Two-Unit Duplex with
For Sale
$205,000
35 Bellwood Avenue, Buffalo, NY 14224
Residential, Buffalo, NY
Property Size2,017 SF
Lot Size0.11 Acres
Price / SF$101.64
Days on Market48
Property Features for 35 Bellwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 3
Parking features
Open
Interior features
CeilingFans
Appliances
GasWaterHeater
Subdivision
Buffalo Crk Reservation
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
West Seneca
Middle school district
West Seneca
High school district
West Seneca
Directions
Seneca to Bellwood
Standard status
Active
APN
146800-134-450-0006-002-000
Size
2,017 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
2674
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
laundry hookups
partially fenced backyard
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Varies, Carpet, Vinyl
Building materials
CompositeSiding, CopperPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 646-6400
Listed By:
Michael P Kearns · License #10301215173
(716) 348-2058
Added: Jul 16
Changed: Aug 26
Last Checked: Sep 1 at 12:06PM
MLS# B1698714
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 2,017-square-foot duplex, built in 1920, contains two residential units with a matching layout of 2 bedrooms and 1 full bath per unit. Interior finishes include vinyl and carpet flooring, ceiling fans, and natural-gas forced-air heat. Replacement windows add a documented improvement, while the full basement provides laundry hookups and additional utility space.
The property occupies 0.107 acres and includes a detached 2-car garage, open parking, and a partially fenced backyard. Public water serves the property, which is clad in composite siding and topped with an asphalt roof. Its Bellwood Avenue location in Buffalo is near shopping, restaurants, parks, and major roadways. The configuration supports either continued rental use or an owner-occupant arrangement with a second unit.
The property occupies 0.107 acres and includes a detached 2-car garage, open parking, and a partially fenced backyard. Public water serves the property, which is clad in composite siding and topped with an asphalt roof. Its Bellwood Avenue location in Buffalo is near shopping, restaurants, parks, and major roadways. The configuration supports either continued rental use or an owner-occupant arrangement with a second unit.
Key Highlights
- Two‑unit duplex with 2,017 square feet of property size
- Each unit includes 2 bedrooms and 1 full bath
- Detached 2‑car garage with open parking
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
$18,434
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
8.99%
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%
$368,680
$368.7K
Cap Rate 7%
$263,343
$263.3K
Cap Rate 9%
$204,822
$204.8K
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
$35.1K $17.40/SF
− Vacancy
−$1.6K −$0.78/SF
EGI
$33.5K $16.62/SF
− OpEx
−$15.1K −$7.48/SF
NOI
$18.4K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$368,680
Cap Rate 7%
$263,343
Cap Rate 9%
$204,822
Alternative Uses
Best Use
Multifamily LT 5
$285.9K
$250.2K – $333.6K
NOI $20,014 @ 7.0% cap · market cap 9.76%
Second Best
Apartment 5plus
$263.3K
$230.4K – $307.2K
NOI $18,434 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$485.0K
$424.4K – $565.9K
NOI $33,953 @ 7.0% cap · market cap 16.56%
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 residences feature replacement windows, basement laundry hookups, and a partially enclosed backyard in Buffalo.
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 $205,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,017 square feet of property size; Each unit includes 2 bedrooms and 1 full bath; Detached 2‑car garage with open parking
