025. The property is located in Buffalo, NY, within Erie County, on a 0.15-acre lot.
Key Highlights
- Two‑unit duplex with 3‑bedroom/2‑bath and 2‑bedroom/1‑bath layouts
- 1924 square feet on a 0.15‑acre lot
- Large 2‑car garage, concrete driveway, and additional parking
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
2
Residential units
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 residential units include flexible bedroom layouts, a full basement, and dedicated off-street parking.
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 with 3‑bedroom/2‑bath and 2‑bedroom/1‑bath layouts; 1924 square feet on a 0.15‑acre lot; Large 2‑car garage, concrete driveway, and additional parking
