Renovated Duplex with
For Sale
$179,900
81 Roberts Avenue, Buffalo, NY 14206
Two-unit property with separate utilities, an occupied lower unit, and an updated vacant upper unit.
Property Size1,732 SF
Days on Market17
Property Features for 81 Roberts Avenue
General Information
Standard status
Active
Size
1,732 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,476
Building Details
Building Size
1,732 SF
Year Built
1880
Buildings
1
Listing Agency:
Howard Hanna WNY Inc.
(716) 603-2516
Listed By:
Jason P Sokody · License #10301212761
(716) 603-2516
Source:
Highfallssir
Added: Jul 31
Changed: Aug 14
Last Checked: Aug 16 at 2:42PM
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.
This duplex, built in 1880, includes separate utilities and a 1.5-car garage. The lower unit is occupied, while the upper unit is vacant following renovations that include new paint, flooring, and an in-unit furnace. The property also offers a dry basement and glass-block windows. Additional improvements include a newer main roof, replacement windows throughout, updated electrical service, and a newer hot water tank.
Located at 81 Roberts Avenue in Buffalo, the property provides a two-unit configuration with current occupancy below and a renovated upper unit available for a new tenant or owner occupancy.
Located at 81 Roberts Avenue in Buffalo, the property provides a two-unit configuration with current occupancy below and a renovated upper unit available for a new tenant or owner occupancy.
Key Highlights
- Duplex with separate utilities and a 1.5‑car garage
- Lower unit is occupied; renovated upper unit is vacant
- Upper unit features new paint, flooring, and an in‑unit furnace
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
$15,829
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
8.80%
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%
$316,580
$316.6K
Cap Rate 7%
$226,129
$226.1K
Cap Rate 9%
$175,878
$175.9K
Market Conditions
NOI Build-Up for 1,732 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
$30.1K $17.40/SF
− Vacancy
−$1.4K −$0.78/SF
EGI
$28.8K $16.62/SF
− OpEx
−$13.0K −$7.48/SF
NOI
$15.8K $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%
$316,580
Cap Rate 7%
$226,129
Cap Rate 9%
$175,878
Alternative Uses
Best Use
Multifamily LT 5
$245.5K
$214.8K – $286.4K
NOI $17,186 @ 7.0% cap · market cap 9.55%
Second Best
Apartment 5plus
$226.1K
$197.9K – $263.8K
NOI $15,829 @ 7.0% cap · market cap 8.80%
Theoretical Best
Office A
$416.5K
$364.5K – $485.9K
NOI $29,156 @ 7.0% cap · market cap 16.21%
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
436
Businesses Nearby
Explore this area
Business Placement
Demographics for 14206, NY
21,706
Population
10,677
Households
2
Avg Household Size
38
Median Age
18%
College-Educated
87%
High-School Grad
5.0 sq mi
ZIP Area
4,341
Density / Sq Mi
$46,842
Median Household Income
$38,379
Median Earnings
$886
Median Rent
$111,600
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 - Two-unit property with separate utilities, an occupied lower unit, and an updated vacant upper unit.
Where is this duplex located?
The property is located at 81 Roberts Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Duplex with separate utilities and a 1.5‑car garage; Lower unit is occupied; renovated upper unit is vacant; Upper unit features new paint, flooring, and an in‑unit furnace
