Two-Unit Multifamily
For Sale
$235,000
457 Vermont Street, Buffalo, NY 14213
Buffalo duplex with two-bedroom layouts, updated systems, and fenced outdoor space.
Property Size2,288 SF
Price / SF$102.71
Days on Market11
Property Features for 457 Vermont Street
General Information
Standard status
Active
Size
2,288 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,272
Amenities
fenced backyard
deck
partial basement
Building Details
Building Size
2,288 SF
Year Built
1900
Buildings
1
Listing Agency:
HUNT Real Estate ERA
(716) 208-7007
Listed By:
Deacon Tasker · License #10401259325
(716) 208-7007
Source:
Highfallssir
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 29 at 3:07PM
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 HUNT Real Estate ERA
Investment Insights
Based on property information with market context.
This two-unit multifamily property contains approximately 2,288 square feet, with each residence offering two bedrooms, one full bathroom, a living room, dining areas, and a kitchen. Interior finishes include hardwood, laminate, and tile flooring. The lower apartment includes a larger kitchen, formal dining room, living room, and a bathroom renovated by the current owner, while the upper apartment provides comparable living space with separate kitchen and dining areas.
Major system updates include a roof installed in 2021, furnaces installed in 2021 and 2023, and updated hot water tanks. A partial basement provides utility and storage space. The fully fenced backyard includes a deck. The property is located on Vermont Street in Buffalo’s West Side, near Richmond Avenue and with access to the Elmwood Village.
Major system updates include a roof installed in 2021, furnaces installed in 2021 and 2023, and updated hot water tanks. A partial basement provides utility and storage space. The fully fenced backyard includes a deck. The property is located on Vermont Street in Buffalo’s West Side, near Richmond Avenue and with access to the Elmwood Village.
Key Highlights
- Two residential units, each with 2 bedrooms and 1 full bathroom
- Approximately 2,288 square feet across the property
- Roof installed in 2021; furnaces installed in 2021 and 2023
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
$20,911
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
8.90%
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%
$418,220
$418.2K
Cap Rate 7%
$298,729
$298.7K
Cap Rate 9%
$232,344
$232.3K
Market Conditions
NOI Build-Up for 2,288 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
$39.8K $17.40/SF
− Vacancy
−$1.8K −$0.78/SF
EGI
$38.0K $16.62/SF
− OpEx
−$17.1K −$7.48/SF
NOI
$20.9K $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%
$418,220
Cap Rate 7%
$298,729
Cap Rate 9%
$232,344
Alternative Uses
Best Use
Multifamily LT 5
$324.3K
$283.8K – $378.4K
NOI $22,703 @ 7.0% cap · market cap 9.66%
Second Best
Apartment 5plus
$298.7K
$261.4K – $348.5K
NOI $20,911 @ 7.0% cap · market cap 8.90%
Theoretical Best
Office A
$550.2K
$481.4K – $641.9K
NOI $38,515 @ 7.0% cap · market cap 16.39%
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
1,828
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?
Duplex - Buffalo duplex with two-bedroom layouts, updated systems, and fenced outdoor space.
Where is this duplex located?
The property is located at 457 Vermont Street Buffalo, NY.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two residential units, each with 2 bedrooms and 1 full bathroom; Approximately 2,288 square feet across the property; Roof installed in 2021; furnaces installed in 2021 and 2023
