Three-Bedroom Duplex with
For Sale
$475,000
490 Norwood Avenue, Buffalo, NY 14222
Two residential units include original architectural details, multiple decks, and updated mechanicals.
Property Size3,246 SF
Days on Market15
Property Features for 490 Norwood Avenue
General Information
Standard status
Active
Size
3,246 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,918
Amenities
decks
fenced backyard
shed
in-unit laundry
Building Details
Building Size
3,246 SF
Year Built
1900
Buildings
1
Listing Agency:
716 Realty Group WNY LLC
(716) 491-9815
Listed By:
Jason Madden · License #10401244630
(716) 491-9815
Source:
Highfallssir
Added: Aug 10
Changed: Aug 24
Last Checked: Aug 24 at 1:14PM
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 716 Realty Group WNY LLC
Investment Insights
Based on property information with market context.
This duplex, built in 1900, contains two residential units arranged as a 3/3 configuration. The lower residence offers three bedrooms and in-unit laundry, while the upper residence spans the second and third floors. Original leaded-glass details remain, and the property includes three decks, a fenced backyard, and a shed. Appliances, including washers and dryers, are included, and the mechanical systems have been updated.
The property is located at 490 Norwood Avenue in Buffalo’s Elmwood Village. Its combination of two residential units, outdoor space, laundry equipment, and preserved architectural features provides a clearly defined duplex layout with distinct unit amenities.
The property is located at 490 Norwood Avenue in Buffalo’s Elmwood Village. Its combination of two residential units, outdoor space, laundry equipment, and preserved architectural features provides a clearly defined duplex layout with distinct unit amenities.
Key Highlights
- Two‑unit 3/3 duplex configuration
- Built in 1900 with original leaded‑glass architectural details
- Three decks plus a fenced backyard and shed
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
$32,208
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
6.78%
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%
$644,160
$644.2K
Cap Rate 7%
$460,114
$460.1K
Cap Rate 9%
$357,867
$357.9K
Market Conditions
NOI Build-Up for 3,246 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
$48.7K $15.00/SF
− Vacancy
−$2.7K −$0.83/SF
EGI
$46.0K $14.17/SF
− OpEx
−$13.8K −$4.25/SF
NOI
$32.2K $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%
$644,160
Cap Rate 7%
$460,114
Cap Rate 9%
$357,867
Alternative Uses
Best Use
Multifamily LT 5
$460.1K
$402.6K – $536.8K
NOI $32,208 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$423.8K
$370.8K – $494.4K
NOI $29,666 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$780.6K
$683.0K – $910.7K
NOI $54,642 @ 7.0% cap · market cap 11.50%
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
1,653
Businesses Nearby
Explore this area
Business Placement
Demographics for 14222, NY
13,629
Population
7,355
Households
1.9
Avg Household Size
32
Median Age
63%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
11,358
Density / Sq Mi
$83,692
Median Household Income
$50,045
Median Earnings
$1,168
Median Rent
$408,100
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 include original architectural details, multiple decks, and updated mechanicals.
Where is this duplex located?
The property is located at 490 Norwood Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑unit 3/3 duplex configuration; Built in 1900 with original leaded‑glass architectural details; Three decks plus a fenced backyard and shed
