Mixed-Use Property with
For Sale
$649,000
5476 Broadway Street, Lancaster, NY 14086
CommercialSale, Lancaster, NY
Property Size9,856 SF
Lot Size0.22 Acres
Price / SF$65.85
Days on Market190
Property Features for 5476 Broadway Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Multi-Use2
Zoning description
Commercial
Rooms
Basement
Parking
10
Parking features
Paved or Surfaced
Lot features
Rectangular, Rectangular Lot
Elementary school district
Lancaster
Middle school district
Lancaster
High school district
Lancaster
Subdivision
Lancaster-Village-145203
Standard status
Active
APN
145203-104-830-0002-017-000
Size
9,856 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
12783
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air, Baseboard, Hot Water(Heating)
Water source
Public
Building Details
Year built
1920
Floors in Building
3
Number of units
9
Flooring type
Linoleum, Carpet, Vinyl
Building materials
Stone
Roof type
Asphalt
Listing Agency:
Gurney Becker & Bourne
(716) 849-1234
Listed By:
Gary Greco Jr · License #10401251303
(716) 208-5340
Added: Mar 11
Changed: Sep 12
Last Checked: Sep 16 at 5:06PM
MLS# B1666229
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 mixed-use property at 5476 Broadway Street includes two buildings with a combined 9,856 square feet on a 0.22-acre site. The front building contains two retail storefronts of approximately 1,000 square feet each, plus six residential units on the upper floors: two two-bedroom apartments and two one-bedroom apartments, with space on the third floor that may be converted into two additional units. A rear building adds three more apartments, including one one-bedroom and two two-bedroom units, along with garage parking.
An adjacent parcel addressed as 9 School Street contributes an additional 7,000 square feet of lot area and may be used for expanded parking. The property is positioned on a corner near Central Avenue in Lancaster Village, with paved off-street parking for about 10 cars. Separate utilities serve both buildings, and all tenants occupy month-to-month leases. The front building has newer electrical service and new central air units serving the storefronts.
An adjacent parcel addressed as 9 School Street contributes an additional 7,000 square feet of lot area and may be used for expanded parking. The property is positioned on a corner near Central Avenue in Lancaster Village, with paved off-street parking for about 10 cars. Separate utilities serve both buildings, and all tenants occupy month-to-month leases. The front building has newer electrical service and new central air units serving the storefronts.
Key Highlights
- 9,856‑square‑foot mixed‑use property on a 0.22‑acre site
- Two retail storefronts, each approximately 1,000 square feet
- Seven apartments: four in the front building and three in the rear building
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
$56,905
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
8.77%
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%
$1,138,100
$1.1M
Cap Rate 7%
$812,929
$812.9K
Cap Rate 9%
$632,278
$632.3K
Market Conditions
NOI Build-Up for 9,856 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
$159.7K $16.20/SF
− Vacancy
−$56.2K −$5.70/SF
EGI
$103.5K $10.50/SF
− OpEx
−$46.6K −$4.72/SF
NOI
$56.9K $5.77/SF
Area
Erie County, NY
Vacancy
35.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,138,100
Cap Rate 7%
$812,929
Cap Rate 9%
$632,278
Alternative Uses
Best Use
Specialty Retail
$1.70M
$1.48M – $1.98M
NOI $118,686 @ 7.0% cap · market cap 18.29%
Second Best
Mixed Use
$1.32M
$1.16M – $1.54M
NOI $92,585 @ 7.0% cap · market cap 14.27%
Theoretical Best
Office A
$2.15M
$1.89M – $2.51M
NOI $150,820 @ 7.0% cap · market cap 23.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
425
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings combine storefronts, apartments, separate utilities, and paved parking near Central Avenue in Lancaster Village.
Where is this mixed-use property located?
The property is located at 5476 Broadway Street Lancaster, NY.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 9,856‑square‑foot mixed‑use property on a 0.22‑acre site; Two retail storefronts, each approximately 1,000 square feet; Seven apartments: four in the front building and three in the rear building
