Two-Family Residential Income
38 Wells Avenue Buffalo, NY 14227
New
38 Wells Avenue, Buffalo, NY, 14227
$269,900
For Sale
$269,900
MULTI_FAMILY - Other - Buffalo, NY
Property Size1,638 SF
Lot Size0.14 Acres
Price / SF$164.77
Days on Market2
Property Features for 38 Wells Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 5
- Bathrooms
- 2
- Rooms
- Bathroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 3, Basement, Bedroom 1, Bedroom 4
- Parking features
- Garage, Open
- Patio and Porch features
- Porch
- Interior features
- CeilingFans, NaturalWoodwork, ProgrammableThermostat
- Exterior features
- Awnings, Fence
- Fencing
- Fenced
- Appliances
- GasWaterHeater
- Standard status
- Active
- APN
- 143089-113-080-0001-017-000
- Size
- 1,638 SF
- Lot size
- 0.14 Acres
Taxes and HOA fees
- Tax Annual Amount
- 6030
Utilities
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1966
- Floors in Building
- 1
- Number of units
- 2
- Flooring type
- Tile, Carpet, Hardwood, Varies, Laminate
- Building materials
- Brick, VinylSiding, CopperPlumbing
- Architectural style
- Other
Listing Agency
MJ Peterson Real Estate Inc.
(716) 689-7800
200 John James Audubon Ste 101, NY
Listed by
Laura J Nightingale · License #10301216970
(716) 310-9445
Added: Jul 15 Checked: Jul 16 at 8:06 pm
MLS# B1694877
Listing URL
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 well-maintained two-family home has been owned by the same family since 1966 and is configured as two separate residential units. The lower unit features three bedrooms, a spacious living room, and a functional kitchen with updated countertops, newer laminate flooring, a pantry, and a garden window overlooking the backyard. The upper unit offers two bedrooms and includes an eat-in kitchen with original wood cabinetry and a pantry. Both units include included appliances per the listing details, and the hallway provides additional storage with scuttle access to the attic. The basement has a poured concrete foundation and is partially finished with glass block windows and built-in shelving.
The property includes two 100-amp electrical services, two furnaces, and two central air conditioning units (both approximately 2010 with routine annual maintenance), along with two updated hot water tanks and separate gas and electric meters. Exterior features include a covered front entry, brick front with vinyl siding, vinyl replacement windows, and an architectural roof. A long concrete driveway leads to a detached two-bay garage with automatic openers and a newer garage roof (approximately two years). Mature landscaping and hardscaping are also included.
The home sits on a lot of approximately 0.14 acres and is listed for sale at 38 Wells Avenue in Buffalo, New York 14227. Showings begin Sat, July 18th at 9:00 AM.
The property includes two 100-amp electrical services, two furnaces, and two central air conditioning units (both approximately 2010 with routine annual maintenance), along with two updated hot water tanks and separate gas and electric meters. Exterior features include a covered front entry, brick front with vinyl siding, vinyl replacement windows, and an architectural roof. A long concrete driveway leads to a detached two-bay garage with automatic openers and a newer garage roof (approximately two years). Mature landscaping and hardscaping are also included.
The home sits on a lot of approximately 0.14 acres and is listed for sale at 38 Wells Avenue in Buffalo, New York 14227. Showings begin Sat, July 18th at 9:00 AM.
Key Highlights
- Two‑family home built in 1966 with brick exterior and vinyl siding
- Separate utilities: two 100A electrical services, two furnaces, two central A/C units (approx. 2010), and separate gas/electric meters
- Lower unit: 3 bedrooms, original hardwood floors, spacious living room, functional kitchen with updated countertops and included appliances
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $24.6k | $15.00 |
| − Vacancy | −$1.4k | −$0.83 |
| EGI | $23.2k | $14.17 |
| − OpEx | −$7.0k | −$4.25 |
| NOI | $16.3k | $9.92 |
1,638 SF · lease $15.00/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$232.2K
$203.2K – $270.9K
NOI $16,253 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$213.9K
$187.1K – $249.5K
NOI $14,970 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$393.9K
$344.7K – $459.6K
NOI $27,573 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Well-maintained two-family home with separate utilities, two central air units, and a detached two-bay garage.
Where is this duplex located?
The property is located at 38 Wells Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Two‑family home built in 1966 with brick exterior and vinyl siding; Separate utilities: two 100A electrical services, two furnaces, two central A/C units (approx. 2010), and separate gas/electric meters; Lower unit: 3 bedrooms, original hardwood floors, spacious living room, functional kitchen with updated countertops and included appliances
