Kenmore Duplex Investment
For Sale
$289,900
311 West Girard Boulevard Tonawanda, Buffalo, NY 14217
Well-maintained duplex in Kenmore neighborhood with strong rental demand.
Property Size1,792 SF
Price / SF$161.77
Days on Market88
Property Features for 311 West Girard Boulevard Tonawanda
General Information
Standard status
Active
Size
1,792 SF
Property subtype
MultiFamily Apartments
Building Details
Building Size
1,792 SF
Year Built
1940
Listing Agency:
Re/Max Commercial
(585) 279-8012
Listed By:
Michael Conroy
(585) 279-8012
Source:
Thebrokerlist
Added: May 19
Changed: Aug 8
Last Checked: Aug 8 at 7:04AM
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 Re/Max Commercial
Investment Insights
Based on property information with market context.
This well-maintained duplex presents an investment opportunity in the Kenmore neighborhood, within the Buffalo metropolitan area. The property, located at 311 West Girard Blvd, consists of approximately 1,792 square feet, with two 896-square-foot residential units. Each unit features separate utilities paid directly by the tenants. Both units are occupied and include updated kitchens and bathrooms, LVT wood flooring in the kitchens, vinyl double-hung windows, and functional layouts. The property also offers basement storage and separate laundry hookups for each unit. The exterior includes a driveway for off-street parking. The Kenmore neighborhood attracts renters and owner-occupants due to its stable residential character, walkability, and convenient access to Buffalo-area employment centers, shopping, dining, and amenities. Kenmore is known for its tree-lined streets, strong community identity, walkable neighborhoods, and well-maintained housing stock. The area offers convenient access to downtown Buffalo, the University at Buffalo, major healthcare employers, and the region’s primary employment corridors via nearby routes, including Interstate 290, Interstate 190, and Niagara Falls Boulevard. Residents enjoy easy connectivity throughout the Buffalo-Niagara region. Kenmore and the surrounding Town of Tonawanda area feature a wide variety of shopping, dining, parks, and neighborhood services, supporting strong tenant retention and consistent housing demand. The submarket has long been favored for its affordability relative to higher-priced suburban alternatives while still offering a stable residential environment.
Key Highlights
- Desirable Kenmore neighborhood location, known for its stability and walkability.
- Duplex with two occupied units, providing immediate rental income.
- Separate utilities are paid by tenants.
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
$17,781
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
6.13%
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%
$355,620
$355.6K
Cap Rate 7%
$254,014
$254.0K
Cap Rate 9%
$197,567
$197.6K
Market Conditions
NOI Build-Up for 1,792 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
$26.9K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$25.4K $14.17/SF
− OpEx
−$7.6K −$4.25/SF
NOI
$17.8K $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%
$355,620
Cap Rate 7%
$254,014
Cap Rate 9%
$197,567
Alternative Uses
Best Use
Multifamily LT 5
$254.0K
$222.3K – $296.4K
NOI $17,781 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$234.0K
$204.7K – $273.0K
NOI $16,378 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$430.9K
$377.1K – $502.8K
NOI $30,166 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
710
Businesses Nearby
Explore this area
Business Placement
Demographics for 14217, NY
23,085
Population
11,280
Households
2
Avg Household Size
41
Median Age
41%
College-Educated
95%
High-School Grad
3.2 sq mi
ZIP Area
7,214
Density / Sq Mi
$72,205
Median Household Income
$51,075
Median Earnings
$970
Median Rent
$193,200
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 - Well-maintained duplex in Kenmore neighborhood with strong rental demand.
Where is this duplex located?
The property is located at 311 West Girard Boulevard Tonawanda Buffalo, NY.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Desirable Kenmore neighborhood location, known for its stability and walkability.; Duplex with two occupied units, providing immediate rental income.; Separate utilities are paid by tenants.
