Two-Unit Duplex with Fenced
For Sale
$149,900
32 Theodore St, Buffalo, NY 14211
Income property with separate entrances, utilities, updated roofing, and a private outdoor area.
Property Size1,310 SF
Price / SF$114.43
Days on Market8
Property Features for 32 Theodore St
General Information
Standard status
Active
Size
1,310 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
basement laundry
private fenced in yard
Building Details
Year Built
1925
Listing Agency:
Keller Williams Realty WNY
Listed By:
John Gatas · License #10301217315
(716) 218-3146
Source:
Skinnercnyrealty
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 22 at 7:09PM
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 Keller Williams Realty WNY
Investment Insights
Based on property information with market context.
This 1925 duplex contains two residential units with distinct entrances and separate utilities. The lower unit offers three bedrooms, one full bath, a living room, eat-in kitchen, dining room, and open front porch. The upper unit includes two bedrooms, one bath, a living room, and eat-in kitchen.
Property features include a 2024 roof, maintenance-free vinyl siding, glass block windows, circuit breakers, gas forced-air furnaces, and hardwood floors. Basement laundry and storage support household functionality, while the private fenced yard adds dedicated outdoor space.
Property features include a 2024 roof, maintenance-free vinyl siding, glass block windows, circuit breakers, gas forced-air furnaces, and hardwood floors. Basement laundry and storage support household functionality, while the private fenced yard adds dedicated outdoor space.
Key Highlights
- Two residential units with separate entrances and utilities
- Lower unit includes 3 bedrooms, 1 full bath, dining room, and open front porch
- Upper unit features 2 bedrooms, 1 bath, living room, and eat‑in kitchen
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
$12,998
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
8.67%
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%
$259,960
$260.0K
Cap Rate 7%
$185,686
$185.7K
Cap Rate 9%
$144,422
$144.4K
Market Conditions
NOI Build-Up for 1,310 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
$19.7K $15.00/SF
− Vacancy
−$1.1K −$0.83/SF
EGI
$18.6K $14.17/SF
− OpEx
−$5.6K −$4.25/SF
NOI
$13.0K $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%
$259,960
Cap Rate 7%
$185,686
Cap Rate 9%
$144,422
Alternative Uses
Best Use
Multifamily LT 5
$185.7K
$162.5K – $216.6K
NOI $12,998 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$171.0K
$149.7K – $199.6K
NOI $11,973 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office A
$315.0K
$275.7K – $367.5K
NOI $22,052 @ 7.0% cap · market cap 14.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
570
Businesses Nearby
Explore this area
Business Placement
Demographics for 14211, NY
26,449
Population
11,498
Households
2.3
Avg Household Size
32
Median Age
15%
College-Educated
84%
High-School Grad
3.9 sq mi
ZIP Area
6,782
Density / Sq Mi
$34,490
Median Household Income
$30,705
Median Earnings
$1,008
Median Rent
$91,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Income property with separate entrances, utilities, updated roofing, and a private outdoor area.
Where is this duplex located?
The property is located at 32 Theodore St Buffalo, NY.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Two residential units with separate entrances and utilities; Lower unit includes 3 bedrooms, 1 full bath, dining room, and open front porch; Upper unit features 2 bedrooms, 1 bath, living room, and eat‑in kitchen
