Renovated Two-Unit
For Sale
$199,900
Pending
462 Berkshire Avenue, Buffalo, NY 14215
Residential, Buffalo, NY
Property Size1,796 SF
Lot Size0.08 Acres
Days on Market381
Property Features for 462 Berkshire Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 1, Basement, Bathroom 1
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Bailey to Berkshire
Subdivision
Buffalo City-140200
Standard status
Pending
APN
140200-079-810-0006-021-000
Size
1,796 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
877
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Building materials
AluminumSiding
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Syed J Rizvi · License #10401279412
(716) 946-2700
Added: Aug 9, 2025
Changed: Aug 22
Last Checked: Aug 24 at 11:06PM
MLS# B1629400
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 1,796-square-foot duplex contains two two-bedroom units, each arranged with a living-dining area, kitchen, and full bathroom. The lower apartment is vacant, while the upper apartment is occupied by a tenant. Recent renovation work, vinyl flooring, aluminum siding, forced-air natural-gas heat, and circuit-breaker electrical service are among the property’s features. A full basement, driveway, and backyard complete the physical layout.
Built in 1925 on 0.0758 acres, the property uses public water and is located near the south Campus of the University at Buffalo in Buffalo, NY. The two-unit configuration includes one apartment available for occupancy and one currently occupied.
Built in 1925 on 0.0758 acres, the property uses public water and is located near the south Campus of the University at Buffalo in Buffalo, NY. The two-unit configuration includes one apartment available for occupancy and one currently occupied.
Key Highlights
- Two‑bedroom lower and upper units, each with a living‑dining area, kitchen, and full bathroom
- 1,796 square feet across two residential units
- Lower unit is vacant; upper unit is tenant occupied
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
$17,821
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
8.91%
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%
$356,420
$356.4K
Cap Rate 7%
$254,586
$254.6K
Cap Rate 9%
$198,011
$198.0K
Market Conditions
NOI Build-Up for 1,796 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
$26.9K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$25.5K $14.17/SF
− OpEx
−$7.6K −$4.25/SF
NOI
$17.8K $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%
$356,420
Cap Rate 7%
$254,586
Cap Rate 9%
$198,011
Alternative Uses
Best Use
Multifamily LT 5
$254.6K
$222.8K – $297.0K
NOI $17,821 @ 7.0% cap · market cap 8.91%
Second Best
Apartment 5plus
$234.5K
$205.2K – $273.6K
NOI $16,414 @ 7.0% cap · market cap 8.21%
Theoretical Best
Office A
$431.9K
$377.9K – $503.9K
NOI $30,233 @ 7.0% cap · market cap 15.12%
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
817
Businesses Nearby
Explore this area
Business Placement
Demographics for 14215, NY
42,447
Population
19,203
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
87%
High-School Grad
4.8 sq mi
ZIP Area
8,843
Density / Sq Mi
$43,326
Median Household Income
$29,204
Median Earnings
$993
Median Rent
$102,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer living-dining areas, kitchens, and full bathrooms, with one apartment currently vacant.
Where is this duplex located?
The property is located at 462 Berkshire Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two‑bedroom lower and upper units, each with a living‑dining area, kitchen, and full bathroom; 1,796 square feet across two residential units; Lower unit is vacant; upper unit is tenant occupied
