Victorian Duplex with Period
New
For Sale
$419,900
524 Norwood Ave, Buffalo, NY 14222
Two-unit residence with private driveway, original architectural features, and layouts suited to rental or owner-occupied use.
Property Size2,908 SF
Price / SF$144.39
Days on Market2
Property Features for 524 Norwood Ave
General Information
Standard status
Active
Size
2,908 SF
Property subtype
Multi-Family
Building Details
Year Built
1890
Listing Agency:
Keller Williams Realty WNY
Listed By:
Joshua James · License #10301210944
(716) 697-3280
Source:
Thejoshjamesteam
Added: Sep 1
Last Checked: Sep 1 at 9:45PM
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.
Built in 1890, this 2,908-square-foot duplex combines a cedar-clad Victorian exterior with ornate period detailing, hardwood floors, decorative trim, and distinctive stained and leaded glass. The lower unit includes a family room, eat-in kitchen, two bedrooms and one bathroom on the main level, plus a third bedroom and second bathroom with clawfoot tub upstairs. Its wood-burning fireplace adds a notable interior feature. The upper unit offers two bedrooms, one bathroom, a dining room, and a living room with a turquoise tile fireplace surround.
The property includes a private driveway for off-street parking and is located in Buffalo’s Elmwood Village near Colonial Circle, downtown, schools, local shops, and entertainment. Improvements include a high-efficiency Tempstat furnace, a second rear furnace, and a hot water tank installed in 2021. The building may also be converted to a single-family residence, as described in the property information.
The property includes a private driveway for off-street parking and is located in Buffalo’s Elmwood Village near Colonial Circle, downtown, schools, local shops, and entertainment. Improvements include a high-efficiency Tempstat furnace, a second rear furnace, and a hot water tank installed in 2021. The building may also be converted to a single-family residence, as described in the property information.
Key Highlights
- 2,908‑square‑foot duplex built in 1890
- Lower unit includes 3 bedrooms and 2 bathrooms across two levels
- Upper unit offers 2 bedrooms, 1 bathroom, dining room, and living room
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
$28,855
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
6.87%
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%
$577,100
$577.1K
Cap Rate 7%
$412,214
$412.2K
Cap Rate 9%
$320,611
$320.6K
Market Conditions
NOI Build-Up for 2,908 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
$43.6K $15.00/SF
− Vacancy
−$2.4K −$0.83/SF
EGI
$41.2K $14.17/SF
− OpEx
−$12.4K −$4.25/SF
NOI
$28.9K $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%
$577,100
Cap Rate 7%
$412,214
Cap Rate 9%
$320,611
Alternative Uses
Best Use
Multifamily LT 5
$412.2K
$360.7K – $480.9K
NOI $28,855 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$379.7K
$332.2K – $443.0K
NOI $26,577 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$699.3K
$611.9K – $815.9K
NOI $48,952 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,294
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-unit residence with private driveway, original architectural features, and layouts suited to rental or owner-occupied use.
Where is this duplex located?
The property is located at 524 Norwood Ave 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: 2,908‑square‑foot duplex built in 1890; Lower unit includes 3 bedrooms and 2 bathrooms across two levels; Upper unit offers 2 bedrooms, 1 bathroom, dining room, and living room
