Occupied Duplex with Two
New
For Sale
$114,900
64 Reservation Street, Buffalo, NY 14207
Residential, Buffalo, NY
Property Size1,024 SF
Lot Size0.09 Acres
Price / SF$112.21
Days on Market3
Property Features for 64 Reservation Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Basement, Bedroom 3, Bathroom 1, Bathroom 2
Appliances
GasWaterHeater
Subdivision
Holland Land Co
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Standard status
Active
APN
140200-088-280-0002-013-000
Size
1,024 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
1092
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet, Hardwood, Varies
Building materials
AluminumSiding
Listing Agency:
Pioneer Star Real Estate Inc.
(716) 689-7250
Listed By:
Sugath S Liyanage · License #10301217718
(716) 348-8953
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 3 at 6:06AM
MLS# B1711690
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex, built in 1920, contains two separate apartments totaling 1,024 square feet. Each unit includes two bedrooms and one full bathroom, with flooring that varies among vinyl, carpet, and hardwood. The property has aluminum siding, forced-air heating fueled by natural gas, a gas water heater, and a basement. Public water serves the building.
Both apartments are occupied by long-term tenants who have indicated interest in continuing their tenancies. The property sits on a 0.0868-acre lot at 64 Reservation Street in Buffalo, within Erie County. Shopping, public transportation, and major routes are identified as accessible from the property.
Both apartments are occupied by long-term tenants who have indicated interest in continuing their tenancies. The property sits on a 0.0868-acre lot at 64 Reservation Street in Buffalo, within Erie County. Shopping, public transportation, and major routes are identified as accessible from the property.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 full bathroom
- Both units are occupied by long‑term tenants
- 1,024 square feet on a 0.0868‑acre lot
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
$10,161
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
8.84%
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%
$203,220
$203.2K
Cap Rate 7%
$145,157
$145.2K
Cap Rate 9%
$112,900
$112.9K
Market Conditions
NOI Build-Up for 1,024 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
$15.4K $15.00/SF
− Vacancy
−$845 −$0.83/SF
EGI
$14.5K $14.17/SF
− OpEx
−$4.4K −$4.25/SF
NOI
$10.2K $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%
$203,220
Cap Rate 7%
$145,157
Cap Rate 9%
$112,900
Alternative Uses
Best Use
Multifamily LT 5
$145.2K
$127.0K – $169.4K
NOI $10,161 @ 7.0% cap · market cap 8.84%
Second Best
Apartment 5plus
$133.7K
$117.0K – $156.0K
NOI $9,359 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$246.3K
$215.5K – $287.3K
NOI $17,238 @ 7.0% cap · market cap 15.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
975
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 occupied rental units offer separate layouts with two bedrooms and one full bath in each apartment.
Where is this duplex located?
The property is located at 64 Reservation Street Buffalo, NY.
What is the asking price?
The asking price for this property is $114,900.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 full bathroom; Both units are occupied by long‑term tenants; 1,024 square feet on a 0.0868‑acre lot
