Four-Unit First-Floor Apartment
For Sale
$399,000
4181 Legion Dr, Hamburg, NY 14075
Four all-first-floor apartments with shared laundry, off-street parking, and a full basement in a walkable Hamburg setting.
Property Size3,288 SF
Price / SF$121.35
Days on Market96
Property Features for 4181 Legion Dr
General Information
Standard status
Active
Size
3,288 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Listing Agency:
Keller Williams Realty WNY
Listed By:
Thejan Kodituwakku · License #10401342241
(716) 292-8756
Source:
Skinnercnyrealty
Added: Jun 10
Changed: Sep 12
Last Checked: Sep 12 at 1:23PM
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 Keller Williams Realty WNY
Investment Insights
Based on property information with market context.
4181 Legion Dr is a four-unit residential income property with all apartments located on the first floor. The building’s layout is designed for easy access, with no stairs for day-to-day entry within the units. Units have been maintained over time, and the most recent updates are intended to align with current rental expectations. Residents also benefit from shared laundry facilities, and the property includes a full basement that can serve as storage space or be finished for additional living area.
The property is positioned in a walkable Hamburg community, described as being just seconds from the village’s main corridor. Nearby conveniences include grocery stores, gas stations, pharmacies, dining, boutiques, and public transit, supporting a car-light lifestyle for residents who prefer to get around locally.
For buyers seeking a low-maintenance, straightforward multifamily configuration, this four-unit structure offers independent first-floor living while keeping common operations simple through shared laundry. The combination of an open parking lot and a full basement adds practical utility for both current occupants and future flexibility.
The property is positioned in a walkable Hamburg community, described as being just seconds from the village’s main corridor. Nearby conveniences include grocery stores, gas stations, pharmacies, dining, boutiques, and public transit, supporting a car-light lifestyle for residents who prefer to get around locally.
For buyers seeking a low-maintenance, straightforward multifamily configuration, this four-unit structure offers independent first-floor living while keeping common operations simple through shared laundry. The combination of an open parking lot and a full basement adds practical utility for both current occupants and future flexibility.
Key Highlights
- 4‑unit property with four all‑first‑floor apartments
- Shared laundry facilities on‑site
- Off‑street parking with a large open parking lot
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
$21,141
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
5.30%
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%
$422,820
$422.8K
Cap Rate 7%
$302,014
$302.0K
Cap Rate 9%
$234,900
$234.9K
Market Conditions
NOI Build-Up for 3,288 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
$45.4K $13.80/SF
− Vacancy
−$15.2K −$4.61/SF
EGI
$30.2K $9.19/SF
− OpEx
−$9.1K −$2.76/SF
NOI
$21.1K $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%
$422,820
Cap Rate 7%
$302,014
Cap Rate 9%
$234,900
Alternative Uses
Best Use
Multifamily LT 5
$302.0K
$264.3K – $352.4K
NOI $21,141 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$271.2K
$237.3K – $316.4K
NOI $18,984 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$718.8K
$628.9K – $838.6K
NOI $50,314 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
553
Businesses Nearby
Explore this area
Business Placement
Demographics for 14075, NY
44,053
Population
20,164
Households
2.2
Avg Household Size
46
Median Age
38%
College-Educated
96%
High-School Grad
39.4 sq mi
ZIP Area
1,118
Density / Sq Mi
$82,083
Median Household Income
$50,934
Median Earnings
$1,129
Median Rent
$246,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four all-first-floor apartments with shared laundry, off-street parking, and a full basement in a walkable Hamburg setting.
Where is this quadplex located?
The property is located at 4181 Legion Dr Hamburg, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 4‑unit property with four all‑first‑floor apartments; Shared laundry facilities on‑site; Off‑street parking with a large open parking lot
