Two-Unit Duplex with Double
New
For Sale
$189,000
337 Mystic St, Buffalo, NY 14220
Both apartments are rented in a two-level residential property with separate living, kitchen, bedroom, and bathroom areas.
Property Size1,380 SF
Price / SF$136.96
Days on Market4
Property Features for 337 Mystic St
General Information
Standard status
Active
Size
1,380 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Keller Williams Realty WNY
Listed By:
Ocairis Echevarria · License #10401388532
(716) 313-6060
Source:
Thejoshjamesteam
Added: Sep 6
Changed: Sep 8
Last Checked: Sep 8 at 10:46AM
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.
Built in 1900, this two-unit duplex contains a three-bedroom lower apartment and a two-bedroom upper apartment. The first-floor residence includes a living room, dining area, eat-in kitchen, tiled bathroom, and three bedrooms. Upstairs, the second apartment offers its own living room, eat-in kitchen, two bedrooms, and a full bathroom.
Both apartments are rented, providing an existing residential income setup. The property also includes a double lot with a substantial yard, adding outdoor space to the duplex configuration.
Both apartments are rented, providing an existing residential income setup. The property also includes a double lot with a substantial yard, adding outdoor space to the duplex configuration.
Key Highlights
- Two‑unit duplex with both apartments rented
- Three‑bedroom first‑floor apartment
- Two‑bedroom second‑floor apartment
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
$13,693
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
7.24%
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%
$273,860
$273.9K
Cap Rate 7%
$195,614
$195.6K
Cap Rate 9%
$152,144
$152.1K
Market Conditions
NOI Build-Up for 1,380 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
$20.7K $15.00/SF
− Vacancy
−$1.1K −$0.83/SF
EGI
$19.6K $14.17/SF
− OpEx
−$5.9K −$4.25/SF
NOI
$13.7K $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%
$273,860
Cap Rate 7%
$195,614
Cap Rate 9%
$152,144
Alternative Uses
Best Use
Multifamily LT 5
$195.6K
$171.2K – $228.2K
NOI $13,693 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$180.2K
$157.7K – $210.2K
NOI $12,612 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$331.9K
$290.4K – $387.2K
NOI $23,230 @ 7.0% cap · market cap 12.29%
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
384
Businesses Nearby
Explore this area
Business Placement
Demographics for 14220, NY
23,959
Population
11,286
Households
2.1
Avg Household Size
38
Median Age
28%
College-Educated
93%
High-School Grad
3.8 sq mi
ZIP Area
6,305
Density / Sq Mi
$68,337
Median Household Income
$42,112
Median Earnings
$974
Median Rent
$180,200
Median Home Value
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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 - Both apartments are rented in a two-level residential property with separate living, kitchen, bedroom, and bathroom areas.
Where is this duplex located?
The property is located at 337 Mystic St Buffalo, NY.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: Two‑unit duplex with both apartments rented; Three‑bedroom first‑floor apartment; Two‑bedroom second‑floor apartment
