Two-Unit Multifamily
For Sale
$359,000
154 Niagara Falls Blvd, Tonawanda, NY 14223
Two-unit multifamily property in Kenmore-Tonawanda Union Free School District with neighborhood-street access to public transit.
Property Size4,728 SF
Days on Market65
Property Features for 154 Niagara Falls Blvd
General Information
Standard status
Active
Size
4,728 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,662
Building Details
Building Size
4,728 SF
Year Built
1920
Stories
2
Units
1
Tenancy
Multi
Listing Agency:
Howard Hanna WNY Inc.
Listed By:
Musa Alamari · License #10401301846
(716) 533-3368
Source:
Elliman
Added: Jul 4
Changed: Aug 16
Last Checked: Sep 5 at 12:05PM
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.
This two-unit multifamily duplex offers two separate residential units on a single property. It is located in the Kenmore-Tonawanda Union Free School District and sits on a neighborhood street.
The property is positioned with convenient access to public transportation and local amenities. WalkScore is reported at 77 (Very Walkable), with BikeScore at 50 (Bikeable) and TransitScore at 50 (Good Transit), supporting day-to-day connectivity for tenants.
As a two-unit residential income property, it provides an owner the opportunity to hold both units under one roof at 154 Niagara Falls Blvd in Tonawanda, NY 14223.
The property is positioned with convenient access to public transportation and local amenities. WalkScore is reported at 77 (Very Walkable), with BikeScore at 50 (Bikeable) and TransitScore at 50 (Good Transit), supporting day-to-day connectivity for tenants.
As a two-unit residential income property, it provides an owner the opportunity to hold both units under one roof at 154 Niagara Falls Blvd in Tonawanda, NY 14223.
Key Highlights
- Two‑unit multifamily property
- Built in 1920
- Located in the Kenmore‑Tonawanda Union Free School District
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
$30,400
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
8.47%
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%
$608,000
$608.0K
Cap Rate 7%
$434,286
$434.3K
Cap Rate 9%
$337,778
$337.8K
Market Conditions
NOI Build-Up for 4,728 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
$65.2K $13.80/SF
− Vacancy
−$21.8K −$4.61/SF
EGI
$43.4K $9.19/SF
− OpEx
−$13.0K −$2.76/SF
NOI
$30.4K $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%
$608,000
Cap Rate 7%
$434,286
Cap Rate 9%
$337,778
Alternative Uses
Best Use
Multifamily LT 5
$434.3K
$380.0K – $506.7K
NOI $30,400 @ 7.0% cap · market cap 8.47%
Second Best
Apartment 5plus
$390.0K
$341.2K – $455.0K
NOI $27,298 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$1.03M
$904.4K – $1.21M
NOI $72,350 @ 7.0% cap · market cap 20.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
904
Businesses Nearby
Explore this area
Business Placement
Demographics for 14223, NY
22,658
Population
10,586
Households
2.1
Avg Household Size
41
Median Age
44%
College-Educated
97%
High-School Grad
3.5 sq mi
ZIP Area
6,474
Density / Sq Mi
$83,528
Median Household Income
$49,835
Median Earnings
$976
Median Rent
$202,200
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?
Duplex - Two-unit multifamily property in Kenmore-Tonawanda Union Free School District with neighborhood-street access to public transit.
Where is this duplex located?
The property is located at 154 Niagara Falls Blvd Tonawanda, NY.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Two‑unit multifamily property; Built in 1920; Located in the Kenmore‑Tonawanda Union Free School District
