Two-Unit Duplex with Updated
For Sale
$250,000
515 Hinman Avenue, Buffalo, NY 14216
Matching residential layouts include flexible sunroom space downstairs and a balcony for the upper residence.
Property Size1,600 SF
Days on Market35
Property Features for 515 Hinman Avenue
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,962
Building Details
Building Size
1,600 SF
Year Built
1900
Year Renovated
2025
Stories
2
Units
2
Listing Agency:
Towne Housing Real Estate
(716) 515-8555
Listed By:
Matthew Nudell
(716) 515-8555
Source:
Wcirealty
Added: Jul 22
Changed: Aug 14
Last Checked: Aug 24 at 3:42PM
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 Towne Housing Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this two-unit duplex includes a three-bedroom lower residence and a similarly configured upper residence. Each floor has a living and dining area, kitchen, bathroom, and three bedrooms. The lower unit adds a sunroom that can function as a family room or additional bedroom, while the upper unit includes a balcony. A full attic provides additional space.
Property improvements include new roofs, updated kitchens and bathrooms in 2025, two new furnaces and hot water tanks installed in 2022, a main sewer line and main water line completed in 2021, and electrical service updated to circuit breakers in 2019. The property is located on Hinman Avenue in Buffalo’s North Buffalo area, near Downtown Buffalo, suburban centers, schools, shopping, and entertainment.
Property improvements include new roofs, updated kitchens and bathrooms in 2025, two new furnaces and hot water tanks installed in 2022, a main sewer line and main water line completed in 2021, and electrical service updated to circuit breakers in 2019. The property is located on Hinman Avenue in Buffalo’s North Buffalo area, near Downtown Buffalo, suburban centers, schools, shopping, and entertainment.
Key Highlights
- Two‑unit duplex with three‑bedroom residences on both floors
- Updated kitchens and bathrooms completed in 2025
- Two new furnaces and hot water tanks installed in 2022
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
$15,876
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
6.35%
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%
$317,520
$317.5K
Cap Rate 7%
$226,800
$226.8K
Cap Rate 9%
$176,400
$176.4K
Market Conditions
NOI Build-Up for 1,600 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
$24.0K $15.00/SF
− Vacancy
−$1.3K −$0.83/SF
EGI
$22.7K $14.17/SF
− OpEx
−$6.8K −$4.25/SF
NOI
$15.9K $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%
$317,520
Cap Rate 7%
$226,800
Cap Rate 9%
$176,400
Alternative Uses
Best Use
Multifamily LT 5
$226.8K
$198.5K – $264.6K
NOI $15,876 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$208.9K
$182.8K – $243.7K
NOI $14,623 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$384.8K
$336.7K – $448.9K
NOI $26,934 @ 7.0% cap · market cap 10.77%
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
846
Businesses Nearby
Explore this area
Business Placement
Demographics for 14216, NY
22,979
Population
12,773
Households
1.8
Avg Household Size
37
Median Age
54%
College-Educated
94%
High-School Grad
2.8 sq mi
ZIP Area
8,207
Density / Sq Mi
$70,260
Median Household Income
$47,823
Median Earnings
$1,152
Median Rent
$260,700
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 - Matching residential layouts include flexible sunroom space downstairs and a balcony for the upper residence.
Where is this duplex located?
The property is located at 515 Hinman Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two‑unit duplex with three‑bedroom residences on both floors; Updated kitchens and bathrooms completed in 2025; Two new furnaces and hot water tanks installed in 2022
