Updated Duplex with Two-Car
For Sale
$159,900
Pending
323 Spruce Ave, Niagara Falls, NY 14301
Two separate apartments with renovated interiors, major mechanical improvements, and enclosed outdoor space.
Property Size1,120 SF
Days on Market11
Property Features for 323 Spruce Ave
General Information
Standard status
Pending
Size
1,120 SF
Total Parking Spaces
2
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,110
Amenities
central air
hardwood floors
granite countertops
full basement
fenced yard
covered front porch
screened-in rear porch
Building Details
Building Size
1,120 SF
Year Built
1949
Buildings
1
Units
2
Listing Agency:
Red Door Real Estate WNY LLC
Listed By:
Renee Moran · License #10491202951
(716) 768-1177
Source:
Elliman
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 26 at 10:57AM
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 Red Door Real Estate WNY LLC
Investment Insights
Based on property information with market context.
This 1949 duplex includes a two-bedroom lower apartment and a one-bedroom upper apartment, providing distinct living spaces within one residential income property. The lower unit has an updated kitchen with granite countertops and appliances, a renovated full bathroom, central air, and hardwood flooring beneath carpeting. The upper unit includes a refrigerator and stove.
Recent improvements include a newer roof, furnace, and hot water tank installed in 2024, along with 150-amp electrical service. The property also has a full basement with a poured concrete foundation, vinyl siding, a fully fenced yard, covered front and screened rear porches, and a two-car garage with openers and remotes. Niagara Falls State Park, the Niagara Gorge, trails, restaurants, and attractions are minutes away. Short-term rental use is subject to applicable city regulations, permits, and approvals.
Recent improvements include a newer roof, furnace, and hot water tank installed in 2024, along with 150-amp electrical service. The property also has a full basement with a poured concrete foundation, vinyl siding, a fully fenced yard, covered front and screened rear porches, and a two-car garage with openers and remotes. Niagara Falls State Park, the Niagara Gorge, trails, restaurants, and attractions are minutes away. Short-term rental use is subject to applicable city regulations, permits, and approvals.
Key Highlights
- Two‑unit property with a 2‑bedroom lower apartment and 1‑bedroom upper apartment
- Lower unit kitchen and first‑floor bathroom updated in 2023
- Roof, furnace, and hot water tank installed in 2024 with remaining warranties
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
$9,836
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
6.15%
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%
$196,720
$196.7K
Cap Rate 7%
$140,514
$140.5K
Cap Rate 9%
$109,289
$109.3K
Market Conditions
NOI Build-Up for 1,120 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
$15.1K $13.44/SF
− Vacancy
−$1.0K −$0.89/SF
EGI
$14.1K $12.55/SF
− OpEx
−$4.2K −$3.76/SF
NOI
$9.8K $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%
$196,720
Cap Rate 7%
$140,514
Cap Rate 9%
$109,289
Alternative Uses
Best Use
Multifamily LT 5
$140.5K
$123.0K – $163.9K
NOI $9,836 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$124.7K
$109.1K – $145.5K
NOI $8,731 @ 7.0% cap · market cap 5.46%
Theoretical Best
Warehouse
$951.7K
$832.7K – $1.11M
NOI $66,616 @ 7.0% cap · market cap 41.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
877
Businesses Nearby
Explore this area
Business Placement
Demographics for 14301, NY
12,618
Population
7,285
Households
1.7
Avg Household Size
38
Median Age
18%
College-Educated
85%
High-School Grad
2.1 sq mi
ZIP Area
6,009
Density / Sq Mi
$37,650
Median Household Income
$32,909
Median Earnings
$722
Median Rent
$79,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 separate apartments with renovated interiors, major mechanical improvements, and enclosed outdoor space.
Where is this duplex located?
The property is located at 323 Spruce Ave Niagara Falls, NY.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Two‑unit property with a 2‑bedroom lower apartment and 1‑bedroom upper apartment; Lower unit kitchen and first‑floor bathroom updated in 2023; Roof, furnace, and hot water tank installed in 2024 with remaining warranties
