Duplex with Separate
New
For Sale
$250,000
128 Laverack Ave, Lancaster, NY 14043
The main residence pairs a first-floor bedroom with a basement recreation room and a fenced backyard.
Property Size2,083 SF
Days on Market6
Property Features for 128 Laverack Ave
General Information
Standard status
Active
Size
2,083 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 1BR
Multifamily Units
2
Individually Metered Utilities
unspecified utilities
Taxes and HOA fees
Annual Taxes
$6,521
Amenities
fenced yard
hot tub
basement recreation room
storage shed
Building Details
Building Size
2,083 SF
Year Built
1957
Construction
Cape Cod
Listing Agency:
HUNT Real Estate ERA
Listed By:
Gavin A Mapel · License #10401323331
(716) 697-1282
Source:
Highfallssir
Added: Oct 23
Changed: Oct 27
Last Checked: Oct 28 at 2:14PM
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 HUNT Real Estate ERA
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Investment Insights
Based on property information with market context.
This 1957 duplex combines a three-bedroom, 1.5-bath Cape Cod residence with a legal one-bedroom apartment above the garage. The apartment has a private entrance, separate utilities, and off-street parking; it is currently vacant. The main home includes a first-floor bedroom and bathroom, a second-floor half bath, a separate dining room, and a basement recreation room. A fully fenced backyard includes a hot tub, and the garage has an attached rear storage shed. Refrigerators and stoves are included in both living spaces.
Updates include a furnace installed in 2022, vinyl replacement windows, glass block windows, updated flooring, and gutter guards with a warranty. The property is in the Lancaster School District and is near the Village of Lancaster, with local shops, restaurants, schools, and amenities accessible nearby.
Updates include a furnace installed in 2022, vinyl replacement windows, glass block windows, updated flooring, and gutter guards with a warranty. The property is in the Lancaster School District and is near the Village of Lancaster, with local shops, restaurants, schools, and amenities accessible nearby.
Key Highlights
- Legal one‑bedroom apartment above the garage, with private entrance and separate utilities
- Three‑bedroom, 1.5‑bath main residence with first‑floor bedroom and bathroom
- Off‑street parking for the apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,393
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$267,860
$267.9K
Cap Rate 7%
$191,329
$191.3K
Cap Rate 9%
$148,811
$148.8K
Market Conditions
NOI Build-Up for 2,083 SF
Gross rent
$28.7K $13.80/SF
− Vacancy
−$9.6K −$4.61/SF
EGI
$19.1K $9.19/SF
− OpEx
−$5.7K −$2.76/SF
NOI
$13.4K $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 Rate 5%
$267,860
Cap Rate 7%
$191,329
Cap Rate 9%
$148,811
Alternative Uses
Best Use
Multifamily LT 5
$191.3K
$167.4K – $223.2K
NOI $13,393 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$171.8K
$150.3K – $200.5K
NOI $12,027 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$455.4K
$398.4K – $531.3K
NOI $31,875 @ 7.0% cap · market cap 12.75%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
656
Businesses Nearby
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Business Placement
Demographics for 14043, NY
24,962
Population
11,743
Households
2.1
Avg Household Size
45
Median Age
27%
College-Educated
94%
High-School Grad
9.1 sq mi
ZIP Area
2,743
Density / Sq Mi
$73,373
Median Household Income
$50,263
Median Earnings
$1,072
Median Rent
$192,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - The main residence pairs a first-floor bedroom with a basement recreation room and a fenced backyard.
Where is this duplex located?
The property is located at 128 Laverack Ave Lancaster, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Legal one‑bedroom apartment above the garage, with private entrance and separate utilities; Three‑bedroom, 1.5‑bath main residence with first‑floor bedroom and bathroom; Off‑street parking for the apartment
