Two-Unit Duplex with
New
For Sale
$309,900
34 Tulane Road, Buffalo, NY 14217
Residential, Buffalo, NY
Property Size2,221 SF
Lot Size0.09 Acres
Price / SF$139.53
Days on Market4
Property Features for 34 Tulane Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Basement, Bathroom 1, Bedroom 1
Parking features
Garage
Patio and Porch features
Porch
Exterior features
Balcony, FullyFenced
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Kenmore-Tonawanda Union Free District
Middle school district
Kenmore-Tonawanda Union Free District
High school district
Kenmore-Tonawanda Union Free District
Subdivision
Tonawanda-Town-146489
Standard status
Active
APN
146489-066-540-0006-006-000
Size
2,221 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
6125
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
covered front porch
open front porch
fully fenced yard
laundry hookups
Building Details
Year built
1939
Floors in Building
2
Number of units
2
Flooring type
Varies, Laminate, Hardwood, Tile, Vinyl
Building materials
VinylSiding, CopperPlumbing, PexPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Joshua Assad · License #10301209770
(716) 570-5401
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 1 at 9:06PM
MLS# B1715509
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 2,221-square-foot duplex contains two apartments, each with two bedrooms. The lower unit has hardwood floors, a living room with a decorative brick hearth, a separate dining room, and a refreshed kitchen with cherry cabinetry and granite counters. Upstairs, the kitchen includes quartz counters and stainless steel appliances; the bathroom has a tiled shower with glass doors. Porches serve both levels, while a shared stairway leads to the basement, which offers laundry hookups and storage.
The 0.0938-acre property has a fenced yard and a two-car garage. Built in 1939, the building is in the Town of Tonawanda, just beyond the Village of Kenmore, with village shops, dining, and services nearby.
The 0.0938-acre property has a fenced yard and a two-car garage. Built in 1939, the building is in the Town of Tonawanda, just beyond the Village of Kenmore, with village shops, dining, and services nearby.
Key Highlights
- Two apartments, each with two bedrooms
- 2,221 square feet on a 0.0938‑acre lot
- Two‑car garage, fenced yard, and porches at both units
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
$22,038
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
7.11%
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%
$440,760
$440.8K
Cap Rate 7%
$314,829
$314.8K
Cap Rate 9%
$244,867
$244.9K
Market Conditions
NOI Build-Up for 2,221 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
$33.3K $15.00/SF
− Vacancy
−$1.8K −$0.83/SF
EGI
$31.5K $14.17/SF
− OpEx
−$9.4K −$4.25/SF
NOI
$22.0K $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%
$440,760
Cap Rate 7%
$314,829
Cap Rate 9%
$244,867
Alternative Uses
Best Use
Multifamily LT 5
$314.8K
$275.5K – $367.3K
NOI $22,038 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$290.0K
$253.7K – $338.3K
NOI $20,298 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$534.1K
$467.3K – $623.1K
NOI $37,387 @ 7.0% cap · market cap 12.06%
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
1,011
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Both apartments have two bedrooms, and the property includes a detached garage and enclosed outdoor space.
Where is this duplex located?
The property is located at 34 Tulane Road Buffalo, NY.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: Two apartments, each with two bedrooms; 2,221 square feet on a 0.0938‑acre lot; Two‑car garage, fenced yard, and porches at both units
