Duplex with
New
For Sale
$335,000
16 Pleasant Ave, Lancaster, NY 14086
Two-unit property with separate electric and gas meters, distinct parking areas, and one vacant upper unit.
Property Size1,928 SF
Days on Market7
Property Features for 16 Pleasant Ave
General Information
Standard status
Active
Size
1,928 SF
Property subtype
Multi Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,170
Building Details
Building Size
1,928 SF
Year Built
1890
Stories
2
Units
2
Listing Agency:
(716) 491-7767
Listed By:
Terry Martina
(716) 491-7767
Source:
Elliman
Added: Aug 14
Changed: Aug 17
Last Checked: Aug 19 at 8:07AM
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 Terry Martina
Investment Insights
Based on property information with market context.
Built in 1890, this duplex includes two separate residential units with distinct parking access. The upper unit is vacant and has a new furnace, while the lower unit is owner occupied and equipped with central air. Bathrooms have been updated, and the electrical panels are newer.
The property provides a 2 Car garage with a full driveway, a front parking pad for 2 cars, two separate drives, and a rear shed. Electric and gas service are separately metered for the units. Located in the Village of Lancaster, the property is near local village amenities and assigned to Lancaster schools. WalkScore is 77 and BikeScore is 49.
The property provides a 2 Car garage with a full driveway, a front parking pad for 2 cars, two separate drives, and a rear shed. Electric and gas service are separately metered for the units. Located in the Village of Lancaster, the property is near local village amenities and assigned to Lancaster schools. WalkScore is 77 and BikeScore is 49.
Key Highlights
- Duplex built in 1890 with a vacant upper unit
- New furnace in the upper unit; central air in the lower unit
- 2 Car garage with full driveway
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
$12,396
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
3.70%
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%
$247,920
$247.9K
Cap Rate 7%
$177,086
$177.1K
Cap Rate 9%
$137,733
$137.7K
Market Conditions
NOI Build-Up for 1,928 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
$26.6K $13.80/SF
− Vacancy
−$8.9K −$4.61/SF
EGI
$17.7K $9.19/SF
− OpEx
−$5.3K −$2.76/SF
NOI
$12.4K $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 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%
$247,920
Cap Rate 7%
$177,086
Cap Rate 9%
$137,733
Alternative Uses
Best Use
Multifamily LT 5
$177.1K
$155.0K – $206.6K
NOI $12,396 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$159.0K
$139.2K – $185.5K
NOI $11,132 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$421.5K
$368.8K – $491.7K
NOI $29,503 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
446
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-unit property with separate electric and gas meters, distinct parking areas, and one vacant upper unit.
Where is this duplex located?
The property is located at 16 Pleasant Ave Lancaster, NY.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Duplex built in 1890 with a vacant upper unit; New furnace in the upper unit; central air in the lower unit; 2 Car garage with full driveway
