Two-Family Duplex with
For Sale
$269,900
Pending
38 Wells Avenue, Buffalo, NY 14227
Residential, Buffalo, NY
Property Size1,638 SF
Lot Size0.14 Acres
Days on Market48
Property Features for 38 Wells Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential 2 Unit
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Garage, Open
Patio and Porch features
Porch
Interior features
CeilingFans, NaturalWoodwork, ProgrammableThermostat
Exterior features
Awnings, Fence
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school
Union East Elementary
Middle school
Cheektowaga Middle
High school
Cheektowaga High
Elementary school district
Cheektowaga
Middle school district
Cheektowaga
High school district
Cheektowaga
Directions
Take Union Rd to 38 Wells Ave.
Subdivision
Cheektowaga-143089
Standard status
Pending
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
Varies, Hardwood, Carpet, Tile, Laminate
Building materials
Brick, VinylSiding, CopperPlumbing
Architectural style
Other
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 689-7800
Listed By:
Laura J Nightingale · License #10301216970
(716) 310-9445
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 31 at 2:06AM
MLS# B1694877
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 1,638-square-foot duplex contains two separate residences with a three-bedroom lower apartment and a two-bedroom upper apartment. Hardwood flooring appears in both units, while kitchens include appliances and pantry storage. The lower level has updated countertops and laminate flooring; the upper unit includes an eat-in kitchen, additional closets, and attic access. A partially finished basement provides built-in shelving and glass block windows.
Separate building systems include two 100-amp electrical services, two furnaces, two central air conditioning units installed approximately in 2010, updated hot water tanks, and individual gas and electric meters. Exterior features include brick and vinyl siding, replacement windows, a covered front entry, mature landscaping, fencing, and a long concrete driveway leading to a detached garage with two bays and automatic openers. The property sits on a 0.14-acre lot and was built in 1966.
Separate building systems include two 100-amp electrical services, two furnaces, two central air conditioning units installed approximately in 2010, updated hot water tanks, and individual gas and electric meters. Exterior features include brick and vinyl siding, replacement windows, a covered front entry, mature landscaping, fencing, and a long concrete driveway leading to a detached garage with two bays and automatic openers. The property sits on a 0.14-acre lot and was built in 1966.
Key Highlights
- Two‑unit layout with a 3‑bedroom lower apartment and 2‑bedroom upper apartment
- 1,638 square feet on a 0.14‑acre lot
- Separate utilities with two 100‑amp electrical services and individual gas and electric meters
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
$16,253
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
6.02%
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%
$325,060
$325.1K
Cap Rate 7%
$232,186
$232.2K
Cap Rate 9%
$180,589
$180.6K
Market Conditions
NOI Build-Up for 1,638 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
$24.6K $15.00/SF
− Vacancy
−$1.4K −$0.83/SF
EGI
$23.2K $14.17/SF
− OpEx
−$7.0K −$4.25/SF
NOI
$16.3K $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%
$325,060
Cap Rate 7%
$232,186
Cap Rate 9%
$180,589
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 14227, NY
23,130
Population
10,476
Households
2.2
Avg Household Size
48
Median Age
26%
College-Educated
95%
High-School Grad
8.2 sq mi
ZIP Area
2,821
Density / Sq Mi
$67,349
Median Household Income
$46,627
Median Earnings
$1,084
Median Rent
$190,400
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 - Separate utilities, two central air systems, and a detached garage support owner-occupancy or rental use.
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‑unit layout with a 3‑bedroom lower apartment and 2‑bedroom upper apartment; 1,638 square feet on a 0.14‑acre lot; Separate utilities with two 100‑amp electrical services and individual gas and electric meters
