Fully Occupied 5-Unit
For Sale
$339,900
Pending
144 Sawyer Ave, Lancaster, NY 14043
Five fully occupied units include four 2-bedroom layouts and one 1-bedroom unit.
Property Size4,617 SF
Days on Market82
Property Features for 144 Sawyer Ave
General Information
Standard status
Pending
Size
4,617 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$5,699
Building Details
Building Size
4,617 SF
Year Built
1920
Stories
2
Units
5
Listed By:
Colleen A Ludwick
(716) 361-1640
Source:
Elliman
Added: Jun 24
Changed: Sep 7
Last Checked: Sep 12 at 9:21AM
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 Colleen A Ludwick
Investment Insights
Based on property information with market context.
This fully occupied 5-unit multifamily property is designed for straightforward rental operations. The building has four units configured as 2-bedroom, 1-bath homes, with the fifth unit offering a 1-bedroom, 1-bath layout. Tenant-paid utilities are set up with separate gas and electric services for each unit, while the owner pays water.
The property is located on Sawyer Ave in Lancaster, NY, with convenient access to shopping, dining, schools, parks, and major commuter routes as described in the listing remarks.
Overall, the unit mix provides a combination of 2-bedroom and 1-bedroom residences within one income-producing asset, and the property is described as well maintained and consistently occupied.
The property is located on Sawyer Ave in Lancaster, NY, with convenient access to shopping, dining, schools, parks, and major commuter routes as described in the listing remarks.
Overall, the unit mix provides a combination of 2-bedroom and 1-bedroom residences within one income-producing asset, and the property is described as well maintained and consistently occupied.
Key Highlights
- Fully occupied 5‑unit multifamily property with established tenants
- Rental income of approximately $4,200 per month
- Unit mix: four 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath 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
$26,657
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
7.84%
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%
$533,140
$533.1K
Cap Rate 7%
$380,814
$380.8K
Cap Rate 9%
$296,189
$296.2K
Market Conditions
NOI Build-Up for 4,617 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
$74.8K $16.20/SF
− Vacancy
−$26.3K −$5.70/SF
EGI
$48.5K $10.50/SF
− OpEx
−$21.8K −$4.72/SF
NOI
$26.7K $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%
$533,140
Cap Rate 7%
$380,814
Cap Rate 9%
$296,189
Alternative Uses
Best Use
Apartment 5plus
$380.8K
$333.2K – $444.3K
NOI $26,657 @ 7.0% cap · market cap 7.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$883.1K – $1.18M
NOI $70,651 @ 7.0% cap · market cap 20.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
430
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
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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?
Apartment building - Five fully occupied units include four 2-bedroom layouts and one 1-bedroom unit.
Where is this apartment building located?
The property is located at 144 Sawyer Ave Lancaster, NY.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Fully occupied 5‑unit multifamily property with established tenants; Rental income of approximately $4,200 per month; Unit mix: four 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
