Duplex with Enclosed
For Sale
$375,500
92 French Lea Road, Buffalo, NY 14224
Side-by-side residential income property with separate basements, a two-car garage, and one unit occupied by long-term tenants.
Property Size2,296 SF
Days on Market17
Property Features for 92 French Lea Road
General Information
Standard status
Active
Size
2,296 SF
Total Parking Spaces
2
Elevators
No
Property subtype
Multi Family Home
Zoning
Residential 2 Unit
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Additional Details
Furnished
No
Taxes and HOA fees
Annual Taxes
$7,608
Building Details
Building Size
2,296 SF
Year Built
1965
Buildings
1
Stories
2
Units
2
Tenancy
Mixed
Listing Agency:
Chubb-Aubrey Leonard Real Estate
(716) 912-9255
Listed By:
Ann J Caruana · License #30CA0409387
(716) 912-9255
Source:
Wcirealty
Added: Jul 29
Changed: Aug 9
Last Checked: Aug 13 at 12:10PM
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 Chubb-Aubrey Leonard Real Estate
Investment Insights
Based on property information with market context.
This side-by-side duplex was built in 1965 and includes two three-bedroom, one-and-a-half-bath units. Each residence has its own basement for storage and laundry, while the property also features vinyl siding, a two-car garage with openers, and an enclosed sunroom spanning the rear. A shaded backyard adds outdoor space, and invisible fencing is installed.
The left unit has long-term tenants in place, while the property has been owner-occupied. Recent updates include replacement of the house roof in (17), garage roof in (16), sewer line from the house to the road in (2), and all shut-offs in (1). The left unit also has a new hot water tank. The property is zoned Residential 2 Unit and is located on French Lea Road in Buffalo, near shopping, dining, and east highway access, with proximity to West Seneca East Schools.
The left unit has long-term tenants in place, while the property has been owner-occupied. Recent updates include replacement of the house roof in (17), garage roof in (16), sewer line from the house to the road in (2), and all shut-offs in (1). The left unit also has a new hot water tank. The property is zoned Residential 2 Unit and is located on French Lea Road in Buffalo, near shopping, dining, and east highway access, with proximity to West Seneca East Schools.
Key Highlights
- Two side‑by‑side units, each with 3 bedrooms and 1.5 baths
- Separate basement for storage and laundry serving each unit
- Enclosed rear sunroom, shaded backyard, and invisible fencing
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
$22,782
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
6.07%
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%
$455,640
$455.6K
Cap Rate 7%
$325,457
$325.5K
Cap Rate 9%
$253,133
$253.1K
Market Conditions
NOI Build-Up for 2,296 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
$34.4K $15.00/SF
− Vacancy
−$1.9K −$0.83/SF
EGI
$32.5K $14.17/SF
− OpEx
−$9.8K −$4.25/SF
NOI
$22.8K $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%
$455,640
Cap Rate 7%
$325,457
Cap Rate 9%
$253,133
Alternative Uses
Best Use
Multifamily LT 5
$325.5K
$284.8K – $379.7K
NOI $22,782 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$299.8K
$262.3K – $349.7K
NOI $20,984 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$552.1K
$483.1K – $644.2K
NOI $38,650 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Mixed-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Explore this area
Business Placement
Demographics for 14224, NY
40,736
Population
19,286
Households
2.1
Avg Household Size
46
Median Age
33%
College-Educated
95%
High-School Grad
20.2 sq mi
ZIP Area
2,017
Density / Sq Mi
$76,250
Median Household Income
$49,824
Median Earnings
$1,077
Median Rent
$219,800
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 - Side-by-side residential income property with separate basements, a two-car garage, and one unit occupied by long-term tenants.
Where is this duplex located?
The property is located at 92 French Lea Road Buffalo, NY.
What is the asking price?
The asking price for this property is $375,500.
What are key features of this property?
This property features: Two side‑by‑side units, each with 3 bedrooms and 1.5 baths; Separate basement for storage and laundry serving each unit; Enclosed rear sunroom, shaded backyard, and invisible fencing
