Duplex with Private
For Sale
$199,999
Pending
1087 Ridge Rd, Lackawanna, NY 14218
Two-unit income property with separate rear decks, updated mechanicals, off-street parking, and long-term tenants.
Property Size1,416 SF
Days on Market44
Property Features for 1087 Ridge Rd
General Information
Standard status
Pending
Size
1,416 SF
Property subtype
Multi Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,190
Building Details
Building Size
1,416 SF
Year Built
1937
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Howard Hanna WNY Inc.
(716) 390-1341
Listed By:
Michael A Battaglia · License #10301212761
(716) 390-1341
Source:
Elliman
Added: Jul 4
Changed: Aug 10
Last Checked: Aug 16 at 7:55AM
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 Howard Hanna WNY Inc.
Investment Insights
Based on property information with market context.
This duplex features two separate residences with dedicated outdoor space. The lower unit is a 3-bedroom, 1-bath layout with a large eat-in kitchen, an oversized family room, first-floor laundry, and access to a private rear deck. The upper unit is an oversized 1-bedroom apartment with impressive cathedral ceilings, generous living space, and its own large private rear deck. Additional property improvements include off-street parking, updated mechanical systems, and a dry basement that offers ample storage, along with separate outdoor areas for each unit.
Located along Ridge Road in Lackawanna, the property offers convenient access to I-190 and the NYS Thruway. The surrounding area includes shopping, restaurants, and other nearby amenities, making it practical for tenant daily needs.
For buyers seeking a turn-key residential income property, both units are currently occupied by long-term tenants and are described as well cared for. The separate decks, in-unit laundry in the lower unit, off-street parking, and functional basement storage are all practical considerations for tenants and owner-occupants alike.
Located along Ridge Road in Lackawanna, the property offers convenient access to I-190 and the NYS Thruway. The surrounding area includes shopping, restaurants, and other nearby amenities, making it practical for tenant daily needs.
For buyers seeking a turn-key residential income property, both units are currently occupied by long-term tenants and are described as well cared for. The separate decks, in-unit laundry in the lower unit, off-street parking, and functional basement storage are all practical considerations for tenants and owner-occupants alike.
Key Highlights
- Two‑unit income property built in 1937, with both units occupied by long‑term tenants.
- Lower unit: 3 bedrooms with a large eat‑in kitchen, oversized family room, first‑floor laundry, and access to a private rear deck.
- Upper unit: oversized 1‑bedroom with cathedral ceilings and a large private rear deck.
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
$14,050
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
7.03%
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%
$281,000
$281.0K
Cap Rate 7%
$200,714
$200.7K
Cap Rate 9%
$156,111
$156.1K
Market Conditions
NOI Build-Up for 1,416 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
$21.2K $15.00/SF
− Vacancy
−$1.2K −$0.83/SF
EGI
$20.1K $14.17/SF
− OpEx
−$6.0K −$4.25/SF
NOI
$14.1K $9.92/SF
Area
Buffalo, NY
Vacancy
5.50%
Lease Rate
$15.00 /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%
$281,000
Cap Rate 7%
$200,714
Cap Rate 9%
$156,111
Alternative Uses
Best Use
Multifamily LT 5
$200.7K
$175.6K – $234.2K
NOI $14,050 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$184.9K
$161.8K – $215.7K
NOI $12,941 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$340.5K
$298.0K – $397.3K
NOI $23,836 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
478
Businesses Nearby
Explore this area
Business Placement
Demographics for 14218, NY
20,878
Population
9,478
Households
2.2
Avg Household Size
38
Median Age
21%
College-Educated
88%
High-School Grad
8.1 sq mi
ZIP Area
2,578
Density / Sq Mi
$50,484
Median Household Income
$36,457
Median Earnings
$829
Median Rent
$135,000
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-unit income property with separate rear decks, updated mechanicals, off-street parking, and long-term tenants.
Where is this duplex located?
The property is located at 1087 Ridge Rd Lackawanna, NY.
What is the asking price?
The asking price for this property is $199,999.
What are key features of this property?
This property features: Two‑unit income property built in 1937, with both units occupied by long‑term tenants.; Lower unit: 3 bedrooms with a large eat‑in kitchen, oversized family room, first‑floor laundry, and access to a private rear deck.; Upper unit: oversized 1‑bedroom with cathedral ceilings and a large private rear deck.
