Updated Two-Family
New
For Sale
$369,900
965 Amherst Street, Buffalo, NY 14216
Two spacious apartments feature porches, finished supplemental rooms, and separate utilities.
Property Size3,523 SF
Days on Market5
Property Features for 965 Amherst Street
General Information
Standard status
Active
Size
3,523 SF
Total Parking Spaces
3
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$5,235
Amenities
enclosed front porch
private upper porch
finished basement
Building Details
Building Size
3,523 SF
Year Built
1920
Listing Agency:
WNY Metro Roberts Realty
(716) 597-3690
Listed By:
Barbara J Castillo · License #10401243077
(716) 597-3690
Source:
Highfallssir
Added: Aug 20
Changed: Aug 24
Last Checked: Aug 23 at 8:20AM
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 WNY Metro Roberts Realty
Investment Insights
Based on property information with market context.
Built in 1920, this two-family duplex at 965 Amherst Street includes two three-bedroom apartments with distinct layouts and additional finished space. The lower residence offers 1.5 baths, a formal dining room, an eat-in kitchen with appliances, an enclosed front porch with leaded glass transom windows, and finished basement space. The upper apartment includes one bath, refinished hardwood floors, a private upper porch, and two finished rooms on the third floor.
Major improvements include exterior painting in 2026, full PEX plumbing installed in 2022, a complete tear-off roof on the house and detached garage in 2018, upgraded electrical service with apartment subpanels in 2018, chimney and foundation work in 2017, and new main water and sewer lines installed in 2014. The property also has separate utilities and a detached 3-car garage.
Major improvements include exterior painting in 2026, full PEX plumbing installed in 2022, a complete tear-off roof on the house and detached garage in 2018, upgraded electrical service with apartment subpanels in 2018, chimney and foundation work in 2017, and new main water and sewer lines installed in 2014. The property also has separate utilities and a detached 3-car garage.
Key Highlights
- Two apartments, each with 3 bedrooms; lower unit has 1.5 baths and upper unit has 1 bath
- Detached 3‑car garage with a complete tear‑off roof completed in 2018
- Full PEX plumbing throughout installed in 2022
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
$32,198
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
8.70%
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%
$643,960
$644.0K
Cap Rate 7%
$459,971
$460.0K
Cap Rate 9%
$357,756
$357.8K
Market Conditions
NOI Build-Up for 3,523 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
$61.3K $17.40/SF
− Vacancy
−$2.8K −$0.78/SF
EGI
$58.5K $16.62/SF
− OpEx
−$26.3K −$7.48/SF
NOI
$32.2K $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%
$643,960
Cap Rate 7%
$459,971
Cap Rate 9%
$357,756
Alternative Uses
Best Use
Multifamily LT 5
$499.4K
$437.0K – $582.6K
NOI $34,957 @ 7.0% cap · market cap 9.45%
Second Best
Apartment 5plus
$460.0K
$402.5K – $536.6K
NOI $32,198 @ 7.0% cap · market cap 8.70%
Theoretical Best
Office A
$847.2K
$741.3K – $988.4K
NOI $59,305 @ 7.0% cap · market cap 16.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
903
Businesses Nearby
Explore this area
Business Placement
Demographics for 14216, NY
22,979
Population
12,773
Households
1.8
Avg Household Size
37
Median Age
54%
College-Educated
94%
High-School Grad
2.8 sq mi
ZIP Area
8,207
Density / Sq Mi
$70,260
Median Household Income
$47,823
Median Earnings
$1,152
Median Rent
$260,700
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 apartments feature porches, finished supplemental rooms, and separate utilities.
Where is this duplex located?
The property is located at 965 Amherst Street Buffalo, NY.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Two apartments, each with 3 bedrooms; lower unit has 1.5 baths and upper unit has 1 bath; Detached 3‑car garage with a complete tear‑off roof completed in 2018; Full PEX plumbing throughout installed in 2022
