Updated Duplex With Three-Car
New
For Sale
$369,900
965 Amherst Street, Buffalo, NY 14216
Residential, Buffalo, NY
Property Size3,523 SF
Lot Size0.13 Acres
Price / SF$104
Days on Market5
Property Features for 965 Amherst Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 5, Basement, Bathroom 2, Bedroom 6, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 3
Patio and Porch features
Porch
Exterior features
EnclosedPorch, Fence, Porch
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Directions
Delaware ave to Amherst street
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-089-060-0001-021-000
Size
3,523 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
5235
Utilities
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
enclosed front porch
private upper porch
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Varies, Laminate, Tile, Hardwood
Building materials
AtticCrawlHatchwaysInsulated, Brick, ShakeSiding, PexPlumbing
Roof type
Shingle
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 875-2211
Listed By:
Barbara J Castillo · License #10401243077
(716) 597-3690
Added: Aug 20
Changed: Aug 23
Last Checked: Aug 24 at 1:06AM
MLS# B1707526
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 1920 duplex contains 3,523 square feet on a 0.1253-acre lot, with two substantial residential units and additional finished areas. The lower residence includes three bedrooms, 1.5 baths, a formal dining room, eat-in kitchen, enclosed front porch, hardwood flooring, and finished basement space. The upper unit offers three bedrooms, one bath, refinished hardwood floors, a private porch, and two finished third-floor rooms suitable for flexible use. Appliances include a gas water heater, and the property has public water service, natural gas hot-water heating, shingle roofing, and mixed hardwood, tile, and laminate flooring.
Major improvements include exterior painting in 2026, PEX plumbing throughout in 2022, roof replacement and gutters in 2018, upgraded electrical service and apartment subpanels in 2018, chimney and foundation work in 2017, and new main water and sewer lines installed in 2014. A detached three-car garage, fencing, enclosed porch, and separate utilities add practical functionality.
Major improvements include exterior painting in 2026, PEX plumbing throughout in 2022, roof replacement and gutters in 2018, upgraded electrical service and apartment subpanels in 2018, chimney and foundation work in 2017, and new main water and sewer lines installed in 2014. A detached three-car garage, fencing, enclosed porch, and separate utilities add practical functionality.
Key Highlights
- 3,523‑square‑foot duplex on a 0.1253‑acre lot
- Two units with three bedrooms each; lower unit has 1.5 baths and upper unit has 1 bath
- Detached 3 car garage with separate utilities
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-unit property with separate utilities, finished bonus areas, porches, and a fenced lot in Buffalo’s 14216 postal area.
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: 3,523‑square‑foot duplex on a 0.1253‑acre lot; Two units with three bedrooms each; lower unit has 1.5 baths and upper unit has 1 bath; Detached 3 car garage with separate utilities
