Duplex Income Property with Garage
For Sale
$469,900
Pending
269 Broezel Ave, Lancaster, NY 14086
Two-bedroom main home plus a separate two-bedroom apartment, complemented by a heated and cooled garage with loft.
Property Size2,564 SF
Days on Market70
Property Features for 269 Broezel Ave
General Information
Standard status
Pending
Size
2,564 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,744
Building Details
Building Size
2,564 SF
Year Built
1965
Stories
1
Units
2
Listing Agency:
WNY METRO ROBERTS REALTY
(818) 605-1169
Listed By:
Jerry Harrington · License #10401332436
(818) 605-1169
Source:
Elliman
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 19 at 9:24AM
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
Investment Insights
Based on property information with market context.
This duplex-style residential income property offers two distinct living options under one roofline. The main home features an open, spacious layout with two oversized bedrooms. A separate two-bedroom apartment provides additional flexibility for extended family, guests, or rental income. Beyond the primary living areas, the property includes a heated and cooled garage with loft space above and a finished lower level with a full bath, along with a Generac generator for added backup power. Outside, a large patio and an oversized driveway support everyday usability.
The property is located just minutes from Lancaster High School and is close to nearby parks and the Village of Lancaster. Mobility metrics indicate the area is somewhat walkable and somewhat bikeable, which may support errands and local trips without relying exclusively on a car.
For tenants or buyers looking for a setup with two separate two-bedroom units, this configuration can be practical for managing separate households while keeping shared ownership centralized. The additional garage loft space, finished lower level, and backup generator add functional value for day-to-day comfort and continuity, while the patio and driveway support regular outdoor use and off-street parking.
The property is located just minutes from Lancaster High School and is close to nearby parks and the Village of Lancaster. Mobility metrics indicate the area is somewhat walkable and somewhat bikeable, which may support errands and local trips without relying exclusively on a car.
For tenants or buyers looking for a setup with two separate two-bedroom units, this configuration can be practical for managing separate households while keeping shared ownership centralized. The additional garage loft space, finished lower level, and backup generator add functional value for day-to-day comfort and continuity, while the patio and driveway support regular outdoor use and off-street parking.
Key Highlights
- Main home offers a spacious open feel with two oversized bedrooms (Year built: 1965)
- Separate two‑bedroom apartment provides additional living or rental options
- Heated and cooled garage with loft space above
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
$16,486
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
3.51%
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%
$329,720
$329.7K
Cap Rate 7%
$235,514
$235.5K
Cap Rate 9%
$183,178
$183.2K
Market Conditions
NOI Build-Up for 2,564 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
$35.4K $13.80/SF
− Vacancy
−$11.8K −$4.61/SF
EGI
$23.6K $9.19/SF
− OpEx
−$7.1K −$2.76/SF
NOI
$16.5K $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%
$329,720
Cap Rate 7%
$235,514
Cap Rate 9%
$183,178
Alternative Uses
Best Use
Multifamily LT 5
$235.5K
$206.1K – $274.8K
NOI $16,486 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$211.5K
$185.1K – $246.7K
NOI $14,804 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$560.5K
$490.4K – $653.9K
NOI $39,235 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
186
Businesses Nearby
Explore this area
Business Placement
Demographics for 14086, NY
35,010
Population
15,486
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
95%
High-School Grad
33.3 sq mi
ZIP Area
1,051
Density / Sq Mi
$95,949
Median Household Income
$53,164
Median Earnings
$983
Median Rent
$263,600
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?
Duplex - Two-bedroom main home plus a separate two-bedroom apartment, complemented by a heated and cooled garage with loft.
Where is this duplex located?
The property is located at 269 Broezel Ave Lancaster, NY.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Main home offers a spacious open feel with two oversized bedrooms (Year built: 1965); Separate two‑bedroom apartment provides additional living or rental options; Heated and cooled garage with loft space above
