Renovated Two-Unit
For Sale
$199,900
Pending
89 Andover Avenue, Buffalo, NY 14215
Residential, Buffalo, NY
Property Size1,867 SF
Lot Size0.09 Acres
Days on Market96
Property Features for 89 Andover Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 2, Basement, Bedroom 1, Bathroom 2
Interior features
Attic
Appliances
GasWaterHeater
Lot features
Pie Shaped Lot, Near Public Transit, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
bailey to Andover
Subdivision
Buffalo City-140200
Standard status
Pending
APN
140200-090-480-0002-025-000
Size
1,867 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
1805
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1923
Floors in Building
1
Number of units
2
Flooring type
Hardwood, Varies, Vinyl
Building materials
VinylSiding
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Syed J Rizvi · License #10401279412
(716) 946-2700
Added: May 31
Changed: Sep 3
Last Checked: Sep 3 at 7:06AM
MLS# B1686176
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,867-square-foot duplex, built in 1923, has been recently renovated and is arranged with a two-bedroom residence on each floor. Both levels include a living-dining combination, kitchen, and one full bathroom. The property also features a full basement, an attic, vinyl siding, and a mix of vinyl and hardwood flooring. Forced-air heating is powered by natural gas, with a gas water heater and public water service. Many windows have been replaced, and the roof is described as being in good condition. The basement is dry and includes an electric circuit breaker system.
The property occupies 0.0911 acres in Buffalo, New York, near the South Campus of the University at Buffalo. Its residential configuration, separate floor layouts, and basement provide a clear two-unit arrangement within an established multifamily house.
The property occupies 0.0911 acres in Buffalo, New York, near the South Campus of the University at Buffalo. Its residential configuration, separate floor layouts, and basement provide a clear two-unit arrangement within an established multifamily house.
Key Highlights
- 1,867‑square‑foot duplex on a 0.0911‑acre lot
- Two bedrooms, living‑dining area, kitchen, and full bath on each floor
- Recently renovated with many newer windows
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
Lease Details
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Duplex - Each floor offers two bedrooms, a living-dining area, kitchen, and full bath.
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: 1,867‑square‑foot duplex on a 0.0911‑acre lot; Two bedrooms, living‑dining area, kitchen, and full bath on each floor; Recently renovated with many newer windows
