Two-Unit Residential Income
For Sale
$219,000
Pending
95 Preston St, Lancaster, NY 14043
Well-maintained two-unit property with yard space and a two-car garage, featuring a 3-bedroom lower unit and a 1-bedroom upper unit.
Property Size1,626 SF
Days on Market26
Property Features for 95 Preston St
General Information
Standard status
Pending
Size
1,626 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,426
Building Details
Building Size
1,626 SF
Year Built
1922
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Howard Hanna WNY Inc.
(716) 603-2516
Listed By:
Jason P Sokody · License #10301212761
(716) 603-2516
Source:
Elliman
Added: Jul 22
Changed: Aug 8
Last Checked: Aug 16 at 6:34AM
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 well-maintained two-unit residential property offers separate living arrangements in a duplex-style layout. The lower unit includes three bedrooms, one full bathroom, a dedicated laundry room, and a back porch area. The upper unit features one bedroom with a renovated full bathroom and renovated kitchen.
The property sits in the heart of the Village of Depew on a quiet residential street, with access to amenities along Transit road described as being just minutes away. BikeScore, walkScore, and transitScore indicate somewhat walkable/bikeable and minimal transit.
Additional features include plenty of yard space and a two-car garage for parking and storage.
The property sits in the heart of the Village of Depew on a quiet residential street, with access to amenities along Transit road described as being just minutes away. BikeScore, walkScore, and transitScore indicate somewhat walkable/bikeable and minimal transit.
Additional features include plenty of yard space and a two-car garage for parking and storage.
Key Highlights
- Two‑unit property built in 1922 in the Village of Depew
- Lower unit has 3 bedrooms, 1 full bathroom, and a dedicated laundry room
- Upper unit features 1 bedroom with a renovated full bath and renovated kitchen
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
$10,455
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
4.77%
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%
$209,100
$209.1K
Cap Rate 7%
$149,357
$149.4K
Cap Rate 9%
$116,167
$116.2K
Market Conditions
NOI Build-Up for 1,626 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
$22.4K $13.80/SF
− Vacancy
−$7.5K −$4.61/SF
EGI
$14.9K $9.19/SF
− OpEx
−$4.5K −$2.76/SF
NOI
$10.5K $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%
$209,100
Cap Rate 7%
$149,357
Cap Rate 9%
$116,167
Alternative Uses
Best Use
Multifamily LT 5
$149.4K
$130.7K – $174.3K
NOI $10,455 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$134.1K
$117.4K – $156.5K
NOI $9,388 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$355.5K
$311.0K – $414.7K
NOI $24,882 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
Explore this area
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
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 - Well-maintained two-unit property with yard space and a two-car garage, featuring a 3-bedroom lower unit and a 1-bedroom upper unit.
Where is this duplex located?
The property is located at 95 Preston St Lancaster, NY.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Two‑unit property built in 1922 in the Village of Depew; Lower unit has 3 bedrooms, 1 full bathroom, and a dedicated laundry room; Upper unit features 1 bedroom with a renovated full bath and renovated kitchen
