Updated Duplex with
For Sale
$324,900
Pending
13 Banner Avenue, Lancaster, NY 14086
Residential, Lancaster, NY
Property Size1,820 SF
Lot Size0.23 Acres
Days on Market22
Property Features for 13 Banner Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 4, Basement
Parking features
Open
Appliances
GasWaterHeater
Subdivision
Baithaser Sub
Lot features
Rectangular, Rectangular Lot, Residential Lot
Middle school
Lancaster Middle
High school
Lancaster High
Elementary school district
Lancaster
Middle school district
Lancaster
High school district
Lancaster
Directions
Transit Road to Broadway. North on Central . Turn Right on Erie Street and Left on Banner.
Standard status
Pending
APN
145203-104-160-0009-026-000
Size
1,820 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
6753
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
updated common area
large backyard
Building Details
Year built
1975
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl, Varies
Building materials
CompositeSiding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty WNY
(716) 832-3300
Listed By:
Dalton Reynolds · License #10401342408
(716) 352-8679
Added: Jul 30
Changed: Aug 20
Last Checked: Aug 20 at 4:06AM
MLS# B1702733
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.
Located at 13 Banner Avenue in Lancaster, this 1,820-square-foot duplex contains two 910-square-foot apartments. Each unit offers an eat-in kitchen, updated bathroom, laundry hookups, and separate utilities. The property also includes a basement, an attached two-car garage with backyard access, and a shared interior area. Kitchens in both apartments were replaced in 2023, while the upper bathroom received a full remodel during the same year. Kitchen appliances are included. Built in 1975, the building has composite siding, a shingle roof, natural-gas forced-air heat, public water, and mixed carpet and vinyl flooring. The roof is approximately six years old.
Key Highlights
- Two 910‑square‑foot apartments within a 1,820‑square‑foot duplex
- Both kitchens replaced in 2023; upper bathroom remodeled in 2023
- Attached two‑car garage with access to the backyard
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
$11,702
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
3.60%
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%
$234,040
$234.0K
Cap Rate 7%
$167,171
$167.2K
Cap Rate 9%
$130,022
$130.0K
Market Conditions
NOI Build-Up for 1,820 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
$25.1K $13.80/SF
− Vacancy
−$8.4K −$4.61/SF
EGI
$16.7K $9.19/SF
− OpEx
−$5.0K −$2.76/SF
NOI
$11.7K $6.43/SF
Area
Erie County, NY
Vacancy
33.44%
Lease Rate
$13.80 /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%
$234,040
Cap Rate 7%
$167,171
Cap Rate 9%
$130,022
Alternative Uses
Best Use
Multifamily LT 5
$167.2K
$146.3K – $195.0K
NOI $11,702 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$150.1K
$131.4K – $175.1K
NOI $10,508 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$397.9K
$348.1K – $464.2K
NOI $27,850 @ 7.0% cap · market cap 8.57%
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
470
Businesses Nearby
Explore this area
Business Placement
Demographics for 14086, NY
35,010
Population
15,486
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
95%
High-School Grad
33.3 sq mi
ZIP Area
1,051
Density / Sq Mi
$95,949
Median Household Income
$53,164
Median Earnings
$983
Median Rent
$263,600
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 refreshed kitchens, separate utilities, basement storage, and backyard access.
Where is this duplex located?
The property is located at 13 Banner Avenue Lancaster, NY.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Two 910‑square‑foot apartments within a 1,820‑square‑foot duplex; Both kitchens replaced in 2023; upper bathroom remodeled in 2023; Attached two‑car garage with access to the backyard
