Building Details

Building Size 2,032 SF

Year Built 1920

Stories 2

Units 2

Listing Agency: WNY Metro Roberts Realty j***@me.com Show Phone

Listed By: Jessica Petri · License #10401361674 Show Phone

Source: Northstarwny

Added: Jul 29 Changed: Aug 10 Last Checked: Aug 12 at 12:19PM

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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 WNY Metro Roberts Realty

Investment Insights

Based on property information with market context.

Built in 1920, this upper-and-lower duplex contains two residential units with matching layouts. Each apartment includes 2 bedrooms, 1 full bathroom, a living room, and a functional floor plan. The property can support rental use in both units or owner occupancy in one apartment while the other produces rental income.

Recent improvements include new windows installed 4 years ago and a new roof installed 8 years ago. The duplex is located 10 minutes from Springville and 8 minutes from Arcade, with an address at 12050 Savage Road in Chaffee, NY.

Key Highlights

• Two‑unit upper/lower duplex with matching apartment layouts
• Each unit includes 2 bedrooms, 1 full bathroom, and a living room
• New windows installed 4 years ago

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

$13,065

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

4.68%

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%

$261,300 $261.3K

Cap Rate 7%

$186,643 $186.6K

Cap Rate 9%

$145,167 $145.2K

Market Conditions

NOI Build-Up for 2,032 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

$28.0K $13.80/SF

− Vacancy

−$9.4K −$4.61/SF

EGI

$18.7K $9.19/SF

− OpEx

−$5.6K −$2.76/SF

NOI

$13.1K $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%

$261,300

Cap Rate 7%

$186,643

Cap Rate 9%

$145,167

Alternative Uses

Best Use

Multifamily LT 5

$186.6K

$163.3K – $217.8K (±1% cap)

NOI $13,065 @ 7.0% cap · market cap 4.68%

Second Best

Apartment 5plus

$167.6K

$146.7K – $195.5K (±1% cap)

NOI $11,732 @ 7.0% cap · market cap 4.21%

Theoretical Best

Office A

$444.2K

$388.7K – $518.2K (±1% cap)

NOI $31,094 @ 7.0% cap · market cap 11.14%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Plumbing Service Building Supply Kitchen & Bath Showroom Storage Facility (Bike/Boat/Book/etc) Store Arcade & Gaming Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

14

Businesses Nearby

Explore this area Business Placement

Demographics for 14030, NY

1,755

Population

791

Households

2.2

Avg Household Size

48

Median Age

19%

College-Educated

89%

High-School Grad

21.2 sq mi

ZIP Area

83

Density / Sq Mi

$84,792

Median Household Income

$49,069

Median Earnings

$743

Median Rent

$204,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Upper and lower apartments provide income-producing residential space with recent window and roof improvements.

Where is this duplex located?

The property is located at 12050 Savage Road Chaffee, NY.

What is the asking price?

The asking price for this property is $279,000.

What are key features of this property?

This property features: Two‑unit upper/lower duplex with matching apartment layouts; Each unit includes 2 bedrooms, 1 full bathroom, and a living room; New windows installed 4 years ago