Updated Duplex with Two-Car
New
For Sale
$429,000
65 North Park Avenue, Buffalo, NY 14216
Two residential units feature renovated kitchens and bathrooms, hardwood floors, private living areas, and separate bedroom accommodations.
Property Size2,720 SF
Days on Market6
Property Features for 65 North Park Avenue
General Information
Standard status
Active
Size
2,720 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$4,041
Amenities
faux fireplace
balcony
backyard deck
hardwood floors
updated kitchen
updated bathroom
full basement
full attic
driveway
garage
Building Details
Building Size
2,720 SF
Year Built
1922
Buildings
1
Listing Agency:
Gurney Becker & Bourne
Listed By:
Gary Greco Jr · License #10401251303
(716) 208-5340
Source:
Highfallssir
Added: Sep 8
Changed: Sep 12
Last Checked: Sep 12 at 8:18AM
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 Gurney Becker & Bourne
Investment Insights
Based on property information with market context.
This 1922 duplex contains two residential units, each arranged with three bedrooms and one bathroom. Both offer refreshed kitchens with stainless steel appliances, updated bathrooms, hardwood flooring, formal dining rooms, and spacious living areas with faux fireplaces. The first-floor unit includes a bright front sitting room and bedroom access to a rear deck, while the upper unit adds a neighborhood-facing balcony and extra closet space in one bedroom.
The property includes a full basement, full attic, driveway, and rebuilt two-car garage. Capital improvements include a new roof, furnace installed in 2018, replacement windows, new siding, and garage floor and doors completed in 2019. The driveway was replaced in 2020, and a new hot water tank was installed in 2025. Located on North Park Avenue, the property is approximately half a block from Hertel Avenue and near coffee shops, a movie theater, bars, restaurants, and local shopping.
The property includes a full basement, full attic, driveway, and rebuilt two-car garage. Capital improvements include a new roof, furnace installed in 2018, replacement windows, new siding, and garage floor and doors completed in 2019. The driveway was replaced in 2020, and a new hot water tank was installed in 2025. Located on North Park Avenue, the property is approximately half a block from Hertel Avenue and near coffee shops, a movie theater, bars, restaurants, and local shopping.
Key Highlights
- Two‑unit duplex with three bedrooms and one bathroom in each unit
- Updated kitchens and bathrooms with stainless steel appliances
- Hardwood floors, formal dining rooms, and living areas with faux fireplaces
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
$26,989
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
6.29%
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%
$539,780
$539.8K
Cap Rate 7%
$385,557
$385.6K
Cap Rate 9%
$299,878
$299.9K
Market Conditions
NOI Build-Up for 2,720 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
$40.8K $15.00/SF
− Vacancy
−$2.2K −$0.83/SF
EGI
$38.6K $14.17/SF
− OpEx
−$11.6K −$4.25/SF
NOI
$27.0K $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%
$539,780
Cap Rate 7%
$385,557
Cap Rate 9%
$299,878
Alternative Uses
Best Use
Multifamily LT 5
$385.6K
$337.4K – $449.8K
NOI $26,989 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$355.1K
$310.7K – $414.3K
NOI $24,859 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$654.1K
$572.3K – $763.1K
NOI $45,787 @ 7.0% cap · market cap 10.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
780
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature renovated kitchens and bathrooms, hardwood floors, private living areas, and separate bedroom accommodations.
Where is this duplex located?
The property is located at 65 North Park Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Two‑unit duplex with three bedrooms and one bathroom in each unit; Updated kitchens and bathrooms with stainless steel appliances; Hardwood floors, formal dining rooms, and living areas with faux fireplaces
