Updated Duplex With
For Sale
$335,000
Pending
123 Hawthorne Ave, Tonawanda, NY 14223
Remodeled two-unit duplex with updated kitchens and baths, roof replacement, and separate laundry areas in the basement.
Property Size1,722 SF
Days on Market132
Property Features for 123 Hawthorne Ave
General Information
Standard status
Pending
Size
1,722 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,245
Building Details
Building Size
1,722 SF
Year Built
1954
Units
2
Listing Agency:
HUNT Real Estate ERA
Listed By:
John C Pontrello · License #10401287347
(716) 998-4125
Source:
Elliman
Added: Apr 28
Changed: Aug 14
Last Checked: Sep 5 at 1:16PM
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 HUNT Real Estate ERA
Investment Insights
Based on property information with market context.
This updated duplex includes two separate units with remodeling improvements across both levels. The lower unit has been completely remodeled with new kitchen cabinets, countertops, recessed lighting, and appliances, along with new doors and trim. Updates also include an entry door, updated electrical and lighting, a remodeled bathroom with new toilet, vanity, and sink, and new flooring throughout. The upper unit was remodeled prior to the last tenancy, including bathroom and kitchen updates, new flooring, and painting.
The basement has been updated with features designed for separate tenant use, including a utility sink and dedicated laundry stations. Additional improvements include glass block windows, waterproof vinyl plank flooring, and electrical upgrades with lighting. The property also includes a new tear-off roof (2022) and two hot water heaters (2023), along with plenty of parking space and a partially finished yard with a paver stone patio area, plus a large shed.
The home is located in the Town of Tonawanda and is described as very walkable, with some transit and bikeable accessibility.
The basement has been updated with features designed for separate tenant use, including a utility sink and dedicated laundry stations. Additional improvements include glass block windows, waterproof vinyl plank flooring, and electrical upgrades with lighting. The property also includes a new tear-off roof (2022) and two hot water heaters (2023), along with plenty of parking space and a partially finished yard with a paver stone patio area, plus a large shed.
The home is located in the Town of Tonawanda and is described as very walkable, with some transit and bikeable accessibility.
Key Highlights
- Remodeled two‑unit duplex (upper and lower units) with updated kitchens and remodeled bathrooms
- Lower unit remodeled with new kitchen cabinets and countertops, recessed lighting, new appliances, and updated electrical/light fixtures
- Upper unit remodeled prior to last tenancy with bathroom, kitchen, flooring, and painting updates
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
$11,072
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
3.31%
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%
$221,440
$221.4K
Cap Rate 7%
$158,171
$158.2K
Cap Rate 9%
$123,022
$123.0K
Market Conditions
NOI Build-Up for 1,722 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
$23.8K $13.80/SF
− Vacancy
−$7.9K −$4.61/SF
EGI
$15.8K $9.19/SF
− OpEx
−$4.7K −$2.76/SF
NOI
$11.1K $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%
$221,440
Cap Rate 7%
$158,171
Cap Rate 9%
$123,022
Alternative Uses
Best Use
Multifamily LT 5
$158.2K
$138.4K – $184.5K
NOI $11,072 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$142.0K
$124.3K – $165.7K
NOI $9,942 @ 7.0% cap · market cap 2.97%
Theoretical Best
Office A
$376.4K
$329.4K – $439.2K
NOI $26,351 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
813
Businesses Nearby
Explore this area
Business Placement
Demographics for 14223, NY
22,658
Population
10,586
Households
2.1
Avg Household Size
41
Median Age
44%
College-Educated
97%
High-School Grad
3.5 sq mi
ZIP Area
6,474
Density / Sq Mi
$83,528
Median Household Income
$49,835
Median Earnings
$976
Median Rent
$202,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Remodeled two-unit duplex with updated kitchens and baths, roof replacement, and separate laundry areas in the basement.
Where is this duplex located?
The property is located at 123 Hawthorne Ave Tonawanda, NY.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Remodeled two‑unit duplex (upper and lower units) with updated kitchens and remodeled bathrooms; Lower unit remodeled with new kitchen cabinets and countertops, recessed lighting, new appliances, and updated electrical/light fixtures; Upper unit remodeled prior to last tenancy with bathroom, kitchen, flooring, and painting updates
