Duplex with Adjoining
For Sale
$449,900
47 Fargo Avenue, Buffalo, NY 14201
Historic two-family property with separate utilities, a vacant second-floor unit, and a fenced adjoining lot.
Property Size3,952 SF
Price / SF$113.84
Days on Market130
Property Features for 47 Fargo Avenue
General Information
Standard status
Active
Size
3,952 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$2,801
Amenities
Gas
Full
3
Hardwood, Tile
Other
Fenced Yard.
Concrete Driveway.
Rectangular
43X135
City Road, Rectangular.
Building Details
Year Built
1900
Listing Agency:
Keller Williams Realty WNY
(585) 775-5169
Listed By:
Damian O'Meally · License #10401279028
(585) 775-5169
Source:
Xome
Added: Apr 24
Changed: Aug 30
Last Checked: Aug 30 at 1:25PM
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.
This 3,952-square-foot duplex, built in 1900, combines period character with substantial living space across two residential units. The property includes a two-story owner’s suite, multiple balconies, a large kitchen, second-floor laundry, hardwood and tile floors, updated windows, forced-air heating, and a full basement. Separate utilities support the two-unit configuration, while the vacant upper unit offers high ceilings, a spacious living area, formal dining room, storage, and access to a rear patio.
The property occupies a double lot totaling over one-third of an acre in Buffalo’s Fargo Estate Historic District. The adjoining parcel at 41 Fargo Avenue is fully fenced and includes mature trees, lawn, and a former koi pond. The site also provides a concrete driveway with off-street parking for multiple vehicles, along with a rectangular 43X135 lot configuration.
The property occupies a double lot totaling over one-third of an acre in Buffalo’s Fargo Estate Historic District. The adjoining parcel at 41 Fargo Avenue is fully fenced and includes mature trees, lawn, and a former koi pond. The site also provides a concrete driveway with off-street parking for multiple vehicles, along with a rectangular 43X135 lot configuration.
Key Highlights
- 3,952‑square‑foot duplex on over one‑third of an acre
- Two‑unit layout with separate utilities and a vacant second‑floor apartment
- Two‑story owner’s suite with multiple balconies and second‑floor laundry
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
$39,214
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
8.72%
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%
$784,280
$784.3K
Cap Rate 7%
$560,200
$560.2K
Cap Rate 9%
$435,711
$435.7K
Market Conditions
NOI Build-Up for 3,952 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
$59.3K $15.00/SF
− Vacancy
−$3.3K −$0.83/SF
EGI
$56.0K $14.17/SF
− OpEx
−$16.8K −$4.25/SF
NOI
$39.2K $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%
$784,280
Cap Rate 7%
$560,200
Cap Rate 9%
$435,711
Alternative Uses
Best Use
Multifamily LT 5
$560.2K
$490.2K – $653.6K
NOI $39,214 @ 7.0% cap · market cap 8.72%
Second Best
Apartment 5plus
$516.0K
$451.5K – $602.0K
NOI $36,119 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$950.4K
$831.6K – $1.11M
NOI $66,526 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,651
Businesses Nearby
Explore this area
Business Placement
Demographics for 14201, NY
12,364
Population
7,172
Households
1.7
Avg Household Size
33
Median Age
39%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
11,240
Density / Sq Mi
$34,204
Median Household Income
$34,081
Median Earnings
$953
Median Rent
$327,900
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 - Historic two-family property with separate utilities, a vacant second-floor unit, and a fenced adjoining lot.
Where is this duplex located?
The property is located at 47 Fargo Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 3,952‑square‑foot duplex on over one‑third of an acre; Two‑unit layout with separate utilities and a vacant second‑floor apartment; Two‑story owner’s suite with multiple balconies and second‑floor laundry
