Fully Occupied Triplex in
For Sale
$219,000
Pending
45 Crane St, Lancaster, NY 14043
Triplex in Depew with steady income and high demand.
Property Size2,240 SF
Lot Size0.11 Acres
Days on Market268
Property Features for 45 Crane St
General Information
Standard status
Pending
Size
2,240 SF
Lot size
0.11 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,784
Building Details
Building Size
2,240 SF
Year Built
1935
Stories
2
Units
3
Listing Agency:
(716) 714-0343
Listed By:
Timothy Mulhern
(716) 714-0343
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 13
Last Checked: Aug 22 at 8:32AM
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 Timothy Mulhern
Investment Insights
Based on property information with market context.
The property at 45 Crane St is a fully occupied triplex located in Depew. It features three units with practical layouts, including a 2-bedroom, 1-bath upper unit, a 1-bedroom, 1-bath lower unit, and a 2-bedroom, 1.5-bath rear unit. The property's location provides quick access to Transit Rd, placing shopping, dining, and major job centers within minutes. This multi-family asset is intended for long-term wealth building.
Key Highlights
- Fully occupied triplex providing immediate rental income.
- Desirable location in Depew with high tenant demand.
- Convenient access to Transit Rd, shopping, dining, and job centers.
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
$14,403
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
6.58%
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%
$288,060
$288.1K
Cap Rate 7%
$205,757
$205.8K
Cap Rate 9%
$160,033
$160.0K
Market Conditions
NOI Build-Up for 2,240 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
$30.9K $13.80/SF
− Vacancy
−$10.3K −$4.61/SF
EGI
$20.6K $9.19/SF
− OpEx
−$6.2K −$2.76/SF
NOI
$14.4K $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%
$288,060
Cap Rate 7%
$205,757
Cap Rate 9%
$160,033
Alternative Uses
Best Use
Multifamily LT 5
$205.8K
$180.0K – $240.1K
NOI $14,403 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$184.8K
$161.7K – $215.6K
NOI $12,933 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$489.7K
$428.5K – $571.3K
NOI $34,277 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
Explore this area
Business Placement
Demographics for 14043, NY
24,962
Population
11,743
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
94%
High-School Grad
9.1 sq mi
ZIP Area
2,743
Density / Sq Mi
$73,373
Median Household Income
$50,263
Median Earnings
$1,072
Median Rent
$192,800
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?
Triplex - Triplex in Depew with steady income and high demand.
Where is this triplex located?
The property is located at 45 Crane St Lancaster, NY.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Fully occupied triplex providing immediate rental income.; Desirable location in Depew with high tenant demand.; Convenient access to Transit Rd, shopping, dining, and job centers.
