Full-Brick Duplex with Detached
For Sale
$364,900
Pending
71 E Morris Avenue, Buffalo, NY 14214
Residential, Buffalo, NY
Property Size2,590 SF
Lot Size0.10 Acres
Days on Market365
Property Features for 71 E Morris Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 1, Basement, Bathroom 1
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Subdivision
Buffalo City-140200
Standard status
Pending
APN
140200-090-210-0006-007-000
Size
2,590 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
2681
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1929
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Varies
Building materials
Brick
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Syed J Rizvi · License #10401279412
(716) 946-2700
Added: Aug 25, 2025
Changed: Aug 22
Last Checked: Aug 24 at 10:06PM
MLS# B1633098
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.
Built in 1929, this full-brick duplex contains 2590 square feet with two residential units and separate utilities. Interior details include hardwood flooring, natural woodwork, fireplaces with adjoining bookshelves, arched doorways, and leaded-glass windows. The lower unit features an updated open-concept kitchen, while a full walk-up attic provides additional space and a cedar closet.
The property includes a dry basement, a wide driveway, and a detached two-car garage. Public water, natural-gas forced-air heat, and updated utilities serve the building. It is located off Main St. near the UB and Canisius campuses in Buffalo.
The property includes a dry basement, a wide driveway, and a detached two-car garage. Public water, natural-gas forced-air heat, and updated utilities serve the building. It is located off Main St. near the UB and Canisius campuses in Buffalo.
Key Highlights
- Full‑brick duplex built in 1929
- 2590 square feet on a 0.101‑acre lot
- Separate utilities for both units
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
$25,699
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
7.04%
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%
$513,980
$514.0K
Cap Rate 7%
$367,129
$367.1K
Cap Rate 9%
$285,544
$285.5K
Market Conditions
NOI Build-Up for 2,590 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
$38.9K $15.00/SF
− Vacancy
−$2.1K −$0.83/SF
EGI
$36.7K $14.17/SF
− OpEx
−$11.0K −$4.25/SF
NOI
$25.7K $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%
$513,980
Cap Rate 7%
$367,129
Cap Rate 9%
$285,544
Alternative Uses
Best Use
Multifamily LT 5
$367.1K
$321.2K – $428.3K
NOI $25,699 @ 7.0% cap · market cap 7.04%
Second Best
Apartment 5plus
$338.2K
$295.9K – $394.5K
NOI $23,671 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$622.8K
$545.0K – $726.7K
NOI $43,599 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
929
Businesses Nearby
Explore this area
Business Placement
Demographics for 14214, NY
20,732
Population
9,280
Households
2.2
Avg Household Size
32
Median Age
46%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
6,282
Density / Sq Mi
$56,573
Median Household Income
$29,928
Median Earnings
$1,072
Median Rent
$234,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with separate utilities, hardwood floors, and an updated kitchen in the lower unit.
Where is this duplex located?
The property is located at 71 E Morris Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: Full‑brick duplex built in 1929; 2590 square feet on a 0.101‑acre lot; Separate utilities for both units
