Duplex with Detached
New
For Sale
$299,000
35 Cowing St, Lancaster, NY 14043
Two spacious apartments feature separate utilities and additional storage, office, and garage areas.
Property Size1,600 SF
Days on Market3
Property Features for 35 Cowing St
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,441
Building Details
Building Size
1,600 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
(716) 770-5478
Listed By:
Victor Bandriwsky
(716) 770-5478
Source:
Elliman
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 10:04AM
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 Victor Bandriwsky
Investment Insights
Based on property information with market context.
This duplex contains two spacious 3-bedroom apartments with separately metered utilities. The downstairs residence is scheduled to be vacant at closing, while the property also includes a detached 2-car garage, sunroom office, partially finished attic, and basement storage. These additional areas provide functional space beyond the primary apartments and may support future rental use.
Major property improvements include a new main sewer line installed in 2025 with a transferable 5-year warranty, new hot water tanks completed in 2025, and a full tear-off roof with gutters completed in 2020. Built in 1900, the property is located at 35 Cowing St in Lancaster, NY 14043. The surrounding area has a Walk Score of 52 and a BikeScore of 44.
Major property improvements include a new main sewer line installed in 2025 with a transferable 5-year warranty, new hot water tanks completed in 2025, and a full tear-off roof with gutters completed in 2020. Built in 1900, the property is located at 35 Cowing St in Lancaster, NY 14043. The surrounding area has a Walk Score of 52 and a BikeScore of 44.
Key Highlights
- Two 3‑bedroom apartments in a duplex configuration
- Downstairs unit scheduled for delivery vacant at closing
- New main sewer line installed in 2025 with transferable 5‑year warranty
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
$10,288
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
3.44%
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%
$205,760
$205.8K
Cap Rate 7%
$146,971
$147.0K
Cap Rate 9%
$114,311
$114.3K
Market Conditions
NOI Build-Up for 1,600 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
$22.1K $13.80/SF
− Vacancy
−$7.4K −$4.61/SF
EGI
$14.7K $9.19/SF
− OpEx
−$4.4K −$2.76/SF
NOI
$10.3K $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%
$205,760
Cap Rate 7%
$146,971
Cap Rate 9%
$114,311
Alternative Uses
Best Use
Multifamily LT 5
$147.0K
$128.6K – $171.5K
NOI $10,288 @ 7.0% cap · market cap 3.44%
Second Best
Apartment 5plus
$132.0K
$115.5K – $154.0K
NOI $9,238 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$349.8K
$306.1K – $408.1K
NOI $24,484 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
656
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 - Two spacious apartments feature separate utilities and additional storage, office, and garage areas.
Where is this duplex located?
The property is located at 35 Cowing St Lancaster, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two 3‑bedroom apartments in a duplex configuration; Downstairs unit scheduled for delivery vacant at closing; New main sewer line installed in 2025 with transferable 5‑year warranty
