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    1 Packard Way Lakewood, NY 14750

    View on Map
    Sponsored
    For Sale
    $100,000

    MULTI_FAMILY - Other - Lakewood, NY

    Property size:
    2,020 SF
    Lot size:
    0.14 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 17 at 7:06 am

    Property Features for 1 Packard Way

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1, Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 3, Basement
    Bedrooms
    3
    Bathrooms
    3
    APN
    062201-368-019-0001-007-000
    Exterior features
    Balcony
    Fireplace
    1
    Appliances
    GasWaterHeater
    Size
    2,020 SF
    Lot size
    0.14 Acres

    Utilities

    Heating system
    Natural Gas, Forced Air
    Water source
    Public

    Building Details

    Year built
    1930
    Floors in Building
    2
    Number of units
    2
    Building materials
    Frame
    Architectural style
    Other

    We can help!

    Listing Contact
    Rae Ellen Kyler

    Century 21 Turner Brokers (716) 763-7506

    Listing agent Rae Ellen Kyler (716) 763-7506 License #10401343841

    Listing date Mar 16, 2026

    MLS# R1666993 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Two-Family Home with Renovation Potential

    Located in Lakewood, NY, this two-family multi-unit property at One Packard Way features a three-bedroom, three-bath layout with an attached one-car garage. The property requires renovation and is being sold AS IS, with the seller making no guarantees as to its condition. The first-floor apartment includes one bedroom, a large living room, and sliding glass doors leading to a brick patio and backyard. Laundry hookups are available in each unit, and each unit has separate utilities and entryways. The upstairs apartment features two bedrooms, a spacious eat-in kitchen and dining combo, a formal living and dining area with a fireplace, and a lower-level second bath and laundry area with entry from the garage. Both apartments are accessible from the front, and the back of the home features an upper deck for the upstairs apartment. This property is near Chautauqua Lake, close to the park and beach, and tennis courts. The backyard neighbor is the local coffee shop, as well as other neighborhood small box shops. It is also close to restaurants, dining, and entertainment. The property sits on a lot of approximately 0.14 acres and has a total area of 2020 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lakewood
    County
    Chautauqua
    State
    New York
    Longitude
    -79.326924
    Latitude
    42.104948

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    FAQs

    What type of property is this?
    Duplex - Two-unit property in Lakewood, NY, requiring renovation.
    Where is this duplex located?
    The property is located at 1 Packard Way Lakewood, NY.
    What is the asking price?
    The asking price for this property is $100,000.
    What are key features of this property?
    This property features: - Two-family multi-unit property with separate utilities and entryways.; - Proximity to Chautauqua Lake, park, beach, and tennis courts.; - First-floor apartment with a brick patio and backyard access.
    (716) 904-3038
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    1 Packard Way Lakewood, NY 14750
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1 Packard Way Lakewood, NY 14750
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    We can help!
    Listing Contact
    Rae Ellen Kyler
    Real Estate License ID: 10401343841
    (716) 904-3038 (716) 763-7506
    Learn more
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