Building Details

Building Size 4,084 SF

Year Built 2001

Stories 2

Units 3

Listing Agency: g***@huntrealestate.com Show Phone

Listed By: Geralyn Bonilla Show Phone

Source: Elliman

Added: Mar 24 Changed: Aug 8 Last Checked: Aug 19 at 10:01AM

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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 Geralyn Bonilla

Investment Insights

Based on property information with market context.

This triplex, constructed in 2001, is situated on a three-acre lot. Each of the side units features two bedrooms and two bathrooms, along with an attached one-car garage. Additionally, there is a separate two-bedroom unit that could serve as an owner's residence. The units have an open floor plan and Smartcore flooring in the main living areas. The property includes generously sized rooms and storage space. A heated utility room also functions as a laundry area. The property is located minutes from Route 219. Special conditions apply, and appointments require a minimum of 48 hours' notice.

Key Highlights

• Triplex unit allows tenants to cover mortgage.
• Includes a separate two‑bedroom unit suitable as an owner's home.
• Each unit features 2 bedrooms and 2 bathrooms.

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

$26,259

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

4.41%

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%

$525,180 $525.2K

Cap Rate 7%

$375,129 $375.1K

Cap Rate 9%

$291,767 $291.8K

Market Conditions

NOI Build-Up for 4,084 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

$56.4K $13.80/SF

− Vacancy

−$18.8K −$4.61/SF

EGI

$37.5K $9.19/SF

− OpEx

−$11.3K −$2.76/SF

NOI

$26.3K $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%

$525,180

Cap Rate 7%

$375,129

Cap Rate 9%

$291,767

Alternative Uses

Best Use

Multifamily LT 5

$375.1K

$328.2K – $437.7K (±1% cap)

NOI $26,259 @ 7.0% cap · market cap 4.41%

Second Best

Apartment 5plus

$336.9K

$294.8K – $393.0K (±1% cap)

NOI $23,580 @ 7.0% cap · market cap 3.96%

Theoretical Best

Office A

$892.8K

$781.2K – $1.04M (±1% cap)

NOI $62,495 @ 7.0% cap · market cap 10.51%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Location Intelligence

Trade Area within ½ mile

5

Businesses Nearby

Explore this area Business Placement

Demographics for 14141, NY

7,585

Population

3,675

Households

2.1

Avg Household Size

45

Median Age

28%

College-Educated

93%

High-School Grad

72.3 sq mi

ZIP Area

105

Density / Sq Mi

$71,837

Median Household Income

$48,453

Median Earnings

$738

Median Rent

$195,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Triplex with tenant income potential on a spacious lot.

Where is this triplex located?

The property is located at 7428 Genesee Rd Concord, NY.

What is the asking price?

The asking price for this property is $594,900.

What are key features of this property?

This property features: Triplex unit allows tenants to cover mortgage.; Includes a separate **two‑bedroom unit suitable as an owner's home**.; Each unit features 2 bedrooms and 2 bathrooms.