Two-Unit Duplex with
New
For Sale
$279,900
933 Starin Avenue, Buffalo, NY 14223
Residential, Buffalo, NY
Property Size2,254 SF
Lot Size0.10 Acres
Price / SF$124.18
Days on Market7
Property Features for 933 Starin Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Basement, Bedroom 5, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 6, Bedroom 3
Exterior features
Balcony, Fence
Fencing
Fenced
Appliances
GasWaterHeater
Subdivision
Town/Tonawanda
Lot features
Near Public Transit, Rectangular, Rectangular Lot
Elementary school district
Kenmore-Tonawanda Union Free District
Middle school district
Kenmore-Tonawanda Union Free District
High school district
Kenmore-Tonawanda Union Free District
Directions
From Englewood, North on Starin
Standard status
Active
APN
146489-066-830-0004-002-000
Size
2,254 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
5550
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
patio
Building Details
Year built
1932
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Laminate, Varies
Building materials
Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Buffalo Home Sellers LLC
(716) 471-9266
Listed By:
Matthew J Quagliano · License #40QU0743308
(716) 689-8100
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 22 at 7:06AM
MLS# B1715832
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.
Built in 1932, this 2,254-square-foot frame duplex contains two residential units with three bedrooms per unit. Both residences feature traditional layouts with bright living rooms, formal dining rooms, hardwood floors, and updated kitchen and bathroom areas. Most windows have been updated, and the interiors and exterior have been recently painted.
The property includes a patio, fenced outdoor space, and a wide treed yard. Separate modern utilities serve each unit, with natural gas forced-air heating and public water. An asphalt roof, gas water heating, and a basement add to the existing improvements. The site also provides parking and includes balcony features.
The property includes a patio, fenced outdoor space, and a wide treed yard. Separate modern utilities serve each unit, with natural gas forced-air heating and public water. An asphalt roof, gas water heating, and a basement add to the existing improvements. The site also provides parking and includes balcony features.
Key Highlights
- 2,254‑square‑foot duplex built in 1932
- Two units, each with three bedrooms
- Separate modern utilities for each residence
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
$22,365
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
7.99%
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%
$447,300
$447.3K
Cap Rate 7%
$319,500
$319.5K
Cap Rate 9%
$248,500
$248.5K
Market Conditions
NOI Build-Up for 2,254 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
$33.8K $15.00/SF
− Vacancy
−$1.9K −$0.83/SF
EGI
$32.0K $14.17/SF
− OpEx
−$9.6K −$4.25/SF
NOI
$22.4K $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%
$447,300
Cap Rate 7%
$319,500
Cap Rate 9%
$248,500
Alternative Uses
Best Use
Multifamily LT 5
$319.5K
$279.6K – $372.8K
NOI $22,365 @ 7.0% cap · market cap 7.99%
Second Best
Apartment 5plus
$294.3K
$257.5K – $343.3K
NOI $20,600 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$542.0K
$474.3K – $632.4K
NOI $37,943 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 14223, NY
22,658
Population
10,586
Households
2.1
Avg Household Size
41
Median Age
44%
College-Educated
97%
High-School Grad
3.5 sq mi
ZIP Area
6,474
Density / Sq Mi
$83,528
Median Household Income
$49,835
Median Earnings
$976
Median Rent
$202,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer three-bedroom layouts, separate utilities, hardwood flooring, and updated windows, kitchens, and bathrooms.
Where is this duplex located?
The property is located at 933 Starin Avenue Buffalo, NY.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 2,254‑square‑foot duplex built in 1932; Two units, each with three bedrooms; Separate modern utilities for each residence
