531 Park Avenue

About this home

531 South Park Avenue, Buffalo, NY 14204 Competitively priced value add This is a classic two-family duplex (upper/lower) built in 1910 in Buffalo's First Ward neighborhood along South Park Avenue. The property offers a hefty 2,982 sq ft of living space on a 6,300 sq ft lot (0.14 acres), with separate utilities (boilers) typical for these older multi-family homes. Key highlights for investors:Upper unit is currently tenanted for $1200 per month— providing immediate rental income and cash flow from day one. Lower unit requires rehab — offering strong value-add potential through cosmetic and mechanical updates to bring it to market rents. Solid bones in a location near South Park, with access to Buffalo's revitalizing areas, public transit, and amenities. The neighborhood shows ongoing interest from investors in multi-family properties. Low property taxes (recent assessment around $140,000 total, with taxes historically modest at a few hundred dollars annually). This property suits a hands-on investor or rehabber looking for a turnkey partial cash-flow play with upside from stabilizing the lower unit. Once both units are fully renovated and leased, it could deliver attractive returns in Buffalo's rental market. Potential returns: Buffalo multi-family cap rates generally range 6–8%+ for value-add properties in this segment. Rents in the broader South Buffalo/First Ward area average ~$1,100–$1,600+ per unit for 2–3 bed setups (upper unit likely in that ballpark). Post-rehab, stabilized gross rents could approach $2,400–$3,200/month, supporting solid cash-on-cash once stabilized.

Appliances

• Gas Water Heater

Mechanical

Schools

Tax & finance

Location

Buffalo, NY 14204 · Erie County

Open in Google Maps ↗