Two-Unit Duplex with
New
For Sale
$259,000
97 Merrimac Street, Buffalo, NY 14214
Residential, Buffalo, NY
Property Size2,250 SF
Lot Size0.08 Acres
Price / SF$115.11
Days on Market1
Property Features for 97 Merrimac Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 9, Bedroom 8, Bedroom 6, Bedroom 5, Bathroom 3, Basement, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 7, Bedroom 1, Bedroom 4
Exterior features
Balcony
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Buffalo
Middle school district
Buffalo
High school district
Buffalo
Subdivision
Buffalo City-140200
Standard status
Active
APN
140200-079-460-0006-025-000
Size
2,250 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
2445
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
driveway
attic and basement storage
basement bathroom
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Varies, Hardwood, Carpet, Tile
Building materials
VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Thejan Kodituwakku · License #10401342241
(716) 292-8756
Added: Oct 1
Last Checked: Oct 1 at 8:06PM
MLS# B1718331
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 2,250-square-foot duplex, built in 1920, contains two apartments with nine bedrooms in total. The lower unit has five bedrooms and the upper has four; all are legally approved bedrooms. A balcony, basement bathroom, and storage in both the basement and attic add to the building’s features. The property sits on a 0.0792-acre lot and includes a new driveway.
The Buffalo address is close to the University at Buffalo, Main Street, and everyday amenities. The public water supply, natural gas forced-air heating, and varied flooring are additional property details. A projected cap rate above 12% is cited, subject to actual income and expenses.
The Buffalo address is close to the University at Buffalo, Main Street, and everyday amenities. The public water supply, natural gas forced-air heating, and varied flooring are additional property details. A projected cap rate above 12% is cited, subject to actual income and expenses.
Key Highlights
- Two apartments: five bedrooms downstairs and four upstairs
- All nine bedrooms are legally approved by the City of Buffalo
- 2,250 square feet on a 0.0792‑acre lot
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
$22,326
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
8.62%
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%
$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
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
$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 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%
$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
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 apartments provide separate five- and four-bedroom layouts, with additional storage in the attic and basement.
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: five bedrooms downstairs and four upstairs; All nine bedrooms are legally approved by the City of Buffalo; 2,250 square feet on a 0.0792‑acre lot
