Side-by-Side Duplex with
For Sale
$235,000
Pending
62 Patricia Lane, Cheektowaga, NY 14227
Residential, Cheektowaga, NY
Property Size1,716 SF
Lot Size0.12 Acres
Days on Market77
Property Features for 62 Patricia Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential 2 Unit
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Garage
Exterior features
FullyFenced
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Cheektowaga-Sloan
Middle school district
Cheektowaga-Sloan
High school district
Cheektowaga-Sloan
Subdivision
Cheektowaga-143089
Standard status
Pending
APN
143089-113-480-0008-004-000
Size
1,716 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
6698
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
basement
laundry
fenced yard
garage
Building Details
Year built
1957
Floors in Building
2
Number of units
2
Flooring type
Carpet, Tile, Varies
Building materials
CompositeSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
MJ Peterson Real Estate Inc.
(716) 819-4200
Listed By:
Cassandra Whitney · License #10301221238
(716) 536-2101
Added: Jun 8
Changed: Aug 19
Last Checked: Aug 23 at 5:06PM
MLS# B1687831
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 1,716-square-foot duplex contains two side-by-side residential units, each arranged with living, dining, and kitchen areas on the main level, plus two bedrooms and a full bathroom upstairs. Separate basements provide laundry space and storage. Recent property improvements include carpeting with hardwood beneath in some areas, tile flooring, refreshed kitchens, replacement hot water tanks for both units, and a new furnace and central air system on the right side. Composite siding, an asphalt roof, forced-air natural gas heat, and public water complete the core improvements.
The property sits on a 0.12-acre lot in Cheektowaga and includes a fully fenced yard and 2.5-car garage. Both units are tenant occupied under month-to-month leases. Built in 1957, the duplex also offers central air and gas water heating.
The property sits on a 0.12-acre lot in Cheektowaga and includes a fully fenced yard and 2.5-car garage. Both units are tenant occupied under month-to-month leases. Built in 1957, the duplex also offers central air and gas water heating.
Key Highlights
- Two side‑by‑side units totaling 1,716 square feet
- Each unit has 2 bedrooms, 1 full bathroom, and a private basement
- 2.5‑car garage on a 0.12‑acre lot
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
$11,033
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
4.69%
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%
$220,660
$220.7K
Cap Rate 7%
$157,614
$157.6K
Cap Rate 9%
$122,589
$122.6K
Market Conditions
NOI Build-Up for 1,716 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
$23.7K $13.80/SF
− Vacancy
−$7.9K −$4.61/SF
EGI
$15.8K $9.19/SF
− OpEx
−$4.7K −$2.76/SF
NOI
$11.0K $6.43/SF
Area
Erie County, NY
Vacancy
33.44%
Lease Rate
$13.80 /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%
$220,660
Cap Rate 7%
$157,614
Cap Rate 9%
$122,589
Alternative Uses
Best Use
Multifamily LT 5
$157.6K
$137.9K – $183.9K
NOI $11,033 @ 7.0% cap · market cap 4.69%
Second Best
Apartment 5plus
$141.5K
$123.9K – $165.1K
NOI $9,908 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$375.1K
$328.2K – $437.7K
NOI $26,259 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
Explore this area
Business Placement
Demographics for 14227, NY
23,130
Population
10,476
Households
2.2
Avg Household Size
48
Median Age
26%
College-Educated
95%
High-School Grad
8.2 sq mi
ZIP Area
2,821
Density / Sq Mi
$67,349
Median Household Income
$46,627
Median Earnings
$1,084
Median Rent
$190,400
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 residential units include private basements, refreshed kitchens, and access to a fully fenced yard.
Where is this duplex located?
The property is located at 62 Patricia Lane Cheektowaga, NY.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two side‑by‑side units totaling 1,716 square feet; Each unit has 2 bedrooms, 1 full bathroom, and a private basement; 2.5‑car garage on a 0.12‑acre lot
