Victorian Duplex with Period
For Sale
$374,900
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$128.92
Days on Market47
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:
Skinnercnyrealty
Added: Sep 1
Changed: Oct 1
Last Checked: Oct 7 at 4:16PM
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
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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 / Yr
$28,855
Cap Rate
7.70%
Suggested Prices Based on Cap Rates
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
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 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 7.70%
Second Best
Apartment 5plus
$379.7K
$332.2K – $443.0K
NOI $26,577 @ 7.0% cap · market cap 7.09%
Theoretical Best
Office A
$699.3K
$611.9K – $815.9K
NOI $48,952 @ 7.0% cap · market cap 13.06%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,294
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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 $374,900.
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
