Lockport Multifamily Investment
For Sale
Contact for pricing
Pending
115 Willow St., Lockport, NY 14094
Well-maintained 15-unit multifamily property in Lockport, New York.
Property Size4,672 SF
Days on Market103
Property Features for 115 Willow St.
General Information
Standard status
Pending
Size
4,672 SF
Total Parking Spaces
20
Property subtype
Multifamily
Occupancy
93%
Investment Type
Stabilized
Building Details
Buildings
3
Units
15
Tenancy
Multi
Listing Agency:
Greco Real Estate
Listed By:
Chris Greco · License #10491210541
Source:
Crexi
Added: May 20
Changed: Aug 8
Last Checked: Aug 3 at 10:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Greco Real Estate
Investment Insights
Based on property information with market context.
The property is a well-maintained 15-unit multifamily property located at 115 Willow Street in Lockport. The asset consists of nine two-bedroom apartments and six one-bedroom apartments. The property has a total size of 4672 square feet. Currently, the property is 93% occupied with one vacancy, indicating strong demand and stable cash flow. This property offers investors the opportunity to acquire a performing asset with immediate income and limited rollover risk. The unit composition, high occupancy level, and location within the Lockport market position this property as a compelling addition to any multifamily portfolio seeking steady returns and long-term appreciation potential.
Key Highlights
- Well‑maintained 15‑unit multifamily property.
- High occupancy rate (93%) indicating strong demand and stable cash flow.
- Desirable unit mix of nine two‑bedroom and six one‑bedroom apartments.
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
$36,419
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
3.17%
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%
$728,380
$728.4K
Cap Rate 7%
$520,271
$520.3K
Cap Rate 9%
$404,656
$404.7K
Market Conditions
NOI Build-Up for 4,672 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
$71.2K $15.24/SF
− Vacancy
−$5.0K −$1.07/SF
EGI
$66.2K $14.17/SF
− OpEx
−$29.8K −$6.38/SF
NOI
$36.4K $7.80/SF
Area
Niagara County, NY
Vacancy
7.00%
Lease Rate
$15.24 /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%
$728,380
Cap Rate 7%
$520,271
Cap Rate 9%
$404,656
Alternative Uses
Best Use
Apartment 5plus
$520.3K
$455.2K – $607.0K
NOI $36,419 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.97M
$3.47M – $4.63M
NOI $277,885 @ 7.0% cap · market cap 24.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
Explore this area
Business Placement
Demographics for 14094, NY
50,969
Population
23,283
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
121.7 sq mi
ZIP Area
419
Density / Sq Mi
$73,354
Median Household Income
$45,056
Median Earnings
$869
Median Rent
$186,100
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?
Apartment building - Well-maintained 15-unit multifamily property in Lockport, New York.
Where is this apartment building located?
The property is located at 115 Willow St. Lockport, NY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Well‑maintained 15‑unit multifamily property.; High occupancy rate (93%) indicating strong demand and stable cash flow.; Desirable unit mix of nine two‑bedroom and six one‑bedroom apartments.
