Two-Unit Duplex with Fenced
New
For Sale
$149,900
32 Theodore Street, Buffalo, NY 14211
Residential, Buffalo, NY
Property Size1,310 SF
Lot Size0.07 Acres
Price / SF$114.43
Days on Market2
Property Features for 32 Theodore Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Basement, Bedroom 5, Bathroom 2, Bedroom 4, Bedroom 2, Bathroom 1
Parking features
On Street
Patio and Porch features
Porch
Exterior features
FullyFenced
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Doat to Thedore
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-101-490-0006-024-000
Size
1,310 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
1387
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
glass block windows
maintenance free vinyl siding
circuit breakers
gas forced air furnaces
hardwood floors
basement laundry
private fenced in yard
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Flooring type
Varies, Tile, Hardwood, Carpet
Building materials
VinylSiding, CopperPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
John Gatas · License #10301217315
(716) 218-3146
Added: Sep 14
Last Checked: Sep 15 at 6:06AM
MLS# B1714572
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 1,310-square-foot duplex, built in 1925, contains two independently accessed residences. The lower apartment provides three bedrooms, one full bathroom, a living room, dining room, eat-in kitchen, private entrance, open front porch, and separate utilities. The upper apartment includes two bedrooms, one bathroom, a living room, eat-in kitchen, separate entrance, and separate utilities.
Recent and functional improvements include a 2024 roof, asphalt roofing, vinyl siding, glass block windows, copper plumbing, circuit breakers, and natural-gas forced-air furnaces. Interior finishes include hardwood, tile, and carpet flooring. A basement laundry area provides additional storage, while the fully fenced yard adds private outdoor space. The property also has public water service, a gas water heater, and on-street parking.
Recent and functional improvements include a 2024 roof, asphalt roofing, vinyl siding, glass block windows, copper plumbing, circuit breakers, and natural-gas forced-air furnaces. Interior finishes include hardwood, tile, and carpet flooring. A basement laundry area provides additional storage, while the fully fenced yard adds private outdoor space. The property also has public water service, a gas water heater, and on-street parking.
Key Highlights
- Two‑unit layout with a 3‑bedroom lower residence and 2‑bedroom upper residence
- 1,310 square feet on a 0.0723‑acre lot
- 2024 roof with asphalt roofing and maintenance‑free vinyl siding
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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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Two separately entered residences offer private utilities, porch space, hardwood flooring, and a fenced outdoor area.
Where is this duplex located?
The property is located at 32 Theodore Street 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‑unit layout with a 3‑bedroom lower residence and 2‑bedroom upper residence; 1,310 square feet on a 0.0723‑acre lot; 2024 roof with asphalt roofing and maintenance‑free vinyl siding
