Duplex with Two-Car
New
For Sale
$239,900
62 Greeley Street, Buffalo, NY 14207
Two residences feature separate utilities, formal dining rooms, covered porches, and dedicated laundry connections.
Property Size1,920 SF
Days on Market7
Property Features for 62 Greeley Street
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,586
Amenities
covered porches
bonus room
full basement
separate laundry hook-ups
Building Details
Building Size
1,920 SF
Year Built
1930
Buildings
1
Listing Agency:
Century 21 North East
(716) 471-7143
Listed By:
Geraldine A Andolina · License #40AN0161532
(716) 471-7143
Source:
Highfallssir
Added: Aug 18
Changed: Aug 22
Last Checked: Aug 24 at 1:01PM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This 1930 duplex at 62 Greeley Street includes two residential units, each with two bedrooms, a living room, formal dining room, and bathroom with ceramic flooring. The first-floor residence adds a bonus room. Both units have separate utilities, while the property also provides covered upper and lower porches, off-street parking, and a two-car garage.
A full basement includes glass block windows and separate laundry hookups. Above, a walk-up attic offers an owner’s private storage room. The roof was replaced through a tear-off in 2022, and the upper hot water heater was updated in 2023. The lower hot water heater dates to 2010, and the furnaces date to 2009. City of Buffalo Rental Certification was completed in 2026 and provides compliance coverage for three years. The property is near public transportation and neighborhood amenities.
A full basement includes glass block windows and separate laundry hookups. Above, a walk-up attic offers an owner’s private storage room. The roof was replaced through a tear-off in 2022, and the upper hot water heater was updated in 2023. The lower hot water heater dates to 2010, and the furnaces date to 2009. City of Buffalo Rental Certification was completed in 2026 and provides compliance coverage for three years. The property is near public transportation and neighborhood amenities.
Key Highlights
- Two residential units, each with two bedrooms, a living room, formal dining room, and bathroom
- First‑floor unit includes a bonus room; both units have separate utilities
- Two‑car garage, off‑street parking, and covered upper and lower porches
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
$19,051
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
7.94%
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%
$381,020
$381.0K
Cap Rate 7%
$272,157
$272.2K
Cap Rate 9%
$211,678
$211.7K
Market Conditions
NOI Build-Up for 1,920 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
$28.8K $15.00/SF
− Vacancy
−$1.6K −$0.83/SF
EGI
$27.2K $14.17/SF
− OpEx
−$8.2K −$4.25/SF
NOI
$19.1K $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%
$381,020
Cap Rate 7%
$272,157
Cap Rate 9%
$211,678
Alternative Uses
Best Use
Multifamily LT 5
$272.2K
$238.1K – $317.5K
NOI $19,051 @ 7.0% cap · market cap 7.94%
Second Best
Apartment 5plus
$250.7K
$219.4K – $292.5K
NOI $17,548 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$461.7K
$404.0K – $538.7K
NOI $32,321 @ 7.0% cap · market cap 13.47%
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
1,042
Businesses Nearby
Explore this area
Business Placement
Demographics for 14207, NY
26,006
Population
11,317
Households
2.3
Avg Household Size
32
Median Age
19%
College-Educated
79%
High-School Grad
3.9 sq mi
ZIP Area
6,668
Density / Sq Mi
$38,951
Median Household Income
$33,851
Median Earnings
$943
Median Rent
$111,200
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 residences feature separate utilities, formal dining rooms, covered porches, and dedicated laundry connections.
Where is this duplex located?
The property is located at 62 Greeley Street Buffalo, NY.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two residential units, each with two bedrooms, a living room, formal dining room, and bathroom; First‑floor unit includes a bonus room; both units have separate utilities; Two‑car garage, off‑street parking, and covered upper and lower porches
