Two-Family Duplex on a Double
For Sale
$419,900
47 Fargo Avenue, Buffalo, NY 14201
MULTI_FAMILY - Buffalo, NY
Property Size3,952 SF
Lot Size0.13 Acres
Price / SF$106.25
Days on Market106
Property Features for 47 Fargo Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 5, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 6, Bedroom 2, Bedroom 1
Appliances
GasWaterHeater
Subdivision
City/Buffalo
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Standard status
Active
APN
140200-099-840-0003-039-000
Size
3,952 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
2801
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile, Varies
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Damian O'Meally · License #10401279028
(585) 775-5169
Added: Apr 26
Changed: Aug 8
Last Checked: Aug 9 at 12:06PM
MLS# B1674913
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 two-family duplex is set on an expansive double lot, offering a spacious layout designed for comfortable living. The home includes a two-story owner’s suite, multiple balconies, a large kitchen intended for entertaining, hardwood and tile flooring, and original architectural details. A second-floor laundry room adds everyday convenience. Apartment 1 is currently producing monthly income, while the second-floor unit is vacant and features high ceilings, a spacious living area, a formal dining room, ample storage, and access to a rear patio.
The property sits on over one-third of an acre (0.1333 acres is listed for the lot size) and includes a full basement, off-street parking for multiple vehicles, and the potential for expansion. Heating is forced air with natural gas, and utilities are separate. A six-year-old roof is noted, and updated windows and a gas water heater are included.
An adjoining vacant lot at 41 Fargo is fully fenced with a park-like setting, mature trees, and lush greenery, providing outdoor space for gardening, relaxing, or future development.
The property sits on over one-third of an acre (0.1333 acres is listed for the lot size) and includes a full basement, off-street parking for multiple vehicles, and the potential for expansion. Heating is forced air with natural gas, and utilities are separate. A six-year-old roof is noted, and updated windows and a gas water heater are included.
An adjoining vacant lot at 41 Fargo is fully fenced with a park-like setting, mature trees, and lush greenery, providing outdoor space for gardening, relaxing, or future development.
Key Highlights
- Two‑family duplex on an expansive double lot
- Two‑story owner’s suite with multiple balconies
- Second‑floor laundry room plus rear patio access for the vacant unit
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
$36,119
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
8.60%
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%
$722,380
$722.4K
Cap Rate 7%
$515,986
$516.0K
Cap Rate 9%
$401,322
$401.3K
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
$68.8K $17.40/SF
− Vacancy
−$3.1K −$0.78/SF
EGI
$65.7K $16.62/SF
− OpEx
−$29.6K −$7.48/SF
NOI
$36.1K $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%
$722,380
Cap Rate 7%
$515,986
Cap Rate 9%
$401,322
Alternative Uses
Best Use
Multifamily LT 5
$560.2K
$490.2K – $653.6K
NOI $39,214 @ 7.0% cap · market cap 9.34%
Second Best
Apartment 5plus
$516.0K
$451.5K – $602.0K
NOI $36,119 @ 7.0% cap · market cap 8.60%
Theoretical Best
Office A
$950.4K
$831.6K – $1.11M
NOI $66,526 @ 7.0% cap · market cap 15.84%
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
1,651
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 - Two-family duplex with a two-story owner’s suite, second-floor laundry, forced-air natural gas heat, and separate utilities.
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 $419,900.
What are key features of this property?
This property features: Two‑family duplex on an expansive double lot; Two‑story owner’s suite with multiple balconies; Second‑floor laundry room plus rear patio access for the vacant unit
