Hardwood-Floored
For Sale
$349,000
940 LAFAYETTE AVE, Buffalo, NY 14209
Two spacious residential units with porches, parking, and recent system improvements near Buffalo destinations.
Property Size2,544 SF
Price / SF$137.19
Days on Market142
Property Features for 940 LAFAYETTE AVE
General Information
Standard status
Active
Size
2,544 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$3,718
Amenities
Gas
Full
3
Hardwood, Vinyl, Carpet
Natural Woodwork, Storage
Full, Partial
Porch, Covered, Open
Storage Area. Fenced Yard.
Concrete Driveway.
Wood
Rectangular
35X92
Trash Collection, Extra Storage. City Road, Rectangular.
Building Details
Year Built
1910
Listing Agency:
HUNT Real Estate Corporation
(716) 400-4295
Listed By:
Timothy Ranallo · License #40RA0947411
(716) 400-4295
Source:
Xome
Added: Apr 12
Changed: Aug 31
Last Checked: Aug 31 at 1:25PM
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.
This 2,544-square-foot duplex, built in 1910, contains upper and lower residences with a 3/3 configuration. Each unit offers a living room, formal dining room, bedrooms, kitchen, bathroom, and hardwood flooring, with additional vinyl and carpet finishes. Natural woodwork and storage details add character, while a full dry basement provides supplemental space.
The property includes front porches, a fenced yard, a concrete driveway, and a parking pad. Improvements include a newer tear-off roof, replacement windows, updated furnaces and electrical systems, and a 5-year-old concrete driveway. Its Buffalo setting places the home near Elmwood Village, Canisius College, and Downtown Buffalo.
The property includes front porches, a fenced yard, a concrete driveway, and a parking pad. Improvements include a newer tear-off roof, replacement windows, updated furnaces and electrical systems, and a 5-year-old concrete driveway. Its Buffalo setting places the home near Elmwood Village, Canisius College, and Downtown Buffalo.
Key Highlights
- 2,544 SF duplex on a 35X92 rectangular lot
- 3/3 double with upper and lower units
- Hardwood floors, formal dining rooms, natural woodwork, and storage
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
$25,243
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
7.23%
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%
$504,860
$504.9K
Cap Rate 7%
$360,614
$360.6K
Cap Rate 9%
$280,478
$280.5K
Market Conditions
NOI Build-Up for 2,544 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
$38.2K $15.00/SF
− Vacancy
−$2.1K −$0.83/SF
EGI
$36.1K $14.17/SF
− OpEx
−$10.8K −$4.25/SF
NOI
$25.2K $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%
$504,860
Cap Rate 7%
$360,614
Cap Rate 9%
$280,478
Alternative Uses
Best Use
Multifamily LT 5
$360.6K
$315.5K – $420.7K
NOI $25,243 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$332.2K
$290.6K – $387.5K
NOI $23,251 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$611.8K
$535.3K – $713.8K
NOI $42,825 @ 7.0% cap · market cap 12.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
Explore this area
Business Placement
Demographics for 14209, NY
8,251
Population
4,729
Households
1.7
Avg Household Size
39
Median Age
46%
College-Educated
90%
High-School Grad
1.0 sq mi
ZIP Area
8,251
Density / Sq Mi
$49,359
Median Household Income
$33,329
Median Earnings
$1,025
Median Rent
$408,600
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 spacious residential units with porches, parking, and recent system improvements near Buffalo destinations.
Where is this duplex located?
The property is located at 940 LAFAYETTE AVE Buffalo, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 2,544 SF duplex on a 35X92 rectangular lot; 3/3 double with upper and lower units; Hardwood floors, formal dining rooms, natural woodwork, and storage
