Updated 2-Unit Duplex with Separate
For Sale
$185,000
Pending
323 Portage Rd, Niagara Falls, NY 14303
Two-unit duplex with separate utilities, freshly painted interiors, updated flooring, laundry areas, and three separate entrances plus a 3-car garage.
Property Size1,734 SF
Days on Market107
Property Features for 323 Portage Rd
General Information
Standard status
Pending
Size
1,734 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,234
Building Details
Building Size
1,734 SF
Year Built
1939
Units
2
Listing Agency:
(347) 553-7406
Listed By:
Rabia Ellahi
(347) 553-7406
Source:
Elliman
Added: May 9
Changed: Aug 14
Last Checked: Aug 22 at 11:38AM
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 Rabia Ellahi
Investment Insights
Based on property information with market context.
This updated 2-unit duplex offers two separate living spaces with individual utility setups. The first unit includes two bedrooms and one full plus one half bath, while the second unit has one bedroom and one bathroom. Both units have been freshly painted and upgraded with new flooring. The basement includes laundry areas, along with block windows. The property also features three separate entrances, supporting convenient independent access.
Located in Niagara Falls, the home is described as being about a minute to the casino and Great Falls and close to major amenities. BikeScore is 49, walkScore is 60, and transitScore is 30.
Located in Niagara Falls, the home is described as being about a minute to the casino and Great Falls and close to major amenities. BikeScore is 49, walkScore is 60, and transitScore is 30.
Key Highlights
- 1939‑built 2‑family duplex with 2 units and separate utilities
- Unit 1 offers 2 bedrooms, 1 full and 1 half bath, and separate utilities
- Unit 2 offers 1 bedroom and 1 bathroom
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
$15,229
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
8.23%
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%
$304,580
$304.6K
Cap Rate 7%
$217,557
$217.6K
Cap Rate 9%
$169,211
$169.2K
Market Conditions
NOI Build-Up for 1,734 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
$23.3K $13.44/SF
− Vacancy
−$1.5K −$0.89/SF
EGI
$21.8K $12.55/SF
− OpEx
−$6.5K −$3.76/SF
NOI
$15.2K $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%
$304,580
Cap Rate 7%
$217,557
Cap Rate 9%
$169,211
Alternative Uses
Best Use
Multifamily LT 5
$217.6K
$190.4K – $253.8K
NOI $15,229 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$193.1K
$169.0K – $225.3K
NOI $13,517 @ 7.0% cap · market cap 7.31%
Theoretical Best
Warehouse
$1.47M
$1.29M – $1.72M
NOI $103,136 @ 7.0% cap · market cap 55.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,018
Businesses Nearby
Explore this area
Business Placement
Demographics for 14303, NY
5,958
Population
3,505
Households
1.7
Avg Household Size
38
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
2,207
Density / Sq Mi
$45,519
Median Household Income
$34,623
Median Earnings
$845
Median Rent
$78,200
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?
Duplex - Two-unit duplex with separate utilities, freshly painted interiors, updated flooring, laundry areas, and three separate entrances plus a 3-car garage.
Where is this duplex located?
The property is located at 323 Portage Rd Niagara Falls, NY.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: 1939‑built 2‑family duplex with 2 units and separate utilities; Unit 1 offers 2 bedrooms, 1 full and 1 half bath, and separate utilities; Unit 2 offers 1 bedroom and 1 bathroom
