Two-Unit Duplex with Full
For Sale
$159,999
2217 Falls Street, Niagara Falls, NY 14303
Residential, Niagara Falls, NY
Property Size1,360 SF
Lot Size0.14 Acres
Price / SF$117.65
Days on Market42
Property Features for 2217 Falls Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 5
Parking features
Garage
Appliances
GasWaterHeater
Subdivision
Niagara Home Land Co
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Niagara Falls
Middle school district
Niagara Falls
High school district
Niagara Falls
Standard status
Active
APN
291100-159-049-0002-003-000
Size
1,360 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
1617
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile, Varies
Building materials
AluminumSiding, Brick, Frame
Architectural style
Other
Listing Agency:
WNY Metro Roberts Realty
(716) 891-1710
Listed By:
Suhel Ahmed · License #10401361723
(716) 750-6319
Added: Aug 17
Changed: Sep 12
Last Checked: Sep 27 at 4:06PM
MLS# B1707607
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 2217 Falls Street in Niagara Falls, this 1,360-square-foot duplex occupies a 0.1429-acre parcel and was built in 1920. The layout includes five bedrooms, two bathrooms, and a full basement, with separate utilities serving the units. Recent work includes new flooring and a new hot water tank.
The property has garage parking, natural gas forced-air heating, and public water service. Interior finishes include hardwood and tile flooring, with flooring varying throughout the residence. Its two-unit design and existing residential configuration provide a clearly defined multifamily format at a Niagara Falls address.
The property has garage parking, natural gas forced-air heating, and public water service. Interior finishes include hardwood and tile flooring, with flooring varying throughout the residence. Its two-unit design and existing residential configuration provide a clearly defined multifamily format at a Niagara Falls address.
Key Highlights
- Two‑unit duplex with separate utilities
- 1,360 square feet on a 0.1429‑acre parcel
- Five bedrooms and two bathrooms
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
$11,944
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
7.47%
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%
$238,880
$238.9K
Cap Rate 7%
$170,629
$170.6K
Cap Rate 9%
$132,711
$132.7K
Market Conditions
NOI Build-Up for 1,360 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
$18.3K $13.44/SF
− Vacancy
−$1.2K −$0.89/SF
EGI
$17.1K $12.55/SF
− OpEx
−$5.1K −$3.76/SF
NOI
$11.9K $8.78/SF
Area
Niagara County, NY
Vacancy
6.65%
Lease Rate
$13.44 /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%
$238,880
Cap Rate 7%
$170,629
Cap Rate 9%
$132,711
Alternative Uses
Best Use
Multifamily LT 5
$170.6K
$149.3K – $199.1K
NOI $11,944 @ 7.0% cap · market cap 7.47%
Second Best
Apartment 5plus
$151.5K
$132.5K – $176.7K
NOI $10,602 @ 7.0% cap · market cap 6.63%
Theoretical Best
Warehouse
$1.16M
$1.01M – $1.35M
NOI $80,891 @ 7.0% cap · market cap 50.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
Explore this area
Business Placement
Demographics for 14303, NY
5,958
Population
3,505
Households
1.7
Avg Household Size
38
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
2,207
Density / Sq Mi
$45,519
Median Household Income
$34,623
Median Earnings
$845
Median Rent
$78,200
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 - Separate utilities, garage parking, and a full basement support the property’s two-unit configuration.
Where is this duplex located?
The property is located at 2217 Falls Street Niagara Falls, NY.
What is the asking price?
The asking price for this property is $159,999.
What are key features of this property?
This property features: Two‑unit duplex with separate utilities; 1,360 square feet on a 0.1429‑acre parcel; Five bedrooms and two bathrooms
