Two-House Multifamily
For Sale
$429,900
380 Fargo Avenue, Buffalo, NY 14213
Two residences share one parcel, with basement laundry hookups and on-site parking serving both homes.
Property Size3,606 SF
Days on Market27
Property Features for 380 Fargo Avenue
General Information
Standard status
Active
Size
3,606 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,661
Amenities
covered front porch
laundry hookups
Building Details
Building Size
3,606 SF
Year Built
1890
Buildings
2
Listing Agency:
Gurney Becker & Bourne
(716) 335-2227
Listed By:
Carmelo A Parlato · License #10401209029
(716) 335-2227
Source:
Highfallssir
Added: Jul 29
Changed: Aug 13
Last Checked: Aug 24 at 1:21PM
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 Gurney Becker & Bourne
Investment Insights
Based on property information with market context.
This multifamily property includes two separate houses on a single lot. The front residence is configured as a two-family home with two occupied units, each offering 3 bedrooms and 1 bath, along with a large covered front porch. A separate rear carriage house provides another 3-bedroom, 1-bath layout.
Both houses include full basements with laundry hookups, and parking is available between the residences. The property was built in 1890 and sits beside a community garden, adding landscaped open space directly next door. The combination of multiple residential units, separate structures, basement utility areas, and shared parking creates a clearly defined multifamily configuration.
Both houses include full basements with laundry hookups, and parking is available between the residences. The property was built in 1890 and sits beside a community garden, adding landscaped open space directly next door. The combination of multiple residential units, separate structures, basement utility areas, and shared parking creates a clearly defined multifamily configuration.
Key Highlights
- Two houses situated on one lot
- Front house contains two fully occupied units, each with 3 bedrooms and 1 bath
- Rear carriage house offers 3 bedrooms and 1 bath
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
$32,956
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
7.67%
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%
$659,120
$659.1K
Cap Rate 7%
$470,800
$470.8K
Cap Rate 9%
$366,178
$366.2K
Market Conditions
NOI Build-Up for 3,606 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
$62.7K $17.40/SF
− Vacancy
−$2.8K −$0.78/SF
EGI
$59.9K $16.62/SF
− OpEx
−$27.0K −$7.48/SF
NOI
$33.0K $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%
$659,120
Cap Rate 7%
$470,800
Cap Rate 9%
$366,178
Alternative Uses
Best Use
Apartment 5plus
$470.8K
$412.0K – $549.3K
NOI $32,956 @ 7.0% cap · market cap 7.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$867.2K
$758.8K – $1.01M
NOI $60,702 @ 7.0% cap · market cap 14.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
835
Businesses Nearby
Explore this area
Business Placement
Demographics for 14213, NY
25,834
Population
11,397
Households
2.3
Avg Household Size
30
Median Age
36%
College-Educated
81%
High-School Grad
1.9 sq mi
ZIP Area
13,597
Density / Sq Mi
$52,597
Median Household Income
$36,084
Median Earnings
$1,059
Median Rent
$192,300
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?
Multifamily property - Two residences share one parcel, with basement laundry hookups and on-site parking serving both homes.
Where is this multifamily property located?
The property is located at 380 Fargo Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Two houses situated on one lot; Front house contains two fully occupied units, each with 3 bedrooms and 1 bath; Rear carriage house offers 3 bedrooms and 1 bath
