Two-Unit
New
For Sale
$259,000
97 Merrimac Street, Buffalo, NY 14214
Two apartments offer a five-bedroom lower layout and a four-bedroom upper layout, with additional storage and a basement bathroom.
Property Size2,250 SF
Days on Market6
Property Features for 97 Merrimac Street
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Duplex
Units
Unit Mix
1 x 5BR, 1 x 4BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,445
Amenities
new driveway
attic and basement storage
full bathroom in basement
Building Details
Building Size
2,250 SF
Year Built
1920
Listing Agency:
Keller Williams Realty WNY
Listed By:
Thejan Kodituwakku · License #10401342241
(716) 292-8756
Source:
Highfallssir
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 6 at 12:11AM
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 Keller Williams Realty WNY
Investment Insights
Based on property information with market context.
This Buffalo duplex contains two apartments with nine bedrooms in total. The lower unit has five bedrooms, while the upper unit has four; all are legal bedrooms approved by the City of Buffalo. A full bathroom and storage space are located in the basement, with additional storage in the attic. The property also has a new driveway.
The property is near the University at Buffalo, Main Street, and everyday amenities. A projected cap rate exceeds 12%, subject to actual income and expenses.
The property is near the University at Buffalo, Main Street, and everyday amenities. A projected cap rate exceeds 12%, subject to actual income and expenses.
Key Highlights
- Two apartments with nine legal bedrooms: five downstairs and four upstairs
- Bedrooms approved by the City of Buffalo
- Basement includes a full bathroom and storage; additional storage is available in the attic
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,326
Cap Rate
8.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$446,520
$446.5K
Cap Rate 7%
$318,943
$318.9K
Cap Rate 9%
$248,067
$248.1K
Market Conditions
NOI Build-Up for 2,250 SF
Gross rent
$33.8K $15.00/SF
− Vacancy
−$1.9K −$0.83/SF
EGI
$31.9K $14.17/SF
− OpEx
−$9.6K −$4.25/SF
NOI
$22.3K $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 Rate 5%
$446,520
Cap Rate 7%
$318,943
Cap Rate 9%
$248,067
Alternative Uses
Best Use
Multifamily LT 5
$318.9K
$279.1K – $372.1K
NOI $22,326 @ 7.0% cap · market cap 8.62%
Second Best
Apartment 5plus
$293.8K
$257.1K – $342.7K
NOI $20,564 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$541.1K
$473.5K – $631.3K
NOI $37,876 @ 7.0% cap · market cap 14.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
934
Businesses Nearby
Explore this area
Business Placement
Demographics for 14214, NY
20,732
Population
9,280
Households
2.2
Avg Household Size
32
Median Age
46%
College-Educated
90%
High-School Grad
3.3 sq mi
ZIP Area
6,282
Density / Sq Mi
$56,573
Median Household Income
$29,928
Median Earnings
$1,072
Median Rent
$234,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two apartments offer a five-bedroom lower layout and a four-bedroom upper layout, with additional storage and a basement bathroom.
Where is this duplex located?
The property is located at 97 Merrimac Street Buffalo, NY.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: Two apartments with nine legal bedrooms: five downstairs and four upstairs; Bedrooms approved by the City of Buffalo; Basement includes a full bathroom and storage; additional storage is available in the attic
