Two-Unit Duplex with
For Sale
$220,000
35 Bellwood Avenue, Buffalo, NY 14224
Two residential units support flexible owner-occupant or rental use with basement laundry hookups and outdoor space.
Property Size2,017 SF
Days on Market45
Property Features for 35 Bellwood Avenue
General Information
Standard status
Active
Size
2,017 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,674
Amenities
laundry hookups
partially fenced backyard
Building Details
Building Size
2,017 SF
Year Built
1920
Buildings
1
Stories
2
Units
2
Listing Agency:
WNY Metro Roberts Realty
(716) 348-2058
Listed By:
Michael P Kearns · License #10301215173
(716) 348-2058
Source:
Dealrealtyonline
Added: Jul 16
Changed: Aug 28
Last Checked: Aug 28 at 3:35PM
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 WNY Metro Roberts Realty
Investment Insights
Based on property information with market context.
Built in 1920, this duplex contains two residential units, each arranged with 2 bedrooms and 1 full bath. Replacement windows have been installed, and the full basement provides laundry hookups along with additional utility space. A detached 2-car garage adds covered parking and storage, while the partially fenced backyard extends the property’s usable outdoor area.
The property is positioned near shopping, restaurants, parks, and major roadways. Its two-unit configuration can accommodate an owner occupant seeking rental income from the second unit or a purchaser looking for a straightforward residential income property. The combination of separate living spaces, basement functionality, garage parking, and outdoor space gives the building practical appeal for both household use and rental operations.
The property is positioned near shopping, restaurants, parks, and major roadways. Its two-unit configuration can accommodate an owner occupant seeking rental income from the second unit or a purchaser looking for a straightforward residential income property. The combination of separate living spaces, basement functionality, garage parking, and outdoor space gives the building practical appeal for both household use and rental operations.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bath in each unit
- Built in 1920 with replacement windows
- Full basement includes laundry hookups
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
$20,014
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
9.10%
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%
$400,280
$400.3K
Cap Rate 7%
$285,914
$285.9K
Cap Rate 9%
$222,378
$222.4K
Market Conditions
NOI Build-Up for 2,017 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
$30.3K $15.00/SF
− Vacancy
−$1.7K −$0.83/SF
EGI
$28.6K $14.17/SF
− OpEx
−$8.6K −$4.25/SF
NOI
$20.0K $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%
$400,280
Cap Rate 7%
$285,914
Cap Rate 9%
$222,378
Alternative Uses
Best Use
Multifamily LT 5
$285.9K
$250.2K – $333.6K
NOI $20,014 @ 7.0% cap · market cap 9.10%
Second Best
Apartment 5plus
$263.3K
$230.4K – $307.2K
NOI $18,434 @ 7.0% cap · market cap 8.38%
Theoretical Best
Office A
$485.0K
$424.4K – $565.9K
NOI $33,953 @ 7.0% cap · market cap 15.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Explore this area
Business Placement
Demographics for 14224, NY
40,736
Population
19,286
Households
2.1
Avg Household Size
46
Median Age
33%
College-Educated
95%
High-School Grad
20.2 sq mi
ZIP Area
2,017
Density / Sq Mi
$76,250
Median Household Income
$49,824
Median Earnings
$1,077
Median Rent
$219,800
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 - Two residential units support flexible owner-occupant or rental use with basement laundry hookups and outdoor space.
Where is this duplex located?
The property is located at 35 Bellwood Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bath in each unit; Built in 1920 with replacement windows; Full basement includes laundry hookups
