Renovated Duplex with Full
For Sale
$199,900
89 Andover Avenue, Buffalo, NY 14215
Two-floor residential layout near the University at Buffalo’s South Campus, with separate living, dining, kitchen, and bath areas on each floor.
Property Size1,867 SF
Days on Market76
Property Features for 89 Andover Avenue
General Information
Standard status
Active
Size
1,867 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$1,805
Building Details
Building Size
1,867 SF
Year Built
1923
Buildings
1
Listing Agency:
Keller Williams Realty WNY
(716) 946-2700
Listed By:
Syed J Rizvi · License #10401279412
(716) 946-2700
Source:
Highfallssir
Added: May 31
Changed: Aug 13
Last Checked: Aug 13 at 3:06AM
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 Keller Williams Realty WNY
Investment Insights
Based on property information with market context.
This duplex, built in 1923, provides a two-floor residential configuration with two bedrooms, a living-dining combination, a kitchen, and one full bathroom on each floor. The property has been recently renovated and includes numerous newer windows, a full basement, and an electric circuit-breaker system.
Located minutes from the University at Buffalo’s South Campus, the property also features a dry, clean basement and a roof noted in the property information. The floor-by-floor layout offers consistent residential functionality across both levels.
Located minutes from the University at Buffalo’s South Campus, the property also features a dry, clean basement and a roof noted in the property information. The floor-by-floor layout offers consistent residential functionality across both levels.
Key Highlights
- Two bedrooms, living‑dining combination, kitchen, and one full bath on each floor
- Recently renovated duplex built in 1923
- Full basement described as dry and clean
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
$17,063
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
8.54%
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%
$341,260
$341.3K
Cap Rate 7%
$243,757
$243.8K
Cap Rate 9%
$189,589
$189.6K
Market Conditions
NOI Build-Up for 1,867 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
$32.5K $17.40/SF
− Vacancy
−$1.5K −$0.78/SF
EGI
$31.0K $16.62/SF
− OpEx
−$14.0K −$7.48/SF
NOI
$17.1K $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%
$341,260
Cap Rate 7%
$243,757
Cap Rate 9%
$189,589
Alternative Uses
Best Use
Multifamily LT 5
$264.6K
$231.6K – $308.8K
NOI $18,525 @ 7.0% cap · market cap 9.27%
Second Best
Apartment 5plus
$243.8K
$213.3K – $284.4K
NOI $17,063 @ 7.0% cap · market cap 8.54%
Theoretical Best
Office A
$449.0K
$392.9K – $523.8K
NOI $31,428 @ 7.0% cap · market cap 15.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
682
Businesses Nearby
Explore this area
Business Placement
Demographics for 14215, NY
42,447
Population
19,203
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
87%
High-School Grad
4.8 sq mi
ZIP Area
8,843
Density / Sq Mi
$43,326
Median Household Income
$29,204
Median Earnings
$993
Median Rent
$102,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-floor residential layout near the University at Buffalo’s South Campus, with separate living, dining, kitchen, and bath areas on each floor.
Where is this duplex located?
The property is located at 89 Andover Avenue 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 bedrooms, living‑dining combination, kitchen, and one full bath on each floor; Recently renovated duplex built in 1923; Full basement described as dry and clean
