Fully Occupied 7-Unit Apartment
For Sale
$399,900
13904 Broadway St, Alden, NY 14004
Brick 7-unit multifamily property on about 1.7 acres with newer metal roof, updated mechanicals, and coin-operated laundry.
Property Size3,779 SF
Lot Size1.70 Acres
Price / SF$105.82
Days on Market32
Property Features for 13904 Broadway St
General Information
Standard status
Active
Size
3,779 SF
Lot size
1.70 Acres
Property subtype
Residential Income
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$4,492
Amenities
coin-operated washer and dryer
Building Details
Buildings
1
Construction
brick
Listing Agency:
eXp Realty
(716) 913-7199
Listed By:
Cristin Bishop
(716) 913-7199
Source:
Exprealty
Added: Jul 27
Changed: Aug 25
Last Checked: Aug 26 at 12:00PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This fully occupied 7-unit brick apartment building offers a stabilized residential income setup. The property includes a slab foundation, a newer metal roof, and updated mechanicals. Each unit is served by its own electric panel, with natural gas supplied through Alden Reserve and electric service through NYSEG. On-site amenities include a coin-operated washer and dryer for resident use, providing an additional income stream for the owner.
The well water supply is serviced by a well located along the side of the driveway, and the septic system is positioned behind the parking lot. The site spans approximately 1.7 acres, providing room for future expansion or additional development subject to municipal approvals.
Overall, the building is positioned for long-term income with an existing unit configuration and infrastructure in place, while the acreage offers flexibility for future increases in apartment count or development (subject to approval).
The well water supply is serviced by a well located along the side of the driveway, and the septic system is positioned behind the parking lot. The site spans approximately 1.7 acres, providing room for future expansion or additional development subject to municipal approvals.
Overall, the building is positioned for long-term income with an existing unit configuration and infrastructure in place, while the acreage offers flexibility for future increases in apartment count or development (subject to approval).
Key Highlights
- Brick 7‑unit multifamily building on approximately 1.7 acres in the Town of Alden near the village
- Newer metal roof and updated mechanicals
- Natural gas service through Alden Reserve and electric service through NYSEG, with individual electric panels for each unit
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
$21,819
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
5.46%
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%
$436,380
$436.4K
Cap Rate 7%
$311,700
$311.7K
Cap Rate 9%
$242,433
$242.4K
Market Conditions
NOI Build-Up for 3,779 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
$61.2K $16.20/SF
− Vacancy
−$21.5K −$5.70/SF
EGI
$39.7K $10.50/SF
− OpEx
−$17.9K −$4.72/SF
NOI
$21.8K $5.77/SF
Area
Erie County, NY
Vacancy
35.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$436,380
Cap Rate 7%
$311,700
Cap Rate 9%
$242,433
Alternative Uses
Best Use
Apartment 5plus
$311.7K
$272.7K – $363.7K
NOI $21,819 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$826.1K
$722.9K – $963.8K
NOI $57,828 @ 7.0% cap · market cap 14.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 14004, NY
11,583
Population
4,386
Households
2.6
Avg Household Size
47
Median Age
22%
College-Educated
91%
High-School Grad
48.6 sq mi
ZIP Area
238
Density / Sq Mi
$88,011
Median Household Income
$51,981
Median Earnings
$754
Median Rent
$236,300
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?
Apartment building - Brick 7-unit multifamily property on about 1.7 acres with newer metal roof, updated mechanicals, and coin-operated laundry.
Where is this apartment building located?
The property is located at 13904 Broadway St Alden, NY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Brick 7‑unit multifamily building on approximately 1.7 acres in the Town of Alden near the village; Newer metal roof and updated mechanicals; Natural gas service through Alden Reserve and electric service through NYSEG, with individual electric panels for each unit
