Lakefront Multifamily Apartment
4344 W Summit Street Lakewood, NY 14750
For Sale
$799,000
MULTI_FAMILY - Lakewood, NY
Property Size8,843 SF
Lot Size1.05 Acres
Price / SF$90.35
Days on Market23
Property Features for 4344 W Summit Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 7
- Rooms
- Bedroom 6, Bedroom 7, Bedroom 4, Bedroom 2, Bedroom 5, Bedroom 1, Bedroom 3
- Parking features
- Open
- Patio and Porch features
- Porch, Patio
- Interior features
- SlidingGlassDoors
- Exterior features
- BlacktopDriveway, ConcreteDriveway, GravelDriveway, Patio
- Fireplace
- 1
- Appliances
- AppliancesNegotiable, Dishwasher, ElectricOven, ElectricRange, Disposal, GasWaterHeater, Refrigerator
- Standard status
- Active
- APN
- 062289-385-005-0004-034-000
- Size
- 8,843 SF
- Lot size
- 1.05 Acres
Taxes and HOA fees
- Tax Annual Amount
- 11867
Utilities
- Heating system
- Hot Water(Heating), Baseboard, Natural Gas, Zoned
- Cooling system
- Zoned
- Water source
- Public
- Water front features
- Beach Access, Lake
- Water front
- 1
Building Details
- Year built
- 1950
- Floors in Building
- 3
- Number of units
- 8
- Flooring type
- Laminate, Varies, Vinyl, Carpet
- Building materials
- VinylSiding
- Roof type
- Asphalt
Listing Agency:
Real Estate Advantage
(716) 484-2020
Listed By:
Heidi Brooks · License #10301221584
(716) 969-4580
Added: Jul 2
Changed: Jul 23
Last Checked: Jul 24 at 7:06PM
MLS# R1695029
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 eight-unit apartment property offers a straightforward income and occupancy mix, including one 3-bedroom, 2.1-bath apartment, six 1-bedroom, 1-bath apartments, and one studio apartment. The six 1-bedroom units are currently occupied, and the 3-bedroom unit and studio are currently vacant. Tenants pay their own utilities, which are listed as separate, simplifying day-to-day operating arrangements. On-site improvements include a 4-car garage, along with a wraparound driveway and ample parking to support tenant and guest access.
Set in Lakewood on the shores of Chautauqua Lake, the building provides approximately 212 feet of lake frontage. The property is located within the Southwestern School District, and the listing notes proximity to dining, shopping, everyday amenities, and major routes.
For tenants or owner-occupants, the available 3-bedroom and studio units may support immediate personal use while keeping the remaining apartments in place. For investors, the current configuration provides a blend of occupied units and vacant space for repositioning decisions, including the option to lease the remaining units or evaluate future use. The lakefront setting and substantial frontage are distinguishing characteristics for anyone seeking a residential income property with a defined outdoor asset.
Set in Lakewood on the shores of Chautauqua Lake, the building provides approximately 212 feet of lake frontage. The property is located within the Southwestern School District, and the listing notes proximity to dining, shopping, everyday amenities, and major routes.
For tenants or owner-occupants, the available 3-bedroom and studio units may support immediate personal use while keeping the remaining apartments in place. For investors, the current configuration provides a blend of occupied units and vacant space for repositioning decisions, including the option to lease the remaining units or evaluate future use. The lakefront setting and substantial frontage are distinguishing characteristics for anyone seeking a residential income property with a defined outdoor asset.
Key Highlights
- 8‑unit lakefront property on Chautauqua Lake with 212 feet of frontage
- Unit mix includes six 1‑bedroom, 1‑bath units (currently occupied) plus one 3‑bedroom, 2.1‑bath apartment and one studio
- Occupied 1‑bedroom units average $780/month, and tenants pay their own utilities
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $140.1k | $15.84 |
| − Vacancy | −$18.3k | −$2.08 |
| EGI | $121.7k | $13.76 |
| − OpEx | −$54.8k | −$6.19 |
| NOI | $66.9k | $7.57 |
8,843 SF · lease $15.84/SF/yr · vacancy 13.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$956.4K
$836.9K – $1.12M
NOI $66,948 @ 7.0% cap · market cap 8.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.65M
$2.32M – $3.09M
NOI $185,279 @ 7.0% cap · market cap 23.19%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Eight-unit rental with 212 feet of Chautauqua Lake frontage, mixed unit sizes, separate utilities, and ample parking.
Where is this apartment building located?
The property is located at 4344 W Summit Street Lakewood, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 8‑unit lakefront property on Chautauqua Lake with 212 feet of frontage; Unit mix includes six 1‑bedroom, 1‑bath units (currently occupied) plus one 3‑bedroom, 2.1‑bath apartment and one studio; Occupied 1‑bedroom units average $780/month, and tenants pay their own utilities
