Two-Unit Duplex with
For Sale
$199,900
81 Philadelphia Street, Buffalo, NY 14207
Vinyl-sided duplex with spacious floor plans, large kitchens, and outdoor yard space.
Property Size1,986 SF
Days on Market155
Property Features for 81 Philadelphia Street
General Information
Standard status
Active
Size
1,986 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,877
Building Details
Building Size
1,986 SF
Year Built
1922
Listing Agency:
Howard Hanna WNY Inc.
(716) 533-3368
Listed By:
Musa Alamari · License #10401301846
(716) 533-3368
Source:
Highfallssir
Added: Mar 24
Changed: Aug 22
Last Checked: Aug 24 at 1:55PM
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 Howard Hanna WNY Inc.
Investment Insights
Based on property information with market context.
Built in 1922, this duplex contains two residential units, each arranged with two bedrooms and one full bathroom. Both apartments provide spacious living areas along with generously sized kitchens that accommodate dining and storage needs. Durable vinyl siding covers the exterior, while the property includes a yard for outdoor use.
Positioned on a neighborhood street in Buffalo, the configuration may suit an owner-occupant or an investor seeking a two-unit residential property.
Positioned on a neighborhood street in Buffalo, the configuration may suit an owner-occupant or an investor seeking a two-unit residential property.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit
- Large kitchens in both units provide dining and storage space
- Durable vinyl siding exterior
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
$18,151
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
9.08%
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%
$363,020
$363.0K
Cap Rate 7%
$259,300
$259.3K
Cap Rate 9%
$201,678
$201.7K
Market Conditions
NOI Build-Up for 1,986 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
$34.6K $17.40/SF
− Vacancy
−$1.6K −$0.78/SF
EGI
$33.0K $16.62/SF
− OpEx
−$14.9K −$7.48/SF
NOI
$18.2K $9.14/SF
Area
Buffalo, NY
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$363,020
Cap Rate 7%
$259,300
Cap Rate 9%
$201,678
Alternative Uses
Best Use
Multifamily LT 5
$281.5K
$246.3K – $328.4K
NOI $19,706 @ 7.0% cap · market cap 9.86%
Second Best
Apartment 5plus
$259.3K
$226.9K – $302.5K
NOI $18,151 @ 7.0% cap · market cap 9.08%
Theoretical Best
Office A
$477.6K
$417.9K – $557.2K
NOI $33,432 @ 7.0% cap · market cap 16.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
647
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 - Vinyl-sided duplex with spacious floor plans, large kitchens, and outdoor yard space.
Where is this duplex located?
The property is located at 81 Philadelphia Street Buffalo, NY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit; Large kitchens in both units provide dining and storage space; Durable vinyl siding exterior
