Residential Income Quadplex with Studio
For Sale
$849,900
15 Main St, Bemus Point, NY 14712
Four rental units plus an on-site studio provide flexible lodging options near Chautauqua Lake attractions.
Property Size3,604 SF
Days on Market49
Property Features for 15 Main St
General Information
Standard status
Active
Size
3,604 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,391
Building Details
Building Size
3,604 SF
Year Built
1912
Stories
2
Units
4
Listing Agency:
Century 21 Turner Brokers
(716) 397-3954
Listed By:
Julie Barry · License #10401361166
(716) 397-3954
Source:
Elliman
Added: Jun 24
Changed: Aug 10
Last Checked: Aug 10 at 7:59AM
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 Century 21 Turner Brokers
Investment Insights
Based on property information with market context.
This property is a residential income quadplex configuration featuring 4 rental units totaling 6 bedrooms and 4 bathrooms. In addition to the main residence accommodations, there is a separate studio rental with dedicated workspace, a private porch, and a cozy gas fire pit, creating a self-contained option for short-term or longer-stay guests.
Situated in Bemus Point, the property is described as being about one block from Chautauqua Lake, with a nearby public boat ramp approximately three blocks away. Local shops, restaurants, and attractions are within walking distance, and Long Point State Park’s sandy beach is noted as about 2 miles from the property.
With four total rental units on-site, the layout is well-suited for operators or buyers looking to host larger groups, such as family reunions and wedding guests, while also maintaining a distinct studio offering. The combination of multiple unit accommodations and the separate studio supports a practical mix of group lodging needs and individual guest stays in a lake-area setting.
Situated in Bemus Point, the property is described as being about one block from Chautauqua Lake, with a nearby public boat ramp approximately three blocks away. Local shops, restaurants, and attractions are within walking distance, and Long Point State Park’s sandy beach is noted as about 2 miles from the property.
With four total rental units on-site, the layout is well-suited for operators or buyers looking to host larger groups, such as family reunions and wedding guests, while also maintaining a distinct studio offering. The combination of multiple unit accommodations and the separate studio supports a practical mix of group lodging needs and individual guest stays in a lake-area setting.
Key Highlights
- Built in 1912 historic property with 4 total rental units plus an on‑site studio
- 6 bedrooms and 4 bathrooms across the rental accommodations for flexible group lodging
- Just one block from Chautauqua Lake and about three blocks to a public boat ramp
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
$29,821
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
3.51%
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%
$596,420
$596.4K
Cap Rate 7%
$426,014
$426.0K
Cap Rate 9%
$331,344
$331.3K
Market Conditions
NOI Build-Up for 3,604 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
$48.7K $13.50/SF
− Vacancy
−$6.1K −$1.68/SF
EGI
$42.6K $11.82/SF
− OpEx
−$12.8K −$3.55/SF
NOI
$29.8K $8.27/SF
Area
Chautauqua County, NY
Vacancy
12.44%
Lease Rate
$13.50 /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%
$596,420
Cap Rate 7%
$426,014
Cap Rate 9%
$331,344
Alternative Uses
Best Use
Multifamily LT 5
$426.0K
$372.8K – $497.0K
NOI $29,821 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$389.8K
$341.1K – $454.8K
NOI $27,285 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$1.08M
$943.9K – $1.26M
NOI $75,511 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
Explore this area
Business Placement
Demographics for 14712, NY
3,242
Population
2,273
Households
1.4
Avg Household Size
51
Median Age
30%
College-Educated
99%
High-School Grad
25.8 sq mi
ZIP Area
126
Density / Sq Mi
$77,423
Median Household Income
$46,767
Median Earnings
$775
Median Rent
$219,000
Median Home Value
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?
Short term rental property - Four rental units plus an on-site studio provide flexible lodging options near Chautauqua Lake attractions.
Where is this short term rental property located?
The property is located at 15 Main St Bemus Point, NY.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Built in 1912 historic property with 4 total rental units plus an on‑site studio; 6 bedrooms and 4 bathrooms across the rental accommodations for flexible group lodging; Just one block from Chautauqua Lake and about three blocks to a public boat ramp
