Brick Duplex With Fenced
For Sale
$254,900
87 Merrimac Street, Buffalo, NY 14214
Two-unit residential property with separate living areas, a full basement, and a one-car garage.
Property Size1,872 SF
Price / SF$136.16
Days on Market133
Property Features for 87 Merrimac Street
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,610
Amenities
Gas, Ceiling Fan(s)
Full
3
Hardwood, Tile, Carpet
Full, Brick Wall
Fenced Yard.
1 Garage Spaces.
Brick, Frame
Rectangular
60X115
City Road, Rectangular.
Building Details
Year Built
1920
Construction
brick
Listing Agency:
HUNT Real Estate Corporation
(716) 401-9200
Listed By:
Crystal Moye · License #10401385111
(716) 401-9200
Source:
Xome
Added: Apr 21
Changed: Aug 29
Last Checked: Aug 30 at 1:39PM
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 HUNT Real Estate Corporation
Investment Insights
Based on property information with market context.
Built in 1920, this duplex is a brick-and-frame residential property with separate living areas, five bedrooms, and two bathrooms. Interior features include gas service, ceiling fans, and a combination of hardwood, tile, and carpet finishes. The property also includes a full basement and a one-car garage.
The rectangular parcel measures 60X115 and includes a fenced yard along a city road. Its Buffalo location is near University Heights, schools, public transportation, shopping, and major roadways. The two-unit configuration supports both owner-occupancy and rental use, subject to applicable requirements.
The rectangular parcel measures 60X115 and includes a fenced yard along a city road. Its Buffalo location is near University Heights, schools, public transportation, shopping, and major roadways. The two-unit configuration supports both owner-occupancy and rental use, subject to applicable requirements.
Key Highlights
- Duplex configuration with separate living areas
- Five bedrooms and two bathrooms
- Brick‑and‑frame construction built in 1920
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
$18,575
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
7.29%
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%
$371,500
$371.5K
Cap Rate 7%
$265,357
$265.4K
Cap Rate 9%
$206,389
$206.4K
Market Conditions
NOI Build-Up for 1,872 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
$28.1K $15.00/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$26.5K $14.17/SF
− OpEx
−$8.0K −$4.25/SF
NOI
$18.6K $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%
$371,500
Cap Rate 7%
$265,357
Cap Rate 9%
$206,389
Alternative Uses
Best Use
Multifamily LT 5
$265.4K
$232.2K – $309.6K
NOI $18,575 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$244.4K
$213.9K – $285.2K
NOI $17,109 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$450.2K
$393.9K – $525.2K
NOI $31,512 @ 7.0% cap · market cap 12.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
934
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with separate living areas, a full basement, and a one-car garage.
Where is this duplex located?
The property is located at 87 Merrimac Street Buffalo, NY.
What is the asking price?
The asking price for this property is $254,900.
What are key features of this property?
This property features: Duplex configuration with separate living areas; Five bedrooms and two bathrooms; Brick‑and‑frame construction built in 1920
