Updated Duplex with Heated
For Sale
$219,000
Pending
3986 Gerry Levant Road, Falconer, NY 14733
Residential, Falconer, NY
Property Size2,016 SF
Lot Size1.90 Acres
Days on Market122
Property Features for 3986 Gerry Levant Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Agricultural
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 5, Bedroom 4, Bathroom 3, Bathroom 1, Bathroom 2
Parking features
Carport, Garage
Patio and Porch features
Porch
Interior features
PullDownAtticStairs
Exterior features
EnclosedPorch, Porch
Appliances
TanklessWaterHeater
Lot features
Agricultural, Irregular Lot
Elementary school district
Falconer
Middle school district
Falconer
High school district
Falconer
Subdivision
Ellicott-063889
Standard status
Pending
APN
063889-320-000-0001-001-000
Size
2,016 SF
Lot size
1.90 Acres
Taxes and HOA fees
Tax Annual Amount
2441
Utilities
Sewer type
Septic Tank
Heating system
Hot Water(Heating), Natural Gas, Electric (Heating)
Water source
Well
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Laminate, Varies
Building materials
WoodSiding
Roof type
Metal, Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty
(716) 324-2300
Listed By:
Andrew Blakey · License #10401396165
(716) 951-2493
Added: May 11
Changed: Sep 4
Last Checked: Sep 9 at 2:06PM
MLS# R1680935
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.
This duplex property includes a 3-bedroom, 2-full-bath main residence and a separate 2-bedroom, 1-bath apartment above a heated barn/garage. The main home measures 2,016 square feet and includes an enclosed front porch, pull-down attic stairs, laminate flooring, updated cabinets and bathroom vanities, and a tankless hot water heater. Both residences are expected to be vacant at closing.
The property encompasses 1.9 acres and includes a second lot with the barn/garage, along with a carport and driveway parking. Additional property infrastructure includes a private well, septic tank, metal and shingle roofing, wood siding, and natural gas and electric heating.
The property encompasses 1.9 acres and includes a second lot with the barn/garage, along with a carport and driveway parking. Additional property infrastructure includes a private well, septic tank, metal and shingle roofing, wood siding, and natural gas and electric heating.
Key Highlights
- Two‑unit layout with a 3‑bedroom, 2‑full‑bath main residence and 2‑bedroom, 1‑bath apartment
- Main residence contains 2,016 square feet
- 1.9‑acre property includes a second lot with heated barn/garage
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
$16,681
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
7.62%
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%
$333,620
$333.6K
Cap Rate 7%
$238,300
$238.3K
Cap Rate 9%
$185,344
$185.3K
Market Conditions
NOI Build-Up for 2,016 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
$27.2K $13.50/SF
− Vacancy
−$3.4K −$1.68/SF
EGI
$23.8K $11.82/SF
− OpEx
−$7.1K −$3.55/SF
NOI
$16.7K $8.27/SF
Area
Chautauqua County, NY
Vacancy
12.44%
Lease Rate
$13.50 /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%
$333,620
Cap Rate 7%
$238,300
Cap Rate 9%
$185,344
Alternative Uses
Best Use
Multifamily LT 5
$238.3K
$208.5K – $278.0K
NOI $16,681 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$218.0K
$190.8K – $254.4K
NOI $15,263 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$603.4K
$528.0K – $704.0K
NOI $42,239 @ 7.0% cap · market cap 19.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 14733, NY
3,663
Population
1,626
Households
2.3
Avg Household Size
43
Median Age
16%
College-Educated
93%
High-School Grad
26.7 sq mi
ZIP Area
137
Density / Sq Mi
$56,157
Median Household Income
$34,215
Median Earnings
$675
Median Rent
$102,000
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 - Two-unit property with a renovated main residence, separate apartment, enclosed porch, and substantial on-site parking.
Where is this duplex located?
The property is located at 3986 Gerry Levant Road Falconer, NY.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Two‑unit layout with a 3‑bedroom, 2‑full‑bath main residence and 2‑bedroom, 1‑bath apartment; Main residence contains 2,016 square feet; 1.9‑acre property includes a second lot with heated barn/garage
