Brick Triplex with Three
For Sale
$199,900
639 18th St, Niagara Falls, NY 14301
All-brick triplex offers three distinct units with separate utilities and off-street parking.
Property Size2,304 SF
Days on Market93
Property Features for 639 18th St
General Information
Standard status
Active
Size
2,304 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,263
Building Details
Building Size
2,304 SF
Year Built
1920
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
WNY
(716) 578-7625
Listed By:
Tyrone DiMatteo · License #10401286049
(716) 578-7625
Source:
Elliman
Added: Jun 1
Changed: Aug 8
Last Checked: Aug 30 at 9:30PM
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
Investment Insights
Based on property information with market context.
This all-brick 3-unit property provides a spacious residential layout with three separate apartments: one 1-bedroom unit, one 2-bedroom unit, and a larger 3-bedroom unit. Many rooms feature high ceilings, large windows, and natural light. Several units include updated kitchens and updated baths, along with attractive hardwood or laminate flooring. The building has had recent improvements including a newer roof and some newer windows. Practical day-to-day operation is supported by separate gas and electric service, individual heating systems, and separate hot water tanks, along with off-street parking, a garage, and covered porch space. A full basement with laundry hookups adds additional utility for residents.
Located in Niagara Falls, the property is just steps from Pine Avenue’s shops, restaurants, and neighborhood conveniences. It is also positioned near schools, parks, public transportation, downtown Niagara Falls, the Niagara Gorge, and world-famous attractions.
For buyers, this configuration can fit either an investor or an owner-occupant looking to offset expenses with rental income. With three different unit sizes and multiple in-unit updates, the property offers flexibility for matching tenants to appropriate layouts, while the separate utilities and individual systems can help simplify property management.
Located in Niagara Falls, the property is just steps from Pine Avenue’s shops, restaurants, and neighborhood conveniences. It is also positioned near schools, parks, public transportation, downtown Niagara Falls, the Niagara Gorge, and world-famous attractions.
For buyers, this configuration can fit either an investor or an owner-occupant looking to offset expenses with rental income. With three different unit sizes and multiple in-unit updates, the property offers flexibility for matching tenants to appropriate layouts, while the separate utilities and individual systems can help simplify property management.
Key Highlights
- All‑brick 3‑unit triplex built in 1920 with 3 separate apartments: 1BR, 2BR, and 3BR
- Over 2,300 sq ft total living space across the three units
- Separate gas and electric service plus individual heating systems and separate hot water tanks for each unit
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
$17,960
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
8.98%
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%
$359,200
$359.2K
Cap Rate 7%
$256,571
$256.6K
Cap Rate 9%
$199,556
$199.6K
Market Conditions
NOI Build-Up for 2,304 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
$35.1K $15.24/SF
− Vacancy
−$2.5K −$1.07/SF
EGI
$32.7K $14.17/SF
− OpEx
−$14.7K −$6.38/SF
NOI
$18.0K $7.80/SF
Area
Niagara County, NY
Vacancy
7.00%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
45.00%
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%
$359,200
Cap Rate 7%
$256,571
Cap Rate 9%
$199,556
Alternative Uses
Best Use
Multifamily LT 5
$289.1K
$252.9K – $337.3K
NOI $20,235 @ 7.0% cap · market cap 10.12%
Second Best
Apartment 5plus
$256.6K
$224.5K – $299.3K
NOI $17,960 @ 7.0% cap · market cap 8.98%
Theoretical Best
Warehouse
$1.96M
$1.71M – $2.28M
NOI $137,039 @ 7.0% cap · market cap 68.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,066
Businesses Nearby
Explore this area
Business Placement
Demographics for 14301, NY
12,618
Population
7,285
Households
1.7
Avg Household Size
38
Median Age
18%
College-Educated
85%
High-School Grad
2.1 sq mi
ZIP Area
6,009
Density / Sq Mi
$37,650
Median Household Income
$32,909
Median Earnings
$722
Median Rent
$79,200
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 - All-brick triplex offers three distinct units with separate utilities and off-street parking.
Where is this triplex located?
The property is located at 639 18th St Niagara Falls, NY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: All‑brick 3‑unit triplex built in 1920 with 3 separate apartments: 1BR, 2BR, and 3BR; Over 2,300 sq ft total living space across the three units; Separate gas and electric service plus individual heating systems and separate hot water tanks for each unit
