Updated Duplex with Fenced
For Sale
$399,900
422 Colvin Avenue, Buffalo, NY 14216
Residential, Buffalo, NY
Property Size2,938 SF
Lot Size0.12 Acres
Price / SF$136.11
Days on Market47
Property Features for 422 Colvin Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 5, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Patio and Porch features
Porch
Exterior features
Balcony, FullyFenced
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-078-570-0001-003-000
Size
2,938 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
3739
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1922
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Tile, Varies, Hardwood
Building materials
AtticCrawlHatchwaysInsulated, Frame
Listing Agency:
WNY Metro Roberts Realty
(716) 662-0449
Listed By:
Alicia Wittman · License #10301219240
(716) 239-9001
Added: Jul 17
Changed: Aug 20
Last Checked: Sep 1 at 6:06AM
MLS# B1694357
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.
Built in 1922, this 2,938-square-foot duplex contains two three-bedroom apartments. The lower residence includes an open living and dining area, hardwood flooring, a kitchen with tile flooring, butcher block counters, prep space, and a built-in dishwasher, along with three bedrooms and a tiled bathroom. The upper apartment follows a similar three-bedroom arrangement and adds a private balcony with attic access.
Property improvements completed in 2020 include a full roof replacement, a new concrete driveway pad, and two new garage doors serving the 378-square-foot detached garage. The building has two separate updated electrical services, dedicated laundry hookups, natural gas forced-air heat, and public water. Exterior features include a porch and a fully fenced, L-shaped backyard on a 0.1205-acre lot.
The property is located at 422 Colvin Avenue in Buffalo, NY 14216. Its stated Walk Score is 97/100, with neighborhood parks, recreational facilities, and the dining, coffee, and boutique businesses along Hertel Avenue within walking distance.
Property improvements completed in 2020 include a full roof replacement, a new concrete driveway pad, and two new garage doors serving the 378-square-foot detached garage. The building has two separate updated electrical services, dedicated laundry hookups, natural gas forced-air heat, and public water. Exterior features include a porch and a fully fenced, L-shaped backyard on a 0.1205-acre lot.
The property is located at 422 Colvin Avenue in Buffalo, NY 14216. Its stated Walk Score is 97/100, with neighborhood parks, recreational facilities, and the dining, coffee, and boutique businesses along Hertel Avenue within walking distance.
Key Highlights
- 2,938‑square‑foot duplex built in 1922
- Two three‑bedroom apartments with similar layouts
- 2020 roof replacement, concrete driveway pad, and two new garage doors
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
7.29%
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 7.29%
Second Best
Apartment 5plus
$383.6K
$335.6K – $447.5K
NOI $26,851 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$706.5K
$618.2K – $824.3K
NOI $49,457 @ 7.0% cap · market cap 12.37%
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
1,098
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 residential units offer separate electrical services, dedicated laundry hookups, and a detached garage.
Where is this duplex located?
The property is located at 422 Colvin Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,938‑square‑foot duplex built in 1922; Two three‑bedroom apartments with similar layouts; 2020 roof replacement, concrete driveway pad, and two new garage doors
