Classic Duplex with Two-Car
For Sale
$399,000
71 North Park Avenue, Buffalo, NY 14216
Two residential units offer hardwood floors, formal dining rooms, fireplaces, and central air.
Property Size2,744 SF
Days on Market13
Property Features for 71 North Park Avenue
General Information
Standard status
Active
Size
2,744 SF
Total Parking Spaces
2
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,117
Amenities
central air
hardwood floors
fireplaces
built-in shelving
porch
backyard
attic
basement
Building Details
Building Size
2,744 SF
Year Built
1921
Buildings
1
Listing Agency:
Gurney Becker & Bourne
Listed By:
Gary Greco Jr · License #10401251303
(716) 208-5340
Source:
Highfallssir
Added: Sep 14
Changed: Sep 20
Last Checked: Sep 24 at 4:01PM
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 Gurney Becker & Bourne
Investment Insights
Based on property information with market context.
This 1921 duplex contains two residential units, each with three bedrooms, one bathroom, central air, generous living space, and a formal dining room. Hardwood flooring, fireplaces, built-in shelving, and substantial kitchen cabinetry add character and functionality. One bedroom in each unit includes additional space that can serve as living area or storage.
The property includes front and rear second-story porches, a two-car garage, driveway parking, a backyard, walk-up attic, and full dry basement. Hardwired smoke and carbon monoxide detectors are installed. Recent work includes a sewer-line replacement 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 North Park Avenue in Buffalo, the property is steps from Hertel Avenue shops, bars, and restaurants.
The property includes front and rear second-story porches, a two-car garage, driveway parking, a backyard, walk-up attic, and full dry basement. Hardwired smoke and carbon monoxide detectors are installed. Recent work includes a sewer-line replacement 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 North Park Avenue in Buffalo, the property is steps from Hertel Avenue shops, bars, and restaurants.
Key Highlights
- Two units, each with 3 bedrooms, 1 bathroom, and central air
- Hardwood floors, fireplaces, formal dining rooms, and built‑in shelving in both units
- Two‑car garage, 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
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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 offer hardwood floors, formal dining rooms, fireplaces, and central air.
Where is this duplex located?
The property is located at 71 North 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 units, each with 3 bedrooms, 1 bathroom, and central air; Hardwood floors, fireplaces, formal dining rooms, and built‑in shelving in both units; Two‑car garage, driveway, backyard, and front and rear second‑story porches
