Two-Unit Residential Income
For Sale
$315,000
Pending
639 17th St, Niagara Falls, NY 14301
Includes a rented storage unit on the first floor and a rented two-bedroom apartment on the second.
Property Size2,304 SF
Days on Market107
Property Features for 639 17th St
General Information
Standard status
Pending
Size
2,304 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,169
Building Details
Building Size
2,304 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
Irish Jones Realty
(716) 768-4915
Listed By:
Matthew Irish-Jones
(716) 768-4915
Source:
Elliman
Added: Apr 27
Changed: Aug 8
Last Checked: Aug 11 at 11:46AM
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 Irish Jones Realty
Investment Insights
Based on property information with market context.
This property includes a two-unit building with a rented storage unit on the first floor and a rented two-bedroom apartment on the second floor.
The sale also includes a separate mixed-use property located at 1715 Pine Avenue. That mixed-use asset features two commercial spaces on the first floor and six apartments on the second floor. Both commercial spaces are currently vacant and were previously occupied by a restaurant and a salon. Three apartments are vacant and three are occupied.
Appointments require 24 hours notice.
The sale also includes a separate mixed-use property located at 1715 Pine Avenue. That mixed-use asset features two commercial spaces on the first floor and six apartments on the second floor. Both commercial spaces are currently vacant and were previously occupied by a restaurant and a salon. Three apartments are vacant and three are occupied.
Appointments require 24 hours notice.
Key Highlights
- Year built: 1900
- Includes mixed‑use property at 1715 Pine Avenue with two commercial spaces on the first floor and six apartments on the second
- At 1715 Pine Avenue: both commercial spaces are currently vacant (previously restaurant and salon)
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
$20,235
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
6.42%
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%
$404,700
$404.7K
Cap Rate 7%
$289,071
$289.1K
Cap Rate 9%
$224,833
$224.8K
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
$31.0K $13.44/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$28.9K $12.55/SF
− OpEx
−$8.7K −$3.76/SF
NOI
$20.2K $8.78/SF
Area
Niagara County, NY
Vacancy
6.65%
Lease Rate
$13.44 /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%
$404,700
Cap Rate 7%
$289,071
Cap Rate 9%
$224,833
Alternative Uses
Best Use
Mixed Use
$444.3K
$388.8K – $518.4K
NOI $31,104 @ 7.0% cap · market cap 9.87%
Second Best
Multifamily LT 5
$289.1K
$252.9K – $337.3K
NOI $20,235 @ 7.0% cap · market cap 6.42%
Theoretical Best
Warehouse
$1.96M
$1.71M – $2.28M
NOI $137,039 @ 7.0% cap · market cap 43.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Includes a rented storage unit on the first floor and a rented two-bedroom apartment on the second.
Where is this apartment building located?
The property is located at 639 17th St Niagara Falls, NY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Year built: 1900; Includes mixed‑use property at 1715 Pine Avenue with two commercial spaces on the first floor and six apartments on the second; At 1715 Pine Avenue: both commercial spaces are currently vacant (previously restaurant and salon)
