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    Well-Maintained Two-Unit Residential Property Title is generated by Realmo AI

    1488 Electric Ave, Lackawanna, NY 14218

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    For Sale
    $215,000

    Two occupied units with separate laundry hookups and tenant-paid utilities provide straightforward income support for an owner.

    Type:Multi Family
    Added:
    Jun 1, 2026
    Days on Market:
    8
    Last Refresh:
    Jun 6 at 2:59 am

    Property Features for 1488 Electric Ave

    General Information

    Standard status
    Active
    Property subtype
    Multi Family

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    Brandy Hardy

    Listing agent Brandy Hardy License #10401333307

    Listing office WNY METRO ROBERTS REALTY

    Listing date Jun 1, 2026

    Source Elliman

    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

    HighLights

    • Well‑maintained 2‑unit property at 1488 Electric Ave, City of Lackawanna (year built 1960).
    • Lower unit: 3 bedrooms, 1 bath; upper unit: 2 bedrooms, 1 bath—both currently occupied by tenants on standard market rents.
    • Tenants pay their own utilities; owner pays the water bill.
    • Major updates: newer roof and hot water tank, both almost 3 years old.
    • Dry shared basement with separate laundry hookups for each tenant.
    • Partially fenced yard, long driveway, and detached garage.

    Overview

    This well-maintained two-unit property offers a practical duplex layout with a spacious 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit. Both units are occupied and have separate laundry hookups, with shared access to a dry basement. Exterior amenities include a partially fenced yard, a long driveway, and a detached garage, which can support tenant parking and storage needs. Recent major updates include a newer roof and hot water tank, both approximately three years old.

    The property is located in Lackawanna, with access to nearby shopping, restaurants, parks, and thruway connectivity. Walk and bike scores indicate it is somewhat accessible for day-to-day needs.

    For buyers seeking a residential income property, the unit mix provides flexibility for tenant household sizes, while tenant-paid utilities can help simplify monthly operating expenses. The seller pays the water bill, and the separate laundry setup can be a positive day-to-day convenience for each household. With the roof and hot water system recently updated, this duplex presents as a manageable option for both owner-occupants and investors looking to add a maintained two-unit asset to their portfolio.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lackawanna
    County
    Erie
    State
    New York
    Longitude
    -78.8275518
    Latitude
    42.8186317

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    FAQs

    What type of property is this?
    Duplex - Two occupied units with separate laundry hookups and tenant-paid utilities provide straightforward income support for an owner.
    Where is this duplex located?
    The property is located at 1488 Electric Ave Lackawanna, NY.
    What is the asking price?
    The asking price for this property is $215,000.
    What are key features of this property?
    This property features: Well‑maintained 2‑unit property at 1488 Electric Ave, City of Lackawanna (year built 1960).; Lower unit: 3 bedrooms, 1 bath; upper unit: 2 bedrooms, 1 bath—both currently occupied by tenants on standard market rents.; Tenants pay their own utilities; owner pays the water bill.
    (716) 574-8998
    We can help!
    Listing Contact
    Brandy Hardy
    Real Estate License ID: 10401333307
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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