Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    16 South St Lockport, NY 14094

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $247,000

    Fully occupied 11-unit property near Lockport's amenities.

    Lot size:
    0.09 Acres

    Property Features for 16 South St

    General Information

    Lot size
    0.09 Acres

    Building Details

    Year built
    1900

    We can help!

    Listing Contact
    Paul Patterson
    Paul Patterson
    Source: Elliman

    Listing Agent: Paul Patterson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Eleven-Unit Multifamily Property in Lockport

    This eleven-unit multifamily property presents an investor opportunity. The building is fully occupied and has a waiting list of potential renters. Located within walking distance of Lockport's central area, the property is near restaurants, entertainment venues, the Erie Canal, and the business district. The property has been maintained by the seller and is presented as a turnkey business opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lockport
    County
    Niagara
    State
    New York
    Longitude
    -78.6908805
    Latitude
    43.1683828

    Nearby Similar for Sale

    • $1,050,000
      32,716 SF

      Lockport Development Opportunity

      Three properties for adaptive reuse near Erie Canal and Flight of Five.
      100 Genesee St, Lockport, NY 14094
      View Details
    • $199,900
      Pending

      Charming Lockport Two-Family Home

      Two-family home with large yard and garage in Lockport.
      152 Elmwood Ave, Lockport, NY 14094
      View Details
    • $364,900
      Pending

      Immaculate Duplex in Rural Setting

      Well-maintained duplex with modern upgrades and income potential in Lockport, NY.
      6181 Old Beattie Rd, Lockport, NY 14094
      View Details
    • New
      $40,000
      Pending

      Lockport Multifamily Renovation Opportunity

      Multifamily property in Lockport, NY, ideal for renovation.
      87 Locust Street Ext, Lockport, NY 14094
      View Details
    • Contact for pricing

      Professional Parkway Medical Office Building

      3,177 SF medical office building with long-term tenant.
      70 Professional Pkwy, Lockport, NY 14094
      View Details
    • Contact for pricing

      Lockport Office Park Building

      Professional office building with multi-tenant potential in Lockport, NY.
      64 Davison Ct, Lockport, NY 14094
      View Details
    • Contact for pricing

      Lockport Medical & Professional Office

      Office building with suites available for sale or lease.
      792 Davison Rd, Lockport, NY 14094
      View Details
    • Contact for pricing

      Lockport Medical & Professional Office

      2,930 SF building with two suites in Lockport, NY.
      734 Davison Rd, Lockport, NY 14094
      View Details
    • Contact for pricing

      Lockport Medical & Professional Office

      Medical and professional office park with multiple buildings for sale.
      792 Davison Rd And Professional Pkwy, Lockport, NY 14094
      View Details
    • Contact for pricing

      Lockport Professional Office Building For Sale

      2,607 SF building with two suites in Lockport, NY.
      140 Professional Pkwy, Lockport, NY 14094
      View Details
    • Contact for pricing

      Leased Office Building in Lockport

      2,741 SF building with two suites, fully leased.
      60 Professional Pkwy, Lockport, NY 14094
      View Details
    • Contact for pricing

      Professional Parkway Medical Office Building

      Medical and professional office building for sale in Lockport, NY.
      130 Professional Pkwy, Lockport, NY 14094
      View Details

    FAQs

    What type of property is this?
    Apartment building - Fully occupied 11-unit property near Lockport's amenities.
    Where is this apartment building located?
    The property is located at 16 South St Lockport, NY.
    What is the asking price?
    The asking price for this property is $247,000.
    What are key features of this property?
    This property features: - Fully occupied 11-unit property.; - Existing waiting list of potential renters.; - Turnkey business opportunity.
    (716) 517-1558
    Request Owner's contact information
    16 South St Lockport, NY 14094
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    16 South St
    Lockport, NY 14094
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    16 South St Lockport, NY 14094
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Paul Patterson
    Paul Patterson
    (716) 517-1558
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.