Updated Duplex with Attached
For Sale
$324,900
13 Banner Avenue, Lancaster, NY 14086
Two residential units offer separate utilities, laundry hookups, refreshed kitchens, and access to shared basement and outdoor areas.
Property Size1,820 SF
Days on Market22
Property Features for 13 Banner Avenue
General Information
Standard status
Active
Size
1,820 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Additional Details
Furnished
No
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,753
Amenities
laundry hookups
basement
common area
backyard
Building Details
Building Size
1,820 SF
Year Built
1975
Buildings
1
Stories
2
Units
2
Listing Agency:
Keller Williams Realty WNY
(716) 352-8679
Listed By:
Dalton Reynolds · License #10401342408
(716) 352-8679
Source:
Wcirealty
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 19 at 3:04PM
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 Keller Williams Realty WNY
Investment Insights
Based on property information with market context.
Built in 1975, this duplex contains two 910-square-foot apartments, each arranged with an eat-in kitchen, updated bathroom, and dedicated laundry hookups. Separate utilities serve the units. The property also provides a shared interior area, a clean and dry basement, updated furnaces, and an attached two-car garage with access toward the backyard.
Both kitchens were replaced in 2023, and the upper-unit bathroom received a full remodel that same year. The roof is approximately six years old. Kitchen appliances are included, while the large backyard adds usable outdoor space for the occupants. The property is located at 13 Banner Avenue in Lancaster, NY 14086.
Both kitchens were replaced in 2023, and the upper-unit bathroom received a full remodel that same year. The roof is approximately six years old. Kitchen appliances are included, while the large backyard adds usable outdoor space for the occupants. The property is located at 13 Banner Avenue in Lancaster, NY 14086.
Key Highlights
- Two 910‑square‑foot apartments within a duplex
- Separate utilities and laundry hookups for each unit
- New kitchens installed in both units in 2023
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
$11,702
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
3.60%
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%
$234,040
$234.0K
Cap Rate 7%
$167,171
$167.2K
Cap Rate 9%
$130,022
$130.0K
Market Conditions
NOI Build-Up for 1,820 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
$25.1K $13.80/SF
− Vacancy
−$8.4K −$4.61/SF
EGI
$16.7K $9.19/SF
− OpEx
−$5.0K −$2.76/SF
NOI
$11.7K $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%
$234,040
Cap Rate 7%
$167,171
Cap Rate 9%
$130,022
Alternative Uses
Best Use
Multifamily LT 5
$167.2K
$146.3K – $195.0K
NOI $11,702 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$150.1K
$131.4K – $175.1K
NOI $10,508 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$397.9K
$348.1K – $464.2K
NOI $27,850 @ 7.0% cap · market cap 8.57%
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
470
Businesses Nearby
Explore this area
Business Placement
Demographics for 14086, NY
35,010
Population
15,486
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
95%
High-School Grad
33.3 sq mi
ZIP Area
1,051
Density / Sq Mi
$95,949
Median Household Income
$53,164
Median Earnings
$983
Median Rent
$263,600
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 residential units offer separate utilities, laundry hookups, refreshed kitchens, and access to shared basement and outdoor areas.
Where is this duplex located?
The property is located at 13 Banner Avenue Lancaster, NY.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Two 910‑square‑foot apartments within a duplex; Separate utilities and laundry hookups for each unit; New kitchens installed in both units in 2023
