Brick Duplex with Two-Car
For Sale
$269,900
14 Grant Street, Lancaster, NY 14086
Corner-lot duplex with a furnished upper apartment, fenced backyard, basement storage, and convenient village access.
Property Size1,847 SF
Days on Market11
Property Features for 14 Grant Street
General Information
Standard status
Active
Size
1,847 SF
Total Parking Spaces
2
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,954
Building Details
Building Size
1,847 SF
Year Built
1946
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Howard Hanna WNY Inc.
Listed By:
Kim Pasierb · License #10401300231
(716) 681-0889
Source:
Highfallssir
Added: Sep 5
Changed: Sep 8
Last Checked: Sep 14 at 10:15AM
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 Howard Hanna WNY Inc.
Investment Insights
Based on property information with market context.
Built in 1946, this brick duplex at 14 Grant St features a main-level residence and a separate upper one-bedroom apartment. The primary living area includes an open kitchen with stainless-steel appliances, skylight, extensive cabinetry, dining space, a large living room with floor-to-ceiling windows, and a full bathroom with soaking tub. The upper unit offers its own living area, kitchen, updated bathroom, closet storage, and furnishings that remain with the property.
Exterior features include a fully vinyl-fenced backyard, patio, and detached two-car garage. A full basement provides laundry hookups and substantial storage. The property also has a forced-air furnace installed in 2025 and gutters replaced in 2023. Located in the Village of Lancaster, the home is within walking distance of Broadway's dining, shopping, and community events, with a walk score of 60 and bike score of 47.
Exterior features include a fully vinyl-fenced backyard, patio, and detached two-car garage. A full basement provides laundry hookups and substantial storage. The property also has a forced-air furnace installed in 2025 and gutters replaced in 2023. Located in the Village of Lancaster, the home is within walking distance of Broadway's dining, shopping, and community events, with a walk score of 60 and bike score of 47.
Key Highlights
- Two‑family configuration with an upper 1‑bedroom apartment
- Detached 2‑car garage with fenced backyard and patio
- Full basement with laundry hookups and expansive storage
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
$11,876
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
4.40%
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%
$237,520
$237.5K
Cap Rate 7%
$169,657
$169.7K
Cap Rate 9%
$131,956
$132.0K
Market Conditions
NOI Build-Up for 1,847 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
$25.5K $13.80/SF
− Vacancy
−$8.5K −$4.61/SF
EGI
$17.0K $9.19/SF
− OpEx
−$5.1K −$2.76/SF
NOI
$11.9K $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%
$237,520
Cap Rate 7%
$169,657
Cap Rate 9%
$131,956
Alternative Uses
Best Use
Multifamily LT 5
$169.7K
$148.5K – $197.9K
NOI $11,876 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$152.3K
$133.3K – $177.7K
NOI $10,664 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$403.8K
$353.3K – $471.1K
NOI $28,264 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
569
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot duplex with a furnished upper apartment, fenced backyard, basement storage, and convenient village access.
Where is this duplex located?
The property is located at 14 Grant Street Lancaster, NY.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Two‑family configuration with an upper 1‑bedroom apartment; Detached 2‑car garage with fenced backyard and patio; Full basement with laundry hookups and expansive storage
