Classic Duplex with Two-Car
New
For Sale
$399,000
71 N Park Avenue, Buffalo, NY 14216
Residential, Buffalo, NY
Property Size2,744 SF
Lot Size0.13 Acres
Price / SF$145.41
Days on Market2
Property Features for 71 N Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 5, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Basement
Fireplace
1
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-078-730-0005-053-000
Size
2,744 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
4117
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
central air
hardwood floors
formal dining rooms
fireplaces
built-in shelving
porches
walk-up attic
full basement
Building Details
Year built
1921
Floors in Building
2
Number of units
2
Flooring type
Laminate, Hardwood, Tile, Varies
Building materials
Frame, VinylSiding
Roof type
Asphalt
Listing Agency:
Gurney Becker & Bourne
(716) 849-1234
Listed By:
Gary Greco Jr · License #10401251303
(716) 208-5340
Added: Sep 14
Last Checked: Sep 15 at 9:06AM
MLS# B1714654
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 2,744-square-foot frame duplex contains two three-bedroom, one-bath units. Interior details include hardwood flooring, formal dining rooms, fireplaces, built-in storage, kitchens with substantial cabinet and counter space, and central air conditioning. The property also includes front and rear second-story porches, a walk-up attic, full dry basement, spacious backyard, and a two-car garage with driveway parking. Hardwired smoke and carbon monoxide detectors are installed throughout the home.
Located at 71 N Park Avenue in Buffalo, the property sits near Hertel Avenue's shops, bars, and restaurants. The 0.1281-acre parcel is served by public water and includes vinyl siding, an asphalt roof, forced-air natural gas heating, and a gas water heater. Recent work includes a new sewer line to the street and partial driveway replacement in 2024, a new upper furnace in 2025, and a complete garage roof tear-off and replacement in 2026.
Located at 71 N Park Avenue in Buffalo, the property sits near Hertel Avenue's shops, bars, and restaurants. The 0.1281-acre parcel is served by public water and includes vinyl siding, an asphalt roof, forced-air natural gas heating, and a gas water heater. Recent work includes a new sewer line to the street and partial driveway replacement in 2024, a new upper furnace in 2025, and a complete garage roof tear-off and replacement in 2026.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1 bath in each unit
- 2,744 square feet on a 0.1281‑acre parcel
- Two‑car garage, spacious driveway, backyard, and front and rear second‑story 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
$27,227
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
6.82%
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%
$544,540
$544.5K
Cap Rate 7%
$388,957
$389.0K
Cap Rate 9%
$302,522
$302.5K
Market Conditions
NOI Build-Up for 2,744 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
$41.2K $15.00/SF
− Vacancy
−$2.3K −$0.83/SF
EGI
$38.9K $14.17/SF
− OpEx
−$11.7K −$4.25/SF
NOI
$27.2K $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%
$544,540
Cap Rate 7%
$388,957
Cap Rate 9%
$302,522
Alternative Uses
Best Use
Multifamily LT 5
$389.0K
$340.3K – $453.8K
NOI $27,227 @ 7.0% cap · market cap 6.82%
Second Best
Apartment 5plus
$358.3K
$313.5K – $418.0K
NOI $25,078 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$659.9K
$577.4K – $769.9K
NOI $46,191 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
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
Check the figures for this property
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 hardwood floors, formal dining rooms, fireplaces, and central air conditioning.
Where is this duplex located?
The property is located at 71 N Park Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1 bath in each unit; 2,744 square feet on a 0.1281‑acre parcel; Two‑car garage, spacious driveway, backyard, and front and rear second‑story porches
