Two-Unit Duplex with River
For Sale
$325,000
Pending
2535 River Road, Niagara Falls, NY 14304
MULTI_FAMILY - Other - Niagara Falls, NY
Property Size2,244 SF
Lot Size0.28 Acres
Days on Market69
Property Features for 2535 River Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 4, Bedroom 2, Bathroom 1
Parking features
Open
Patio and Porch features
Deck, Porch
Interior features
CeilingFans
Exterior features
Deck
Fireplace
1
Appliances
GasWaterHeater
Subdivision
Norman Herthe
Lot features
Rectangular, Rectangular Lot, Residential Lot
View
Water
Elementary school district
Niagara Wheatfield
Middle school district
Niagara Wheatfield
High school district
Niagara Wheatfield
Directions
North on Witmer Rd. - Right on River Rd. 0.5 mile down on the right side. There are two driveways that go with the property.
Standard status
Pending
APN
294000-175-014-0001-021-000
Size
2,244 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Annual Amount
4820
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Water front features
River Access, Stream
Amenities
gas fireplace
central air conditioning
enclosed porch
whole-house generator
vinyl deck
laundry
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Flooring type
Varies, Vinyl, Tile, Carpet
Building materials
VinylSiding
Roof type
Shingle, Flat
Architectural style
Other
Listing Agency:
Prestige Family Realty
(716) 389-3524
Listed By:
Julia Partsch · License #10301220911
(716) 425-4502
Added: Jun 15
Changed: Aug 15
Last Checked: Aug 22 at 9:06AM
MLS# B1689351
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.
2535 River Road, Niagara Falls, NY 14304 presents a two-unit duplex built in 1910 on a 0.2784-acre lot. The property offers river access and river views from both units, supported by a layout that supports flexible owner-occupied living or rental use. Each unit features three bedrooms, with central air, in-unit or first-floor laundry as described below, and convenient basement access for the overall property.
The lower unit includes three bedrooms and 2 full baths, plus first-floor laundry. A spacious living room includes a gas fireplace and water views, and the large, functional kitchen provides ample cabinetry and storage. Additional features for the lower unit include an enclosed porch, stainless steel appliances, central air conditioning, and a whole-house generator servicing the first-floor unit.
The upper unit includes three bedrooms and central air conditioning, with in-unit laundry and a large living room. A spacious eat-in kitchen and a vinyl deck overlook the river, and the exterior configuration includes two private driveways and a two-car detached garage.
The lower unit includes three bedrooms and 2 full baths, plus first-floor laundry. A spacious living room includes a gas fireplace and water views, and the large, functional kitchen provides ample cabinetry and storage. Additional features for the lower unit include an enclosed porch, stainless steel appliances, central air conditioning, and a whole-house generator servicing the first-floor unit.
The upper unit includes three bedrooms and central air conditioning, with in-unit laundry and a large living room. A spacious eat-in kitchen and a vinyl deck overlook the river, and the exterior configuration includes two private driveways and a two-car detached garage.
Key Highlights
- River views from both units plus river access and stream waterfront features
- Two private driveways and a two‑car detached garage
- Each unit has three bedrooms and central air conditioning
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
$19,708
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
6.06%
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%
$394,160
$394.2K
Cap Rate 7%
$281,543
$281.5K
Cap Rate 9%
$218,978
$219.0K
Market Conditions
NOI Build-Up for 2,244 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
$30.2K $13.44/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$28.2K $12.55/SF
− OpEx
−$8.4K −$3.76/SF
NOI
$19.7K $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%
$394,160
Cap Rate 7%
$281,543
Cap Rate 9%
$218,978
Alternative Uses
Best Use
Multifamily LT 5
$281.5K
$246.4K – $328.5K
NOI $19,708 @ 7.0% cap · market cap 6.06%
Second Best
Apartment 5plus
$249.9K
$218.7K – $291.6K
NOI $17,493 @ 7.0% cap · market cap 5.38%
Theoretical Best
Warehouse
$1.91M
$1.67M – $2.22M
NOI $133,470 @ 7.0% cap · market cap 41.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 14304, NY
28,923
Population
13,705
Households
2.1
Avg Household Size
45
Median Age
25%
College-Educated
92%
High-School Grad
21.5 sq mi
ZIP Area
1,345
Density / Sq Mi
$64,756
Median Household Income
$42,613
Median Earnings
$901
Median Rent
$151,500
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 duplex with separate utilities, central air, and private outdoor spaces featuring river views from both units.
Where is this duplex located?
The property is located at 2535 River Road Niagara Falls, NY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: River views from both units plus river access and stream waterfront features; Two private driveways and a two‑car detached garage; Each unit has three bedrooms and central air conditioning
