Updated Two-Unit
For Sale
$399,000
41 Crestwood Avenue, Buffalo, NY 14216
Two spacious apartments combine classic architectural details with updated kitchens, bathrooms, windows, and separate modern utilities.
Property Size2,938 SF
Days on Market20
Property Features for 41 Crestwood Avenue
General Information
Standard status
Active
Size
2,938 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,825
Building Details
Building Size
2,938 SF
Year Built
1920
Buildings
1
Listing Agency:
Keller Williams Realty WNY
(716) 908-4212
Listed By:
Karina Stachowiak · License #10401362457
(716) 908-4212
Source:
Highfallssir
Added: Aug 5
Changed: Aug 12
Last Checked: Aug 24 at 2:26PM
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 Keller Williams Realty WNY
Investment Insights
Based on property information with market context.
Built in 1920, this North Buffalo duplex contains two three-bedroom apartments with generous living rooms, formal dining areas, original hardwood floors, decorative fireplaces, and expanded primary bedrooms. Kitchens and bathrooms have been updated while retaining the property’s period character. The lower apartment is leased, while the upper apartment is vacant, freshly painted, and ready for occupancy. Each unit has separate modern utilities, and the full basement provides individual washer and dryer hookups along with substantial storage. A walk-up attic adds additional storage space.
Exterior features include a durable metal roof, vinyl siding, an upper balcony, updated vinyl windows in the upper apartment, and a generously sized lot. The property is located near Hertel Avenue restaurants, cafes, boutiques, parks, and other local amenities in North Buffalo.
Exterior features include a durable metal roof, vinyl siding, an upper balcony, updated vinyl windows in the upper apartment, and a generously sized lot. The property is located near Hertel Avenue restaurants, cafes, boutiques, parks, and other local amenities in North Buffalo.
Key Highlights
- Two three‑bedroom apartments with formal dining rooms, original hardwood floors, and decorative fireplaces
- Lower apartment is leased; upper apartment is vacant and freshly painted
- Separate modern utilities serve each apartment
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
$29,152
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
7.31%
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%
$583,040
$583.0K
Cap Rate 7%
$416,457
$416.5K
Cap Rate 9%
$323,911
$323.9K
Market Conditions
NOI Build-Up for 2,938 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
$44.1K $15.00/SF
− Vacancy
−$2.4K −$0.83/SF
EGI
$41.6K $14.17/SF
− OpEx
−$12.5K −$4.25/SF
NOI
$29.2K $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%
$583,040
Cap Rate 7%
$416,457
Cap Rate 9%
$323,911
Alternative Uses
Best Use
Multifamily LT 5
$416.5K
$364.4K – $485.9K
NOI $29,152 @ 7.0% cap · market cap 7.31%
Second Best
Apartment 5plus
$383.6K
$335.6K – $447.5K
NOI $26,851 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$706.5K
$618.2K – $824.3K
NOI $49,457 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
973
Businesses Nearby
Explore this area
Business Placement
Demographics for 14216, NY
22,979
Population
12,773
Households
1.8
Avg Household Size
37
Median Age
54%
College-Educated
94%
High-School Grad
2.8 sq mi
ZIP Area
8,207
Density / Sq Mi
$70,260
Median Household Income
$47,823
Median Earnings
$1,152
Median Rent
$260,700
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 spacious apartments combine classic architectural details with updated kitchens, bathrooms, windows, and separate modern utilities.
Where is this duplex located?
The property is located at 41 Crestwood Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two three‑bedroom apartments with formal dining rooms, original hardwood floors, and decorative fireplaces; Lower apartment is leased; upper apartment is vacant and freshly painted; Separate modern utilities serve each apartment
